AMG National Trust Bank Lowers Position in Kontoor Brands, Inc. (NYSE:KTB)

AMG National Trust Bank cut its holdings in Kontoor Brands, Inc. (NYSE:KTB) by 26.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 303,061 shares of the company’s stock after selling 108,993 shares during the quarter. AMG National Trust Bank’s holdings in Kontoor Brands were worth $24,784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Swiss National Bank lifted its holdings in shares of Kontoor Brands by 0.3% during the first quarter. Swiss National Bank now owns 99,814 shares of the company’s stock valued at $6,014,000 after purchasing an additional 300 shares during the last quarter. ProShare Advisors LLC lifted its stake in Kontoor Brands by 7.5% in the 1st quarter. ProShare Advisors LLC now owns 11,198 shares of the company’s stock worth $675,000 after purchasing an additional 780 shares in the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Kontoor Brands by 21.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 19,553 shares of the company’s stock valued at $1,178,000 after purchasing an additional 3,500 shares during the last quarter. O Shaughnessy Asset Management LLC grew its holdings in Kontoor Brands by 44.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 24,311 shares of the company’s stock valued at $1,465,000 after purchasing an additional 7,466 shares during the last quarter. Finally, UniSuper Management Pty Ltd purchased a new stake in shares of Kontoor Brands in the 1st quarter worth approximately $651,000. 93.06% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on KTB shares. Stifel Nicolaus lowered shares of Kontoor Brands from a “buy” rating to a “hold” rating and increased their price objective for the stock from $89.00 to $93.00 in a research note on Friday, November 1st. Guggenheim upped their target price on shares of Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Barclays upped their target price on shares of Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, November 1st. UBS Group raised their target price on shares of Kontoor Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, Wells Fargo & Company raised their target price on shares of Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and five have given a buy 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 target price of $95.00.

Kontoor Brands Price Performance

KTB opened at $90.14 on Monday. The company’s 50 day simple moving average is $80.82 and its 200 day simple moving average is $73.49. 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 1 year low of $51.46 and a 1 year high of $92.48. The stock has a market capitalization of $4.97 billion, a PE ratio of 20.30, a P/E/G ratio of 2.33 and a beta of 1.19.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.11. The firm had revenue of $670.19 million for the quarter, compared to analysts’ expectations of $663.45 million. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. Kontoor Brands’s revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.22 earnings per share. As a group, sell-side analysts expect that Kontoor Brands, Inc. will post 4.83 EPS for the current year.

Kontoor Brands Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Monday, December 9th will be issued a dividend of $0.52 per share. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, December 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.31%. Kontoor Brands’s payout ratio is 45.05%.

Kontoor Brands Profile

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.