Glenmede Trust Co. NA Sells 4,516 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Glenmede Trust Co. NA decreased its position in shares of Kontoor Brands, Inc. (NYSE:KTB) by 1.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 320,727 shares of the company’s stock after selling 4,516 shares during the quarter. Glenmede Trust Co. NA owned approximately 0.58% of Kontoor Brands worth $26,229,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in KTB. Quest Partners LLC purchased a new position in Kontoor Brands in the second quarter worth $27,000. Northwest Investment Counselors LLC purchased a new position in Kontoor Brands during the 3rd quarter worth $30,000. Kennebec Savings Bank acquired a new position in Kontoor Brands during the 3rd quarter valued at about $32,000. Farther Finance Advisors LLC raised its stake in Kontoor Brands by 242.5% in the third quarter. Farther Finance Advisors LLC now owns 387 shares of the company’s stock valued at $32,000 after buying an additional 274 shares during the last quarter. Finally, Sound Income Strategies LLC acquired a new stake in Kontoor Brands in the third quarter worth about $48,000. 93.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KTB has been the topic of several recent analyst reports. Stifel Nicolaus downgraded shares of Kontoor Brands from a “buy” rating to a “hold” rating and upped their price objective for the company from $89.00 to $93.00 in a report on Friday, November 1st. Guggenheim raised their price objective on Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Barclays boosted their target price on shares of Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. Wells Fargo & Company lifted their price objective on Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, UBS Group boosted their price objective on Kontoor Brands from $103.00 to $110.00 and gave the company a “buy” rating in a 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 stock presently has an average rating of “Moderate Buy” and a consensus price target of $95.00.

Insiders Place Their Bets

In other Kontoor Brands news, CEO Scott H. Baxter sold 119,160 shares of Kontoor Brands stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $83.60, for a total transaction of $9,961,776.00. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $729,537.69. Following the sale, the executive vice president now directly owns 18,179 shares of the company’s stock, valued at $1,467,227.09. The trade was a 33.21 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Kontoor Brands Trading Down 1.4 %

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

Kontoor Brands (NYSE:KTB) last announced 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 firm 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 business’s revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.22 EPS. As a group, equities analysts predict that Kontoor Brands, Inc. will post 4.83 earnings per share for the current fiscal year.

Kontoor Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Monday, December 9th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.29%. This is a boost from Kontoor Brands’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, December 9th. Kontoor Brands’s payout ratio is presently 46.85%.

Kontoor Brands Company 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.