Public Sector Pension Investment Board Trims Position in Kontoor Brands, Inc. (NYSE:KTB)

Public Sector Pension Investment Board decreased its position in shares of Kontoor Brands, Inc. (NYSE:KTB) by 2.7% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 106,289 shares of the company’s stock after selling 3,000 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.19% of Kontoor Brands worth $8,692,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Quest Partners LLC purchased a new position in shares of Kontoor Brands in the second quarter valued at about $27,000. Northwest Investment Counselors LLC purchased a new position in Kontoor Brands in the 3rd quarter worth approximately $30,000. Kennebec Savings Bank purchased a new position in Kontoor Brands in the 3rd quarter worth approximately $32,000. Farther Finance Advisors LLC boosted 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 worth $32,000 after purchasing an additional 274 shares during the period. Finally, Sound Income Strategies LLC purchased a new stake in Kontoor Brands during the 3rd quarter valued at approximately $48,000. Institutional investors own 93.06% of the company’s stock.

Kontoor Brands Stock Up 1.1 %

Shares of NYSE:KTB opened at $91.73 on Friday. The company has a market cap of $5.06 billion, a price-to-earnings ratio of 20.66, a PEG ratio of 2.35 and a beta of 1.19. Kontoor Brands, Inc. has a 12 month low of $52.95 and a 12 month high of $94.41. 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 company has a 50-day moving average price of $83.96 and a 200 day moving average price of $75.10.

Kontoor Brands (NYSE:KTB) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.11. The business 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 company’s quarterly revenue 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. As a group, equities research analysts predict that Kontoor Brands, Inc. will post 4.83 earnings per share for the current year.

Kontoor Brands Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Monday, December 9th will be given a $0.52 dividend. The ex-dividend date of this dividend is Monday, December 9th. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a yield of 2.27%. Kontoor Brands’s dividend payout ratio (DPR) is currently 45.05%.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several research firms have recently commented on KTB. Guggenheim boosted their target price on shares of Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Barclays lifted their price target on shares of Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Stifel Nicolaus downgraded shares of Kontoor Brands from a “buy” rating to a “hold” rating and increased their price objective for the company from $89.00 to $93.00 in a report on Friday, November 1st. UBS Group lifted their target price on Kontoor Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Wells Fargo & Company increased their price target on Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.00.

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.