Kontoor Brands (NYSE:KTB) Stock: Insider Joseph Alkire Sells 9,472 Shares

Kontoor Brands, Inc. (NYSE:KTB) CFO Joseph Alkire sold 9,472 shares of Kontoor Brands stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $75.92, for a total value of $719,114.24. Following the sale, the chief financial officer owned 44,803 shares in the company, valued at $3,401,443.76. This represents a 17.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Kontoor Brands Stock Performance

Shares of KTB opened at $79.44 on Thursday. The firm has a market cap of $4.34 billion, a price-to-earnings ratio of 22.13 and a beta of 0.85. The company has a quick ratio of 0.92, a current ratio of 1.69 and a debt-to-equity ratio of 1.99. The business’s 50 day moving average is $70.85 and its two-hundred day moving average is $73.28. Kontoor Brands, Inc. has a 52-week low of $56.19 and a 52-week high of $88.96.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings results on Thursday, November 5th. The company reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.16. The business had revenue of $685.35 million during the quarter, compared to the consensus estimate of $694.18 million. Kontoor Brands had a net margin of 6.51% and a return on equity of 59.17%. The business’s quarterly revenue was down 19.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.44 earnings per share. Analysts forecast that Kontoor Brands, Inc. will post 5.41 EPS for the current fiscal year.

Kontoor Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Tuesday, December 8th will be paid a $0.54 dividend. This is a boost from Kontoor Brands’s previous quarterly dividend of $0.53. The ex-dividend date is Tuesday, December 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.7%. Kontoor Brands’s dividend payout ratio (DPR) is currently 59.05%.

Institutional Trading of Kontoor Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC purchased a new position in shares of Kontoor Brands in the second quarter worth approximately $26,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Kontoor Brands in the 3rd quarter valued at approximately $28,000. Bell Investment Advisors Inc purchased a new stake in shares of Kontoor Brands in the 2nd quarter valued at approximately $42,000. Covestor Ltd lifted its position in shares of Kontoor Brands by 21.5% in the 3rd quarter. Covestor Ltd now owns 943 shares of the company’s stock valued at $59,000 after acquiring an additional 167 shares in the last quarter. Finally, Harbor Investment Advisory LLC acquired a new position in Kontoor Brands in the 2nd quarter worth approximately $61,000. 93.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on KTB. UBS Group decreased their price target on Kontoor Brands from $136.00 to $125.00 and set a “buy” rating for the company in a research note on Friday, November 6th. JPMorgan Chase & Co. lifted their price objective on shares of Kontoor Brands from $90.00 to $105.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Jefferies Financial Group upgraded shares of Kontoor Brands from a “hold” rating to a “buy” rating and boosted their target price for the company from $82.00 to $89.00 in a research note on Wednesday, October 14th. BTIG Research reissued a “buy” rating and set a $105.00 target price on shares of Kontoor Brands in a report on Tuesday, September 15th. Finally, Barclays increased their target price 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. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $95.33.

Kontoor Brands Company Profile

Kontoor Brands is an apparel company focused on denim and casual clothing. Its portfolio includes Wrangler and Lee, brands known for jeans and other everyday apparel, as well as Rock & Republic. The company sells products such as jeans, shirts, jackets, shorts and related apparel through wholesale partners and direct-to-consumer channels, including its own retail stores and e-commerce operations. Kontoor Brands serves customers in markets around the world. It became an independent public company in 2019 after being spun off from VF Corporation.