Principal Financial Group Inc. Decreases Position in Kontoor Brands, Inc. (NYSE:KTB)

Principal Financial Group Inc. trimmed its position in shares of Kontoor Brands, Inc. (NYSE:KTB) by 5.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 253,577 shares of the company’s stock after selling 14,787 shares during the quarter. Principal Financial Group Inc. owned 0.45% of Kontoor Brands worth $20,738,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Intact Investment Management Inc. lifted its holdings in shares of Kontoor Brands by 17.8% in the third quarter. Intact Investment Management Inc. now owns 30,400 shares of the company’s stock worth $2,486,000 after buying an additional 4,600 shares in the last quarter. James Investment Research Inc. bought a new stake in Kontoor Brands during the 3rd quarter valued at about $2,016,000. Farther Finance Advisors LLC lifted 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 worth $32,000 after buying an additional 274 shares during the period. US Bancorp DE increased its holdings in Kontoor Brands by 24.1% during the third quarter. US Bancorp DE now owns 2,685 shares of the company’s stock valued at $220,000 after buying an additional 522 shares during the period. Finally, Nisa Investment Advisors LLC raised its position in shares of Kontoor Brands by 0.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 46,432 shares of the company’s stock worth $3,797,000 after acquiring an additional 375 shares in the last quarter. Institutional investors own 93.06% of the company’s stock.

Kontoor Brands Stock Performance

Shares of KTB stock opened at $90.29 on Thursday. The company has a current ratio of 2.50, a quick ratio of 1.42 and a debt-to-equity ratio of 2.09. Kontoor Brands, Inc. has a 12-month low of $49.52 and a 12-month high of $92.48. The business’s 50 day moving average is $79.75 and its two-hundred day moving average is $72.98. The company has a market capitalization of $4.98 billion, a P/E ratio of 20.34, a P/E/G ratio of 2.34 and a beta of 1.19.

Kontoor Brands (NYSE:KTB) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.37 earnings per share (EPS) for the quarter, beating 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 business had revenue of $670.19 million for the quarter, compared to the consensus estimate of $663.45 million. During the same period last year, the firm posted $1.22 earnings per share. The company’s revenue was up 2.4% compared to the same quarter last year. Analysts expect that Kontoor Brands, Inc. will post 4.83 EPS 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. Shareholders of record on Monday, December 9th will be issued a dividend of $0.52 per share. The ex-dividend date is Monday, December 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.30%. This is a boost from Kontoor Brands’s previous quarterly dividend of $0.50. Kontoor Brands’s dividend payout ratio is presently 45.05%.

Analysts Set New Price Targets

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

Insider Activity

In other Kontoor Brands news, CEO Scott H. Baxter sold 119,160 shares of the firm’s 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 approximately $27,748,177.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Scott H. Baxter sold 119,160 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 331,916 shares of the company’s stock, valued at approximately $27,748,177.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas L. Doerr, Jr. sold 9,039 shares of Kontoor Brands 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 transaction, the executive vice president now owns 18,179 shares in the company, valued at approximately $1,467,227.09. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

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.