Kontoor Brands (NYSE:KTB) Sees Large Growth in Short Interest

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Kontoor Brands (NYSE:KTB) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totalling 4,110,000 shares, an increase of 9.0% from the August 30th total of 3,770,000 shares. Approximately 7.3% of the company’s stock are sold short. Based on an average daily volume of 673,500 shares, the days-to-cover ratio is currently 6.1 days.

In other Kontoor Brands news, Director Richard Carucci acquired 5,000 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were acquired at an average price of $33.15 per share, with a total value of $165,750.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Juliana L. Chugg acquired 8,400 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $29.96 per share, for a total transaction of $251,664.00. The disclosure for this purchase can be found here.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in Kontoor Brands during the second quarter worth $189,676,000. Vanguard Group Inc. bought a new position in shares of Kontoor Brands in the second quarter valued at about $137,562,000. Holocene Advisors LP bought a new position in shares of Kontoor Brands in the second quarter valued at about $30,144,000. Wells Fargo & Company MN bought a new position in shares of Kontoor Brands in the second quarter valued at about $26,434,000. Finally, Alecta Pensionsforsakring Omsesidigt bought a new position in shares of Kontoor Brands in the second quarter valued at about $16,172,000.

KTB has been the topic of a number of research reports. Guggenheim reissued a “buy” rating on shares of Kontoor Brands in a research report on Thursday, August 22nd. Zacks Investment Research lowered shares of Kontoor Brands from a “buy” rating to a “hold” rating in a research report on Wednesday, October 9th. Finally, Bank of America boosted their price objective on shares of Kontoor Brands from $24.00 to $28.00 and gave the stock an “underperform” rating in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $31.36.

NYSE KTB opened at $38.34 on Thursday. The company has a debt-to-equity ratio of 12.64, a quick ratio of 1.07 and a current ratio of 2.49. The stock’s fifty day moving average price is $34.86. Kontoor Brands has a 1 year low of $25.78 and a 1 year high of $41.75.

Kontoor Brands (NYSE:KTB) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.29. The firm had revenue of $609.74 million for the quarter, compared to the consensus estimate of $591.36 million. During the same period last year, the company posted $1.18 earnings per share. The business’s revenue was down 8.2% compared to the same quarter last year. Equities research analysts anticipate that Kontoor Brands will post 3.79 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Tuesday, September 10th were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 5.84%. The ex-dividend date of this dividend was Monday, September 9th.

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