Fifth Third Bancorp Has $5.82 Million Position in Kontoor Brands, Inc. $KTB

Key Points

• Fifth Third Bancorp dramatically increased its stake in Kontoor Brands in the first quarter, boosting holdings by 5,635.9% to 82,826 shares valued at about $5.82 million.
• Wall Street sentiment is mostly positive, with several firms maintaining or initiating Buy/Overweight ratings and a consensus rating of Moderate Buy with an average target price of $91.20.
• Kontoor Brands recently reported quarterly results that missed earnings and revenue estimates, but it also paid a $0.53 quarterly dividend for a 2.4% annualized yield.

Fifth Third Bancorp boosted its holdings in Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 5,635.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 82,826 shares of the company's stock after acquiring an additional 81,382 shares during the period. Fifth Third Bancorp owned 0.15% of Kontoor Brands worth $5,822,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new position in Kontoor Brands during the fourth quarter worth $36,185,000. Boston Partners bought a new position in Kontoor Brands in the 3rd quarter valued at about $44,733,000. JPMorgan Chase & Co. lifted its position in Kontoor Brands by 15.8% during the fourth quarter. JPMorgan Chase & Co. now owns 3,019,204 shares of the company's stock worth $184,443,000 after acquiring an additional 413,005 shares during the last quarter. Amundi acquired a new stake in Kontoor Brands during the third quarter worth approximately $24,653,000. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of Kontoor Brands by 134.3% during the second quarter. Balyasny Asset Management L.P. now owns 468,630 shares of the company's stock worth $30,916,000 after acquiring an additional 268,604 shares during the period. Institutional investors and hedge funds own 93.06% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on KTB. JPMorgan Chase & Co. started coverage on Kontoor Brands in a research report on Monday, June 8th. They issued an "overweight" rating and a $90.00 target price on the stock. Barclays lifted their price target on Kontoor Brands from $93.00 to $96.00 and gave the stock an "overweight" rating in a report on Monday, May 11th. BTIG Research restated a "buy" rating and issued a $100.00 price target on shares of Kontoor Brands in a research note on Friday, May 1st. Weiss Ratings lowered Kontoor Brands from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, June 15th. Finally, Wall Street Zen lowered Kontoor Brands from a "strong-buy" rating to a "hold" rating in a report on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Kontoor Brands currently has a consensus rating of "Moderate Buy" and an average target price of $91.20.

Insiders Place Their Bets

In other 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 approximately $3,261,946.22. This represents a 9.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.80% of the stock is owned by corporate insiders.

Kontoor Brands Price Performance

Shares of Kontoor Brands stock opened at $87.61 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.87 and a debt-to-equity ratio of 1.83. The stock has a market capitalization of $4.84 billion, a price-to-earnings ratio of 17.73 and a beta of 0.87. Kontoor Brands, Inc. has a twelve month low of $53.55 and a twelve month high of $88.85. The company has a 50-day simple moving average of $76.00 and a two-hundred day simple moving average of $70.36.

Kontoor Brands (NYSE:KTB - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.11). The business had revenue of $613.32 million for the quarter, compared to the consensus estimate of $784.76 million. Kontoor Brands had a return on equity of 60.17% and a net margin of 8.30%.The firm's revenue for the quarter was up 45.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.20 earnings per share. Kontoor Brands has set its FY 2026 guidance at 6.600-6.700 EPS. Analysts forecast that Kontoor Brands, Inc. will post 5.2 EPS for the current year.

Kontoor Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Monday, June 8th were issued a $0.53 dividend. The ex-dividend date of this dividend was Monday, June 8th. This represents a $2.12 annualized dividend and a yield of 2.4%. Kontoor Brands's payout ratio is currently 42.91%.

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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