Entropy Technologies LP Sells 4,904 Shares of Kontoor Brands, Inc. (NYSE:KTB)

Entropy Technologies LP trimmed its holdings in shares of Kontoor Brands, Inc. (NYSE:KTB) by 46.7% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,595 shares of the company’s stock after selling 4,904 shares during the quarter. Entropy Technologies LP’s holdings in Kontoor Brands were worth $458,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of KTB. Millennium Management LLC raised its holdings in shares of Kontoor Brands by 351.7% during the second quarter. Millennium Management LLC now owns 347,325 shares of the company’s stock worth $22,976,000 after acquiring an additional 270,427 shares during the period. Marshall Wace LLP increased its holdings in Kontoor Brands by 159.0% during the 2nd quarter. Marshall Wace LLP now owns 335,385 shares of the company’s stock worth $22,186,000 after purchasing an additional 205,885 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Kontoor Brands by 10.9% in the 2nd 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. Bwcp LP bought a new stake in shares of Kontoor Brands in the second quarter valued at about $11,890,000. Finally, Squarepoint Ops LLC boosted its position in shares of Kontoor Brands by 123.7% during the second quarter. Squarepoint Ops LLC now owns 220,065 shares of the company’s stock worth $14,557,000 after buying an additional 121,689 shares during the period. 93.06% of the stock is currently owned by institutional investors and hedge funds.

Kontoor Brands Trading Down 0.7 %

Shares of NYSE:KTB opened at $90.14 on Friday. Kontoor Brands, Inc. has a 52-week low of $51.46 and a 52-week high of $92.48. 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 capitalization of $4.97 billion, a P/E ratio of 20.34, a price-to-earnings-growth ratio of 2.34 and a beta of 1.19. The company has a 50-day simple moving average of $80.47 and a 200 day simple moving average of $73.23.

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

Kontoor Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Monday, December 9th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Monday, December 9th. This is a boost from Kontoor Brands’s previous quarterly dividend of $0.50. Kontoor Brands’s dividend payout ratio (DPR) is currently 45.05%.

Wall Street Analyst Weigh In

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

Insider Activity at Kontoor Brands

In related news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the business’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 sale, the executive vice president now directly owns 18,179 shares in the company, valued at $1,467,227.09. The trade was a 33.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 in the company, 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. 2.60% of the stock is owned by company insiders.

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.