Kontoor Brands (NYSE:KTB) CFO Sells $719,114.24 in Stock

Kontoor Brands, Inc. (NYSE:KTB) CFO Joseph Alkire sold 9,472 shares of the stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $75.92, for a total transaction of $719,114.24. Following the completion of the sale, the chief financial officer directly owned 44,803 shares of the company’s stock, valued at approximately $3,401,443.76. This trade represents a 17.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Kontoor Brands Stock Down 2.1%

Shares of NYSE KTB opened at $77.68 on Friday. The company has a 50 day simple moving average of $70.95 and a 200-day simple moving average of $73.38. The company has a market capitalization of $4.24 billion, a P/E ratio of 12.63 and a beta of 0.85. The company has a debt-to-equity ratio of 1.99, a current ratio of 1.69 and a quick ratio of 0.92. Kontoor Brands, Inc. has a 1 year low of $56.19 and a 1 year high of $88.96.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings results on Thursday, November 5th. The company reported $1.50 EPS for the quarter, beating the consensus estimate of $1.34 by $0.16. Kontoor Brands had a net margin of 6.51% and a return on equity of 59.17%. The firm had revenue of $685.35 million for the quarter, compared to analyst estimates of $694.18 million. During the same quarter in the previous year, the company earned $1.44 EPS. The business’s revenue for the quarter was down 19.7% compared to the same quarter last year. On average, equities research analysts predict that Kontoor Brands, Inc. will post 5.41 earnings per share for the current year.

Kontoor Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Tuesday, December 8th will be given a $0.54 dividend. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.53. This represents a $2.16 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, December 8th. Kontoor Brands’s dividend payout ratio (DPR) is presently 59.05%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of KTB. BlackRock Inc. purchased a new position in shares of Kontoor Brands in the second quarter valued at approximately $674,664,000. Bank of New York Mellon Corp purchased a new stake in Kontoor Brands during the 2nd quarter worth approximately $45,003,000. Bank of America Corp DE acquired a new stake in Kontoor Brands during the 2nd quarter worth approximately $38,382,000. Boston Trust Walden Corp acquired a new stake in Kontoor Brands during the 3rd quarter worth approximately $27,229,000. Finally, Nicholas Investment Partners LP acquired a new stake in Kontoor Brands during the 2nd quarter worth approximately $21,761,000. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Weiss Ratings lowered Kontoor Brands from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday. JPMorgan Chase & Co. increased their price target on Kontoor Brands from $90.00 to $105.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Needham & Company LLC began coverage on Kontoor Brands in a research report on Friday, October 16th. They set a “hold” rating for the company. Zacks Research upgraded shares of Kontoor Brands from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Finally, UBS Group reduced their price objective on shares of Kontoor Brands from $136.00 to $125.00 and set a “buy” rating on the stock in a report on Friday, November 6th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Kontoor Brands currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.33.

About Kontoor Brands

Kontoor Brands is an apparel company focused on denim and casual clothing. Its portfolio includes Wrangler and Lee, brands known for jeans and other everyday apparel, as well as Rock & Republic. The company sells products such as jeans, shirts, jackets, shorts and related apparel through wholesale partners and direct-to-consumer channels, including its own retail stores and e-commerce operations. Kontoor Brands serves customers in markets around the world. It became an independent public company in 2019 after being spun off from VF Corporation.