Summit Global Investments Makes New $1.45 Million Investment in Kontoor Brands, Inc. (NYSE:KTB)

Summit Global Investments bought a new position in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 17,681 shares of the company's stock, valued at approximately $1,446,000.

Other institutional investors also recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its position in shares of Kontoor Brands by 12.4% in the first quarter. BNP Paribas Financial Markets now owns 54,637 shares of the company's stock valued at $3,292,000 after acquiring an additional 6,009 shares in the last quarter. Texas Permanent School Fund Corp lifted its position in shares of Kontoor Brands by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 43,760 shares of the company's stock valued at $2,637,000 after acquiring an additional 567 shares in the last quarter. Swiss National Bank lifted its position in shares of Kontoor Brands by 0.3% in the first quarter. Swiss National Bank now owns 99,814 shares of the company's stock valued at $6,014,000 after acquiring an additional 300 shares in the last quarter. Headlands Technologies LLC lifted its position in shares of Kontoor Brands by 22.7% in the first quarter. Headlands Technologies LLC now owns 1,584 shares of the company's stock valued at $95,000 after acquiring an additional 293 shares in the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Kontoor Brands by 7.5% in the first quarter. ProShare Advisors LLC now owns 11,198 shares of the company's stock valued at $675,000 after acquiring an additional 780 shares in the last quarter. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, CEO Scott H. Baxter sold 119,160 shares of the 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 completion of the sale, the chief executive officer now owns 331,916 shares in the company, valued at approximately $27,748,177.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the 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 completion of the transaction, the executive vice president now owns 18,179 shares of the company's stock, valued at approximately $1,467,227.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Scott H. Baxter sold 119,160 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $83.60, for a total value of $9,961,776.00. Following the completion of the transaction, the chief executive officer now directly owns 331,916 shares of the company's stock, valued at $27,748,177.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.60% of the company's stock.

Kontoor Brands Trading Up 1.2 %

NYSE:KTB traded up $1.05 on Friday, hitting $90.06. 454,754 shares of the stock were exchanged, compared to its average volume of 484,268. The stock has a market cap of $4.97 billion, a PE ratio of 20.28, a PEG ratio of 2.24 and a beta of 1.19. The company has a current ratio of 2.50, a quick ratio of 1.42 and a debt-to-equity ratio of 2.09. The stock has a fifty day moving average of $79.10 and a 200-day moving average of $72.42. Kontoor Brands, Inc. has a fifty-two week low of $47.33 and a fifty-two week high of $90.74.

Kontoor Brands (NYSE:KTB - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.26 by $0.11. The company had revenue of $670.19 million during the quarter, compared to analyst estimates 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 was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.22 earnings per share. As a group, equities analysts expect that Kontoor Brands, Inc. will post 4.83 earnings per share 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. Stockholders of record on Monday, December 9th will be paid a $0.52 dividend. The ex-dividend date is Monday, December 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.31%. This is a positive change from Kontoor Brands's previous quarterly dividend of $0.50. Kontoor Brands's dividend payout ratio (DPR) is 45.05%.

Kontoor Brands 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.