Bank of New York Mellon Corp Buys Shares of 539,989 Kontoor Brands, Inc. $KTB

Bank of New York Mellon Corp bought a new stake in Kontoor Brands, Inc. (NYSE:KTB - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 539,989 shares of the company's stock, valued at approximately $45,003,000. Bank of New York Mellon Corp owned approximately 0.98% of Kontoor Brands at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Transamerica Financial Advisors LLC increased its position in shares of Kontoor Brands by 335.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 405 shares of the company's stock worth $25,000 after acquiring an additional 312 shares in the last quarter. Torren Management LLC bought a new stake in Kontoor Brands in the fourth quarter valued at about $27,000. Hantz Financial Services Inc. lifted its position in shares of 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 last quarter. CENTRAL TRUST Co acquired a new position in Kontoor Brands during the 1st quarter worth $35,000. Finally, iSAM Funds UK Ltd bought a new position in Kontoor Brands during the 3rd quarter valued at $44,000. 93.06% of the stock is owned by institutional investors and hedge funds.

Kontoor Brands Stock Down 0.5%

Shares of NYSE:KTB opened at $76.80 on Friday. The firm has a market cap of $4.20 billion, a P/E ratio of 16.03 and a beta of 0.88. 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. The business's 50 day simple moving average is $82.65 and its two-hundred day simple moving average is $74.94.

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

Kontoor Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Tuesday, September 8th will be given a dividend of $0.53 per share. The ex-dividend date is Tuesday, September 8th. This represents a $2.12 annualized dividend and a dividend yield of 2.8%. Kontoor Brands's dividend payout ratio is 44.26%.

Insider Activity

In related news, CEO Scott H. Baxter sold 184,403 shares of the stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $83.40, for a total transaction of $15,379,210.20. Following the completion of the sale, the chief executive officer directly owned 261,786 shares in the company, valued at $21,832,952.40. This represents a 41.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 transaction, the executive vice president directly owned 25,063 shares in the company, valued at approximately $2,091,006.09. The trade was a 23.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 196,063 shares of company stock valued at $16,342,364. Insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Weiss Ratings raised shares of Kontoor Brands from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, August 19th. JPMorgan Chase & Co. upped their price objective on shares of Kontoor Brands from $90.00 to $105.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Barclays lifted 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, August 13th. BTIG Research boosted their target price on Kontoor Brands from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. Finally, UBS Group lifted their target price on Kontoor Brands from $131.00 to $136.00 and gave the stock a "buy" rating in a report on Thursday, August 13th. 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 issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $95.00.

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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