Allspring Global Investments Holdings LLC Purchases 104,466 Shares of Kontoor Brands, Inc. $KTB

Key Points

• Allspring Global Investments increased its Kontoor Brands stake by 54% in Q1, buying 104,466 additional shares and bringing its total holding to 298,072 shares worth about $21.1 million.
• Institutional ownership remains very high, with several other large investors also adding positions; the article says institutions own 93.06% of Kontoor Brands.
• Kontoor Brands has mixed fundamentals and analyst views: its latest quarter missed EPS and revenue estimates, but the stock has been gaining support from some analysts, with an average rating of “Moderate Buy” and a consensus price target of $91.20.

Allspring Global Investments Holdings LLC increased its position in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 54.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 298,072 shares of the company's stock after purchasing an additional 104,466 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.54% of Kontoor Brands worth $21,133,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in KTB. Norges Bank bought a new stake in shares of Kontoor Brands in the fourth quarter valued at about $36,185,000. Boston Partners bought a new position in Kontoor Brands during the third quarter worth about $44,733,000. JPMorgan Chase & Co. raised its stake in 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 purchasing an additional 413,005 shares in the last quarter. Amundi acquired a new stake in Kontoor Brands in the 3rd quarter worth about $24,653,000. Finally, Balyasny Asset Management L.P. boosted its holdings in Kontoor Brands by 134.3% in the 2nd quarter. Balyasny Asset Management L.P. now owns 468,630 shares of the company's stock valued at $30,916,000 after purchasing an additional 268,604 shares during the period. 93.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on KTB. BTIG Research restated a "buy" rating and set a $100.00 target price on shares of Kontoor Brands in a research report on Friday, May 1st. Weiss Ratings cut Kontoor Brands from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, June 15th. Wall Street Zen downgraded Kontoor Brands from a "strong-buy" rating to a "hold" rating in a research 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. Finally, JPMorgan Chase & Co. began coverage on Kontoor Brands in a research note on Monday, June 8th. They set an "overweight" rating and a $90.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Kontoor Brands presently has an average rating of "Moderate Buy" and a consensus price target of $91.20.

Kontoor Brands Price Performance

Shares of NYSE:KTB opened at $83.30 on Tuesday. The firm has a 50 day moving average of $76.55 and a 200-day moving average of $70.68. Kontoor Brands, Inc. has a 12 month low of $53.55 and a 12 month high of $88.96. The company has a current ratio of 1.87, a quick ratio of 1.10 and a debt-to-equity ratio of 1.83. The stock has a market capitalization of $4.60 billion, a PE ratio of 16.86 and a beta of 0.87.

Kontoor Brands (NYSE:KTB - Get Free Report) last posted its quarterly 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). Kontoor Brands had a return on equity of 60.17% and a net margin of 8.30%.The firm had revenue of $613.32 million for the quarter, compared to analyst estimates of $784.76 million. During the same quarter in the prior year, the business posted $1.20 EPS. The business's revenue was up 45.0% on a year-over-year basis. Kontoor Brands has set its FY 2026 guidance at 6.600-6.700 EPS. On average, equities research analysts predict that Kontoor Brands, Inc. will post 5.2 EPS for the current fiscal year.

Kontoor Brands Dividend Announcement

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

Insider Activity at Kontoor Brands

In related news, EVP Jennifer H. Broyles sold 4,000 shares of the company'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 sale, the executive vice president directly owned 40,261 shares in the company, valued at $3,261,946.22. This represents a 9.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.80% of the company's stock.

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.

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