Kontoor Brands, Inc. (NYSE:KTB) Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA decreased its position in Kontoor Brands, Inc. (NYSE:KTB) by 1.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 320,727 shares of the company’s stock after selling 4,516 shares during the period. Glenmede Trust Co. NA’s holdings in Kontoor Brands were worth $26,229,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lazard Asset Management LLC raised its position in Kontoor Brands by 149.1% in the first quarter. Lazard Asset Management LLC now owns 7,076 shares of the company’s stock valued at $426,000 after purchasing an additional 4,235 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Kontoor Brands by 6.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,351 shares of the company’s stock valued at $2,010,000 after buying an additional 2,069 shares during the period. Tidal Investments LLC acquired a new position in Kontoor Brands in the first quarter valued at about $527,000. DekaBank Deutsche Girozentrale purchased a new position in Kontoor Brands during the first quarter worth about $524,000. Finally, Capital Investment Advisors LLC acquired a new stake in shares of Kontoor Brands during the second quarter valued at about $207,000. Institutional investors and hedge funds own 93.06% of the company’s stock.

Kontoor Brands Price Performance

Shares of KTB opened at $90.72 on Thursday. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.42 and a current ratio of 2.50. Kontoor Brands, Inc. has a fifty-two week low of $52.95 and a fifty-two week high of $94.41. The firm has a 50-day simple moving average of $83.44 and a 200-day simple moving average of $74.83. The company has a market capitalization of $5.00 billion, a price-to-earnings ratio of 20.43, a price-to-earnings-growth ratio of 2.43 and a beta of 1.19.

Kontoor Brands (NYSE:KTB) last released its earnings results on Thursday, October 31st. The company reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.11. The business had revenue of $670.19 million for the quarter, compared to analyst estimates of $663.45 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.22 earnings per share. On average, equities research analysts anticipate that Kontoor Brands, Inc. will post 4.83 earnings per share for the current year.

Kontoor Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Monday, December 9th will be given a dividend of $0.52 per share. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Monday, December 9th. Kontoor Brands’s payout ratio is currently 46.85%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Barclays boosted their price objective on Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Wells Fargo & Company raised their price objective on shares of Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. UBS Group increased their target price on Kontoor Brands from $103.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 1st. Stifel Nicolaus cut Kontoor Brands from a “buy” rating to a “hold” rating and upped their price objective for the stock from $89.00 to $93.00 in a research report on Friday, November 1st. Finally, Guggenheim raised their target price on Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $95.00.

Insider Activity at Kontoor Brands

In other news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $80.71, for a total transaction of $729,537.69. Following the sale, the executive vice president now owns 18,179 shares in the company, valued at $1,467,227.09. This trade represents a 33.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Scott H. Baxter sold 119,160 shares of the company’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $83.60, for a total value of $9,961,776.00. Following the completion of the transaction, the chief executive officer now owns 331,916 shares of the company’s stock, valued at $27,748,177.60. The trade was a 26.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

About Kontoor Brands

Kontoor Brands, Inc, a lifestyle apparel company, designs, produces, procures, markets, distributes, and licenses denim, apparel, footwear, and accessories, primarily under the Wrangler and Lee brands. The company operates through two segments: Wrangler and Lee. It licenses and sells apparel under the Rock & Republic brand name.