Kontoor Brands, Inc. $KTB Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. trimmed its position in shares of Kontoor Brands, Inc. (NYSE:KTB) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,167,143 shares of the company’s stock after selling 78,506 shares during the period. Vanguard Group Inc. owned approximately 11.09% of Kontoor Brands worth $491,953,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. JPMorgan Chase & Co. grew its position in Kontoor Brands by 69.3% during the second quarter. JPMorgan Chase & Co. now owns 2,553,092 shares of the company’s stock valued at $168,428,000 after acquiring an additional 1,044,921 shares during the period. Norges Bank purchased a new stake in shares of Kontoor Brands during the 2nd quarter worth about $45,762,000. Invesco Ltd. increased its position in Kontoor Brands by 54.2% during the 2nd quarter. Invesco Ltd. now owns 1,241,839 shares of the company’s stock worth $81,924,000 after purchasing an additional 436,246 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in Kontoor Brands by 134.3% in the second quarter. Balyasny Asset Management L.P. now owns 468,630 shares of the company’s stock valued at $30,916,000 after buying an additional 268,604 shares during the period. Finally, Man Group plc raised its holdings in Kontoor Brands by 23.7% in the second quarter. Man Group plc now owns 765,512 shares of the company’s stock valued at $50,501,000 after buying an additional 146,858 shares during the period. 93.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus increased their price objective on shares of Kontoor Brands from $73.00 to $75.00 and gave the stock a “hold” rating in a research report on Tuesday, November 4th. UBS Group increased their price target on Kontoor Brands from $114.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Wall Street Zen cut Kontoor Brands from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Kontoor Brands in a report on Monday, December 29th. Finally, Barclays set a $74.00 price target on Kontoor Brands in a report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Kontoor Brands presently has a consensus rating of “Moderate Buy” and an average price target of $84.67.

Kontoor Brands Trading Down 1.2%

NYSE KTB opened at $66.62 on Thursday. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of 17.17 and a beta of 1.19. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.91 and a quick ratio of 0.82. Kontoor Brands, Inc. has a 12 month low of $50.00 and a 12 month high of $87.00. The company’s fifty day moving average price is $62.74 and its two-hundred day moving average price is $71.76.

Kontoor Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Tuesday, March 10th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, March 10th. Kontoor Brands’s payout ratio is currently 54.64%.

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.