Kontoor Brands, Inc. (NYSE:KTB) Shares Bought by Jennison Associates LLC

Jennison Associates LLC lifted its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB) by 73.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 757,426 shares of the company’s stock after acquiring an additional 320,117 shares during the period. Jennison Associates LLC’s holdings in Kontoor Brands were worth $61,942,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in KTB. Northwest Investment Counselors LLC purchased a new stake in Kontoor Brands in the third quarter valued at approximately $30,000. Farther Finance Advisors LLC boosted its holdings in shares of Kontoor Brands by 242.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 387 shares of the company’s stock valued at $32,000 after purchasing an additional 274 shares during the last quarter. Kennebec Savings Bank purchased a new stake in shares of Kontoor Brands during the 3rd quarter valued at $32,000. Quest Partners LLC acquired a new stake in shares of Kontoor Brands during the 2nd quarter worth $27,000. Finally, Sound Income Strategies LLC acquired a new stake in shares of Kontoor Brands during the 3rd quarter worth $48,000. Hedge funds and other institutional investors own 93.06% of the company’s stock.

Kontoor Brands Trading Down 3.7 %

Shares of NYSE:KTB opened at $87.54 on Thursday. Kontoor Brands, Inc. has a twelve month low of $52.07 and a twelve month high of $92.48. The company has a current ratio of 2.50, a quick ratio of 1.42 and a debt-to-equity ratio of 2.09. The firm has a market cap of $4.83 billion, a P/E ratio of 20.48, a P/E/G ratio of 2.33 and a beta of 1.19. The company has a 50 day moving average of $81.59 and a 200-day moving average of $73.91.

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

Kontoor Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Monday, December 9th will be given a $0.52 dividend. 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 2.38%. The ex-dividend date is Monday, December 9th. Kontoor Brands’s dividend payout ratio (DPR) is 45.05%.

Analyst Ratings Changes

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

Insider Activity

In other news, CEO Scott H. Baxter sold 119,160 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $83.60, for a total transaction of $9,961,776.00. Following the completion of the sale, the chief executive officer now directly owns 331,916 shares of the company’s stock, valued at $27,748,177.60. This trade represents a 26.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Thomas L. Doerr, Jr. sold 9,039 shares of Kontoor Brands stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $80.71, for a total transaction of $729,537.69. Following the completion of the sale, the executive vice president now owns 18,179 shares of the company’s stock, valued at $1,467,227.09. This trade represents a 33.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.50% of the stock is owned by company insiders.

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.