Kontoor Brands, Inc. $KTB Shares Sold by Amundi

Key Points

• Amundi reduced its Kontoor Brands position by 58.1% in the first quarter, selling 176,198 shares and retaining 127,039 shares worth approximately $8.93 million. Institutional investors and hedge funds collectively own 93.06% of the company.
• Analyst sentiment remains positive, with an overall “Moderate Buy” rating and an average price target of $92.70. JPMorgan raised its target to $105, while Barclays increased its target to $96.
• Kontoor reported quarterly EPS of $1.06, below the $1.17 consensus estimate, while revenue of $613.32 million also missed expectations. The company declared a quarterly dividend of $0.53 per share, representing a 2.5% annualized yield.

Amundi lowered its position in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 58.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 127,039 shares of the company's stock after selling 176,198 shares during the quarter. Amundi owned about 0.23% of Kontoor Brands worth $8,930,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Kontoor Brands in the fourth quarter valued at $36,185,000. Boston Partners purchased a new stake in shares of Kontoor Brands during the third quarter worth about $44,733,000. JPMorgan Chase & Co. lifted its stake in shares of Kontoor Brands by 15.8% in 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 in the last quarter. Balyasny Asset Management L.P. lifted its stake in shares of Kontoor Brands by 134.3% in 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 in the last quarter. Finally, Tudor Investment Corp ET AL purchased a new position in Kontoor Brands in the fourth quarter valued at about $14,911,000. Institutional investors and hedge funds own 93.06% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on KTB. Zacks Research upgraded Kontoor Brands from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 9th. 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 report on Tuesday. BTIG Research reiterated a "buy" rating and set a $100.00 target price on shares of Kontoor Brands in a research note on Friday, May 1st. Barclays raised their price target on shares of Kontoor Brands from $93.00 to $96.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. Finally, Weiss Ratings upgraded shares of Kontoor Brands from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $92.70.

Kontoor Brands Price Performance

Shares of NYSE KTB opened at $83.64 on Thursday. The company has a current ratio of 1.87, a quick ratio of 1.10 and a debt-to-equity ratio of 1.83. The company has a market capitalization of $4.62 billion, a price-to-earnings ratio of 16.93 and a beta of 0.88. Kontoor Brands, Inc. has a twelve month low of $56.19 and a twelve month high of $88.96. The business has a 50 day simple moving average of $80.79 and a 200-day simple moving average of $72.74.

Kontoor Brands (NYSE:KTB - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.11). Kontoor Brands had a return on equity of 60.17% and a net margin of 8.30%.The firm had revenue of $613.32 million for the quarter, compared to the consensus estimate of $784.76 million. During the same quarter last year, the business earned $1.20 earnings per share. The business's revenue for the quarter was up 45.0% compared to the same quarter last year. As a group, equities research analysts expect that Kontoor Brands, Inc. will post 5.2 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Tuesday, September 8th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $2.12 annualized dividend and a dividend yield of 2.5%. Kontoor Brands's dividend payout ratio is 42.91%.

Insider Buying and Selling at Kontoor Brands

In other news, 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.80% of the company's stock.

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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