Great Lakes Advisors LLC Makes New Investment in Kontoor Brands, Inc. $KTB

Key Points

• Great Lakes Advisors initiated a position in Kontoor Brands worth approximately $1.2 million, while institutional investors collectively own 93.06% of the company.
• Kontoor Brands reported quarterly EPS of $1.06, narrowly beating estimates, but revenue fell 11.2% year over year to $584.29 million. The company declared a quarterly dividend of $0.53 per share, implying a 2.6% annual yield.
• Analysts maintain a “Moderate Buy” consensus with a $95 price target, although company insiders sold roughly $16.3 million of stock during the last quarter.

Great Lakes Advisors LLC purchased a new position in Kontoor Brands, Inc. (NYSE:KTB - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 14,402 shares of the company's stock, valued at approximately $1,200,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Royal Bank of Canada raised its stake in Kontoor Brands by 29.1% in the 1st quarter. Royal Bank of Canada now owns 105,895 shares of the company's stock valued at $6,793,000 after purchasing an additional 23,880 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Kontoor Brands by 49.3% in the 1st quarter. AQR Capital Management LLC now owns 14,641 shares of the company's stock valued at $939,000 after purchasing an additional 4,836 shares in the last quarter. Integrated Wealth Concepts LLC boosted its stake in shares of Kontoor Brands by 250.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,388 shares of the company's stock worth $602,000 after purchasing an additional 6,712 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Kontoor Brands by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,779 shares of the company's stock worth $2,102,000 after purchasing an additional 1,432 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Kontoor Brands by 222.5% during the 1st quarter. Millennium Management LLC now owns 156,332 shares of the company's stock worth $10,026,000 after purchasing an additional 107,855 shares during the last quarter. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Scott H. Baxter sold 184,403 shares of the business's stock in a transaction 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 completion of the sale, the chief executive officer directly owned 261,786 shares of the company's stock, valued at $21,832,952.40. The trade was a 41.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Thomas L. Doerr, Jr. sold 7,660 shares of the company's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $83.43, for a total value of $639,073.80. Following the sale, the executive vice president owned 25,063 shares of the company's stock, valued at approximately $2,091,006.09. The trade was a 23.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 196,063 shares of company stock valued at $16,342,364 over the last quarter. Company insiders own 1.80% of the company's stock.

Kontoor Brands Stock Up 3.8%

KTB opened at $82.03 on Friday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.83 and a quick ratio of 0.99. The stock has a market capitalization of $4.48 billion, a price-to-earnings ratio of 17.13 and a beta of 0.88. The business has a 50-day moving average of $82.51 and a two-hundred day moving average of $74.45. Kontoor Brands, Inc. has a 12 month low of $56.19 and a 12 month high of $88.96.

Kontoor Brands (NYSE:KTB - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported $1.06 earnings per share 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 for the quarter, compared to analyst estimates of $586.95 million. During the same period in the prior year, the firm posted $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. On average, research analysts expect that Kontoor Brands, Inc. will post 5.27 earnings per share for the current year.

Kontoor Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Tuesday, September 8th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $2.12 dividend on an annualized basis and a yield of 2.6%. Kontoor Brands's dividend payout ratio (DPR) is currently 44.26%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. UBS Group boosted their price objective on shares of Kontoor Brands from $131.00 to $136.00 and gave the company a "buy" rating in a research report on Thursday, August 13th. Zacks Research upgraded shares of Kontoor Brands from a "strong sell" rating to a "hold" rating in a research report on Thursday, July 9th. Wall Street Zen cut shares of Kontoor Brands from a "strong-buy" rating to a "hold" rating in a research note on Saturday, May 9th. Weiss Ratings raised shares of Kontoor Brands from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday. Finally, BTIG Research boosted their price target on Kontoor Brands from $100.00 to $105.00 and gave the company a "buy" rating in a report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock 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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