Bank of America Corp DE Takes Position in Kontoor Brands, Inc. $KTB

Key Points

• Bank of America acquired 460,548 Kontoor Brands shares worth approximately $38.4 million, giving it a 0.84% stake. Institutional investors and hedge funds collectively own 93.06% of KTB.
• Analysts remain broadly positive, with an average rating of “Moderate Buy” and a consensus price target of $95. Wells Fargo and JPMorgan recently raised their targets to $110 and $105, respectively.
• Kontoor reported quarterly EPS of $1.06, slightly above estimates, but revenue fell 11.2% year over year to $584.3 million. The company also maintains a quarterly dividend of $0.53, equivalent to a 3.2% annual yield.

Bank of America Corp DE acquired a new position in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 460,548 shares of the company's stock, valued at approximately $38,382,000. Bank of America Corp DE owned 0.84% of Kontoor Brands at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Global Retirement Partners LLC acquired a new position in shares of Kontoor Brands during the 2nd quarter worth about $26,000. Hantz Financial Services Inc. increased its position in Kontoor Brands by 196.2% in the 4th quarter. Hantz Financial Services Inc. now owns 551 shares of the company's stock worth $34,000 after buying an additional 365 shares during the period. CENTRAL TRUST Co acquired a new position in shares of Kontoor Brands during the first quarter worth approximately $35,000. Bell Investment Advisors Inc bought a new position in Kontoor Brands during the second quarter worth $42,000. Finally, Clearstead Advisors LLC grew its position in Kontoor Brands by 163.6% in the 4th quarter. Clearstead Advisors LLC now owns 904 shares of the company's stock worth $55,000 after purchasing an additional 561 shares during the last quarter. 93.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on KTB shares. Wells Fargo & Company lifted their target price on Kontoor Brands from $100.00 to $110.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 12th. BTIG Research reaffirmed a "buy" rating and issued a $105.00 price target on shares of Kontoor Brands in a report on Tuesday, September 15th. Weiss Ratings upgraded Kontoor Brands from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, September 16th. JPMorgan Chase & Co. upped their target price on Kontoor Brands from $90.00 to $105.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. Finally, Zacks Research raised Kontoor Brands from a "strong sell" rating to a "hold" rating in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $95.00.

Kontoor Brands Price Performance

Shares of KTB stock opened at $66.37 on Tuesday. The stock's fifty day moving average is $78.37 and its 200-day moving average is $75.24. The stock has a market capitalization of $3.63 billion, a PE ratio of 13.86 and a beta of 0.87. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.99 and a current ratio of 1.83. Kontoor Brands, Inc. has a 52 week low of $56.19 and a 52 week high of $88.96.

Kontoor Brands (NYSE:KTB - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. Kontoor Brands had a net margin of 8.21% and a return on equity of 59.71%. The firm had revenue of $584.29 million for the quarter, compared to analyst estimates of $586.95 million. During the same quarter in the prior year, the firm earned $1.33 EPS. The company's revenue was down 11.2% on a year-over-year basis. Kontoor Brands has set its FY 2026 guidance at 5.250-5.350 EPS. Equities research analysts expect that Kontoor Brands, Inc. will post 5.27 EPS for the current fiscal year.

Kontoor Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Tuesday, September 8th were paid a $0.53 dividend. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.2%. Kontoor Brands's dividend payout ratio is 44.26%.

Insiders Place Their Bets

In related news, CEO Scott H. Baxter sold 184,403 shares of Kontoor Brands stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $83.40, for a total transaction of $15,379,210.20. Following the transaction, the chief executive officer owned 261,786 shares of the company's stock, valued at $21,832,952.40. This trade represents a 41.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas L. Doerr, Jr. sold 7,660 shares of the business's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $83.43, for a total transaction of $639,073.80. Following the completion of the transaction, the executive vice president directly owned 25,063 shares of the company's stock, valued at $2,091,006.09. This trade represents a 23.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.80% of the stock is owned by insiders.

Kontoor Brands Profile

Kontoor Brands, Inc NYSE: KTB is a global lifestyle apparel company that designs, manufactures, sources and markets branded clothing and accessories. The company is best known for its denim and casualwear businesses, serving consumers through wholesale distributors, department and specialty stores, company-operated retail locations and e-commerce channels.

Kontoor's principal brands include Wrangler, a heritage brand focused on denim, westernwear, workwear and casual apparel, and Lee, which offers denim and lifestyle clothing for men, women and children.

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