PNC Financial Services Group Inc. Lowers Stock Holdings in Kontoor Brands, Inc. (NYSE:KTB)

Key Points

• PNC Financial Services Group Inc. has reduced its holdings in Kontoor Brands by 15.7%, currently owning around 12.69% of the company, valued at approximately $450 million.
• Kontoor Brands reported a quarterly earnings per share (EPS) of $1.20, exceeding analyst expectations of $1.16, though revenue of $622.9 million fell short of estimates.
• The company announced a quarterly dividend of $0.52, translating to an annual yield of 3.8%, set to be paid on September 19th.

PNC Financial Services Group Inc. decreased its position in Kontoor Brands, Inc. (NYSE:KTB - Free Report) by 15.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,021,666 shares of the company's stock after selling 1,308,367 shares during the period. PNC Financial Services Group Inc. owned about 12.69% of Kontoor Brands worth $450,299,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of KTB. Bank of New York Mellon Corp increased its holdings in shares of Kontoor Brands by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 597,638 shares of the company's stock worth $38,327,000 after purchasing an additional 10,748 shares during the period. Moran Wealth Management LLC bought a new position in shares of Kontoor Brands in the first quarter worth $2,685,000. GAMMA Investing LLC increased its holdings in shares of Kontoor Brands by 4,248.1% in the first quarter. GAMMA Investing LLC now owns 38,350 shares of the company's stock worth $2,459,000 after purchasing an additional 37,468 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Kontoor Brands by 14.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,908 shares of the company's stock worth $315,000 after purchasing an additional 611 shares during the period. Finally, Ensign Peak Advisors Inc increased its holdings in shares of Kontoor Brands by 33.1% in the fourth quarter. Ensign Peak Advisors Inc now owns 30,735 shares of the company's stock worth $2,625,000 after purchasing an additional 7,640 shares during the period. Hedge funds and other institutional investors own 93.06% of the company's stock.

Wall Street Analysts Forecast Growth

KTB has been the topic of a number of research analyst reports. Stifel Nicolaus reduced their target price on Kontoor Brands from $83.00 to $72.00 and set a "hold" rating on the stock in a research note on Thursday, April 10th. Wells Fargo & Company upped their price target on shares of Kontoor Brands from $85.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, May 14th. Barclays upped their price target on shares of Kontoor Brands from $75.00 to $86.00 and gave the company an "overweight" rating in a research report on Tuesday, May 20th. UBS Group upped their price target on shares of Kontoor Brands from $83.00 to $92.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Finally, The Goldman Sachs Group set a $85.00 price target on shares of Kontoor Brands and gave the company a "buy" rating in a research report on Tuesday, June 10th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $87.50.

Kontoor Brands Trading Up 0.0%

Shares of NYSE KTB traded up $0.02 during trading hours on Wednesday, hitting $57.15. The company's stock had a trading volume of 256,908 shares, compared to its average volume of 721,288. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.65 and a current ratio of 2.78. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of 14.00, a P/E/G ratio of 1.37 and a beta of 1.11. Kontoor Brands, Inc. has a 12 month low of $50.00 and a 12 month high of $96.80. The business has a 50-day simple moving average of $65.46 and a 200-day simple moving average of $68.52.

Kontoor Brands (NYSE:KTB - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.04. Kontoor Brands had a return on equity of 71.33% and a net margin of 8.82%. The company had revenue of $622.90 million for the quarter, compared to analysts' expectations of $625.44 million. During the same period last year, the firm earned $1.16 earnings per share. Kontoor Brands's quarterly revenue was down 1.3% on a year-over-year basis. On average, analysts anticipate that Kontoor Brands, Inc. will post 4.82 earnings per share for the current fiscal year.

Kontoor Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Tuesday, September 9th will be issued a $0.52 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $2.08 annualized dividend and a yield of 3.6%. Kontoor Brands's dividend payout ratio (DPR) is 50.98%.

Kontoor Brands Company Profile

Kontoor Brands, Inc, a lifestyle apparel company, designs, produces, procures, markets, distributes, and licenses denim, apparel, footwear, and accessories, primarily under the Wrangler and Lee brands. The company operates through two segments: Wrangler and Lee. It licenses and sells apparel under the Rock & Republic brand name.