Bank of America Corp DE Has $34.49 Million Stock Position in Kontoor Brands, Inc. $KTB

Key Points

• Bank of America increased its Kontoor Brands stake by 30.4% in the first quarter, holding 490,682 shares valued at approximately $34.49 million. Institutional investors collectively own 93.06% of KTB.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $95 price target; Barclays and BTIG recently raised their targets to $99 and $105, respectively.
• Kontoor Brands slightly exceeded quarterly EPS expectations at $1.06 but reported an 11.2% year-over-year revenue decline. The company declared a quarterly dividend of $0.53 per share, representing a 2.5% annualized yield.

Bank of America Corp DE raised its holdings in Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 30.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 490,682 shares of the company's stock after acquiring an additional 114,518 shares during the period. Bank of America Corp DE owned about 0.89% of Kontoor Brands worth $34,490,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the business. JPMorgan Chase & Co. raised its holdings in Kontoor Brands by 15.8% during 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 during the period. Geode Capital Management LLC increased its position in shares of Kontoor Brands by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 1,419,700 shares of the company's stock worth $86,741,000 after acquiring an additional 13,725 shares in the last quarter. Morgan Stanley raised its holdings in shares of Kontoor Brands by 8.8% during the fourth quarter. Morgan Stanley now owns 1,283,592 shares of the company's stock worth $78,415,000 after acquiring an additional 104,296 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Kontoor Brands by 0.5% during 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 during the period. Finally, Jennison Associates LLC lifted its position in Kontoor Brands by 0.9% in the 1st quarter. Jennison Associates LLC now owns 1,225,371 shares of the company's stock valued at $86,131,000 after acquiring an additional 10,540 shares in the last quarter. Institutional investors and hedge funds own 93.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on KTB. Zacks Research upgraded Kontoor Brands from a "strong sell" rating to a "hold" rating in a report on Thursday, July 9th. Weiss Ratings lowered Kontoor Brands from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, August 5th. Barclays upped their price objective on Kontoor Brands from $96.00 to $99.00 and gave the stock an "overweight" rating in a research report on Thursday. BTIG Research increased their price objective on Kontoor Brands from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Friday. Finally, Wall Street Zen lowered Kontoor Brands from a "strong-buy" rating to a "hold" rating in a research report on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.00.

Kontoor Brands Trading Up 1.0%

KTB stock opened at $84.87 on Friday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.83 and a quick ratio of 1.10. The company has a fifty day moving average price of $82.08 and a two-hundred day moving average price of $73.66. Kontoor Brands, Inc. has a one year low of $56.19 and a one year high of $88.96. The stock has a market cap of $4.69 billion, a price-to-earnings ratio of 17.72 and a beta of 0.88.

Kontoor Brands (NYSE:KTB - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $1.05 by $0.01. Kontoor Brands had a net margin of 8.21% and a return on equity of 59.71%. The business had revenue of $584.29 million during the quarter, compared to the consensus estimate of $586.95 million. During the same quarter in the previous year, the firm posted $1.33 EPS. Kontoor Brands's revenue was down 11.2% compared to the same quarter last year. Kontoor Brands has set its FY 2026 guidance at 5.250-5.350 EPS. Equities analysts anticipate that Kontoor Brands, Inc. will post 5.27 EPS for the current year.

Kontoor Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Tuesday, September 8th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 8th. Kontoor Brands's dividend payout ratio (DPR) is currently 44.26%.

Insider Transactions at Kontoor Brands

In other Kontoor Brands news, EVP Thomas L. Doerr, Jr. sold 7,660 shares of Kontoor Brands stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $83.43, for a total value of $639,073.80. Following the completion of the sale, the executive vice president owned 25,063 shares in the company, valued at $2,091,006.09. The trade was a 23.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jennifer H. Broyles sold 4,000 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 40,261 shares in the company, valued at approximately $3,261,946.22. The trade was a 9.04% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.80% of the stock is currently owned by company insiders.

About Kontoor Brands

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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