Kontoor Brands, Inc. (NYSE:KTB) Short Interest Update

Kontoor Brands, Inc. (NYSE:KTB) saw a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 3,260,000 shares, a drop of 5.8% from the December 15th total of 3,460,000 shares. Based on an average daily volume of 427,400 shares, the short-interest ratio is presently 7.6 days. Currently, 6.0% of the shares of the stock are sold short.

Kontoor Brands Stock Performance

NYSE KTB opened at $86.10 on Monday. The business’s 50-day moving average price is $88.47 and its 200 day moving average price is $79.54. The company has a quick ratio of 1.42, a current ratio of 2.50 and a debt-to-equity ratio of 2.09. The firm has a market cap of $4.75 billion, a P/E ratio of 19.39, a P/E/G ratio of 2.04 and a beta of 1.20. Kontoor Brands has a 52-week low of $52.95 and a 52-week high of $94.82.

Kontoor Brands (NYSE:KTB) last issued its earnings results on Thursday, October 31st. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.11. The business had revenue of $670.19 million for the quarter, compared to the consensus estimate of $663.45 million. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.22 earnings per share. On average, equities research analysts expect that Kontoor Brands will post 4.82 earnings per share for the current year.

Kontoor Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Monday, December 9th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.42%. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Monday, December 9th. Kontoor Brands’s dividend payout ratio is 46.85%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Kontoor Brands

In other news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the firm’s stock in a transaction that occurred 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 transaction, 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 legal filing with the SEC, 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 stock was 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 directly 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 disclosure for this sale can be found here. 2.50% of the stock is owned by corporate insiders.

Institutional Trading of Kontoor Brands

A number of institutional investors have recently modified their holdings of the business. Jennison Associates LLC raised its position in Kontoor Brands by 73.2% in the third quarter. Jennison Associates LLC now owns 757,426 shares of the company’s stock worth $61,942,000 after acquiring an additional 320,117 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Kontoor Brands by 351.7% in the 2nd quarter. Millennium Management LLC now owns 347,325 shares of the company’s stock valued at $22,976,000 after purchasing an additional 270,427 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Kontoor Brands by 159.0% in the 2nd quarter. Marshall Wace LLP now owns 335,385 shares of the company’s stock valued at $22,186,000 after purchasing an additional 205,885 shares in the last quarter. Pacer Advisors Inc. lifted its stake in shares of Kontoor Brands by 10.9% in the second quarter. Pacer Advisors Inc. now owns 2,043,637 shares of the company’s stock valued at $135,187,000 after purchasing an additional 201,399 shares during the period. Finally, Bwcp LP purchased a new stake in Kontoor Brands during the second quarter worth about $11,890,000. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

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.