Kontoor Brands, Inc. (NYSE:KTB) Shares Acquired by State Street Corp

State Street Corp lifted its position in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 1.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,205,592 shares of the company's stock after acquiring an additional 26,759 shares during the quarter. State Street Corp owned 4.00% of Kontoor Brands worth $180,373,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Quest Partners LLC purchased a new stake in Kontoor Brands during the second quarter worth $27,000. Northwest Investment Counselors LLC acquired a new position in shares of Kontoor Brands during the 3rd quarter worth $30,000. Kennebec Savings Bank purchased a new stake in shares of Kontoor Brands in the 3rd quarter worth about $32,000. Farther Finance Advisors LLC grew its stake in Kontoor Brands by 242.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 387 shares of the company's stock valued at $32,000 after acquiring an additional 274 shares during the last quarter. Finally, Sound Income Strategies LLC purchased a new position in Kontoor Brands during the 3rd quarter valued at about $48,000. Institutional investors and hedge funds own 93.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Guggenheim upped their price target on shares of Kontoor Brands from $80.00 to $100.00 and gave the company a "buy" rating in a report on Friday, November 1st. Barclays upped their target price on Kontoor Brands from $83.00 to $100.00 and gave the company an "overweight" rating in a research note on Friday, November 1st. Stifel Nicolaus downgraded Kontoor Brands from a "buy" rating to a "hold" rating and raised their price target for the stock from $89.00 to $93.00 in a research report on Friday, November 1st. UBS Group upped their price objective on Kontoor Brands from $103.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, November 1st. Finally, Wells Fargo & Company lifted their price objective on Kontoor Brands from $80.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Kontoor Brands has an average rating of "Moderate Buy" and a consensus target price of $95.00.

Kontoor Brands Trading Down 0.4 %

Shares of KTB stock traded down $0.34 during mid-day trading on Friday, hitting $88.89. 274,924 shares of the company's stock were exchanged, compared to its average volume of 479,606. The stock has a market cap of $4.90 billion, a price-to-earnings ratio of 20.15, a PEG ratio of 2.31 and a beta of 1.20. The company has a quick ratio of 1.42, a current ratio of 2.50 and a debt-to-equity ratio of 2.09. Kontoor Brands, Inc. has a fifty-two week low of $52.95 and a fifty-two week high of $94.82. The stock has a 50-day simple moving average of $85.93 and a two-hundred day simple moving average of $76.37.

Kontoor Brands (NYSE:KTB - Get Free Report) last released its earnings results on Thursday, October 31st. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.11. The firm had revenue of $670.19 million for the quarter, compared to the consensus estimate of $663.45 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The firm's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.22 earnings per share. Equities analysts expect that Kontoor Brands, Inc. will post 4.83 EPS for the current fiscal year.

Kontoor Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Monday, December 9th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.34%. This is an increase from Kontoor Brands's previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, December 9th. Kontoor Brands's payout ratio is presently 46.85%.

Insider Buying and Selling

In other news, CEO Scott H. Baxter sold 119,160 shares of the firm's stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $83.60, for a total value of $9,961,776.00. Following the transaction, the chief executive officer now directly owns 331,916 shares in the company, valued at $27,748,177.60. This trade represents a 26.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the business's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $80.71, for a total value of $729,537.69. Following the sale, the executive vice president now owns 18,179 shares of the company's stock, valued at $1,467,227.09. The trade was a 33.21 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by company insiders.

Kontoor Brands Company Profile

Kontoor Brands, Inc, a lifestyle apparel company, designs, produces, procures, markets, distributes, and licenses denim, apparel, footwear, and accessories, primarily under the Wrangler and Lee brands. The company operates through two segments: Wrangler and Lee. It licenses and sells apparel under the Rock & Republic brand name.