Paralel Advisors LLC Takes $2.74 Million Position in Kontoor Brands, Inc. $KTB

Key Points

• Paralel Advisors LLC acquired 32,874 shares of Kontoor Brands valued at approximately $2.74 million, while institutional investors collectively owned 93.06% of the company.
• Kontoor Brands reported quarterly EPS of $1.06, slightly above estimates, but revenue fell 11.2% year over year to $584.29 million. The company maintained a $0.53 quarterly dividend, equivalent to a 2.7% yield.
• Analysts hold a consensus “Moderate Buy” rating with an average $95 price target, although insiders sold 196,063 shares worth approximately $16.3 million over the past 90 days.

Paralel Advisors LLC acquired a new position in shares of Kontoor Brands, Inc. (NYSE:KTB - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 32,874 shares of the company's stock, valued at approximately $2,740,000. Paralel Advisors LLC owned 0.06% of Kontoor Brands at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in KTB. Allworth Financial LP acquired a new position in Kontoor Brands during the 2nd quarter worth $715,000. Vise Technologies Inc. bought a new position in shares of Kontoor Brands in the second quarter worth $313,000. Great Lakes Advisors LLC bought a new position in shares of Kontoor Brands in the second quarter worth $1,200,000. BlackRock Inc. acquired a new position in shares of Kontoor Brands during the second quarter valued at $674,664,000. Finally, Deutsche Bank AG acquired a new position in shares of Kontoor Brands during the second quarter valued at $6,557,000. 93.06% of the stock is owned by institutional investors.

Kontoor Brands Trading Down 4.1%

Shares of Kontoor Brands stock opened at $78.81 on Friday. The business has a fifty day simple moving average of $82.45 and a 200-day simple moving average of $74.40. Kontoor Brands, Inc. has a fifty-two week low of $56.19 and a fifty-two week high of $88.96. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 16.45 and a beta of 0.88. The company has a quick ratio of 0.99, a current ratio of 1.83 and a debt-to-equity ratio of 1.82.

Kontoor Brands (NYSE:KTB - Get Free Report) last released its earnings results 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. Kontoor Brands had a return on equity of 59.71% and a net margin of 8.21%.The firm had revenue of $584.29 million for the quarter, compared to analyst estimates of $586.95 million. During the same period in the previous year, the company earned $1.33 earnings per share. Kontoor Brands's revenue was down 11.2% compared to the same quarter last year. Kontoor Brands has set its FY 2026 guidance at 5.250-5.350 EPS. On average, equities analysts forecast that Kontoor Brands, Inc. will post 5.27 EPS for the current fiscal year.

Kontoor Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Tuesday, September 8th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 8th. Kontoor Brands's payout ratio is presently 44.26%.

Wall Street Analyst Weigh In

KTB has been the subject of several research analyst reports. Barclays upped their price objective on shares of Kontoor Brands from $96.00 to $99.00 and gave the stock an "overweight" rating in a report on Thursday, August 13th. Wells Fargo & Company raised their target price on shares of Kontoor Brands from $100.00 to $110.00 and gave the company an "overweight" rating in a research note on Wednesday, August 12th. BTIG Research boosted their price target on shares of Kontoor Brands from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. Zacks Research raised shares of Kontoor Brands from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 9th. Finally, UBS Group increased their price objective on shares of Kontoor Brands from $131.00 to $136.00 and gave the company a "buy" rating in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $95.00.

Insider Buying and Selling

In related news, EVP Thomas L. Doerr, Jr. sold 7,660 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 25,063 shares of the company's stock, valued at $2,091,006.09. This represents a 23.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jennifer H. Broyles sold 4,000 shares of the firm's 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 owned 40,261 shares of the company's stock, valued at $3,261,946.22. The trade was a 9.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 196,063 shares of company stock worth $16,342,364 in the last ninety days. 1.80% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source