PNC Financial Services Group Inc. Reduces Stock Position in Kontoor Brands, Inc. $KTB

PNC Financial Services Group Inc. trimmed its position in Kontoor Brands, Inc. (NYSE:KTB) by 1.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,835,074 shares of the company’s stock after selling 84,017 shares during the period. PNC Financial Services Group Inc. owned about 12.30% of Kontoor Brands worth $545,234,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Harbor Capital Advisors Inc. lifted its stake in shares of Kontoor Brands by 73.0% during the third quarter. Harbor Capital Advisors Inc. now owns 308 shares of the company’s stock valued at $25,000 after buying an additional 130 shares during the period. Atlantic Union Bankshares Corp purchased a new position in shares of Kontoor Brands during the 2nd quarter worth $26,000. Salomon & Ludwin LLC lifted its stake in shares of Kontoor Brands by 2,614.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 380 shares of the company’s stock worth $31,000 after purchasing an additional 366 shares during the period. First Horizon Corp purchased a new stake in shares of Kontoor Brands in the third quarter valued at $31,000. Finally, Assetmark Inc. grew its position in shares of Kontoor Brands by 532.3% in the third quarter. Assetmark Inc. now owns 392 shares of the company’s stock valued at $31,000 after purchasing an additional 330 shares during the period. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

Kontoor Brands Stock Up 0.2%

KTB opened at $67.41 on Friday. The company has a market cap of $3.75 billion, a PE ratio of 17.37 and a beta of 1.19. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.82 and a current ratio of 1.91. Kontoor Brands, Inc. has a 1 year low of $50.00 and a 1 year high of $91.85. The firm has a 50 day moving average price of $62.75 and a 200 day moving average price of $71.27.

Kontoor Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Tuesday, March 10th will be issued a dividend of $0.53 per share. The ex-dividend date is Tuesday, March 10th. This represents a $2.12 annualized dividend and a dividend yield of 3.1%. Kontoor Brands’s payout ratio is presently 54.64%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Kontoor Brands in a research note on Monday, December 29th. Wells Fargo & Company cut their price objective on shares of Kontoor Brands from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, January 22nd. Stifel Nicolaus boosted their target price on shares of Kontoor Brands from $73.00 to $75.00 and gave the company a “hold” rating in a report on Tuesday, November 4th. BTIG Research reaffirmed a “buy” rating and set a $95.00 price target on shares of Kontoor Brands in a research report on Tuesday, November 4th. Finally, UBS Group lifted their price target on shares of Kontoor Brands from $114.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Kontoor Brands presently has an average rating of “Moderate Buy” and an average target price of $84.67.

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.