PNC Financial Services Group Inc. Sells 745,573 Shares of Kontoor Brands, Inc. $KTB

PNC Financial Services Group Inc. decreased its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB) by 11.0% during the first quarter, Holdings Channel.com reports. The firm owned 6,016,648 shares of the company’s stock after selling 745,573 shares during the period. PNC Financial Services Group Inc. owned 0.11% of Kontoor Brands worth $422,910,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of KTB. JPMorgan Chase & Co. grew its stake in shares of Kontoor Brands by 15.8% in the 4th quarter. JPMorgan Chase & Co. now owns 3,019,204 shares of the company’s stock worth $184,443,000 after buying an additional 413,005 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Kontoor Brands by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 1,419,700 shares of the company’s stock valued at $86,741,000 after acquiring an additional 13,725 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Kontoor Brands by 8.8% in the 4th quarter. Morgan Stanley now owns 1,283,592 shares of the company’s stock valued at $78,415,000 after acquiring an additional 104,296 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Kontoor Brands by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,268,336 shares of the company’s stock worth $89,132,000 after acquiring an additional 6,477 shares in the last quarter. Finally, Jennison Associates LLC grew its position in Kontoor Brands by 0.9% in the first quarter. Jennison Associates LLC now owns 1,225,371 shares of the company’s stock worth $86,131,000 after acquiring an additional 10,540 shares in the last quarter. Institutional investors own 93.06% of the company’s stock.

Insider Transactions at Kontoor Brands

In related news, EVP Jennifer H. Broyles sold 4,000 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $81.02, for a total transaction of $324,080.00. Following the completion of the transaction, the executive vice president owned 40,261 shares in the company, valued at $3,261,946.22. The trade was a 9.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on KTB shares. Weiss Ratings upgraded Kontoor Brands from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. Wall Street Zen cut Kontoor Brands from a “strong-buy” rating to a “hold” rating in a report on Saturday, May 9th. Zacks Research raised Kontoor Brands from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. assumed coverage on Kontoor Brands in a report on Monday, June 8th. They set an “overweight” rating and a $90.00 price target on the stock. Finally, Barclays raised their price target on Kontoor Brands from $93.00 to $96.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.20.

Kontoor Brands Stock Performance

Kontoor Brands stock opened at $85.40 on Wednesday. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.87 and a quick ratio of 1.10. The firm has a market capitalization of $4.72 billion, a P/E ratio of 17.29 and a beta of 0.87. Kontoor Brands, Inc. has a 1-year low of $53.55 and a 1-year high of $88.96. The company’s 50-day moving average is $76.90 and its 200 day moving average is $70.86.

Kontoor Brands (NYSE:KTB) last announced its earnings results on Thursday, May 7th. The company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.11). The business had revenue of $613.32 million for the quarter, compared to analysts’ expectations of $784.76 million. Kontoor Brands had a net margin of 8.30% and a return on equity of 60.17%. The firm’s quarterly revenue was up 45.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 EPS. Kontoor Brands has set its FY 2026 guidance at 6.600-6.700 EPS. Research analysts forecast that Kontoor Brands, Inc. will post 5.2 EPS for the current year.

Kontoor Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Monday, June 8th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, June 8th. Kontoor Brands’s dividend payout ratio (DPR) is currently 42.91%.

Kontoor Brands Company Profile

Kontoor Brands, Inc is a global apparel company best known for its Wrangler and Lee denim and lifestyle brands. Established as an independent, publicly traded company in May 2019 following a spin-off from VF Corporation, Kontoor leverages a legacy that dates back to 1889 with the founding of Lee and to 1947 with the introduction of the Wrangler brand. The company focuses on designing, manufacturing and distributing premium, casual and workwear apparel, including jeans, pants, shorts, shirts, jackets and complementary accessories.

Kontoor Brands operates a diversified sales model that combines wholesale partnerships with leading retailers, distribution through e-commerce channels and select direct-to-consumer formats.