Principal Financial Group Inc. Has $20.74 Million Stake in Kontoor Brands, Inc. (NYSE:KTB)

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

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new position in Kontoor Brands during the third quarter valued at approximately $30,000. Farther Finance Advisors LLC grew its holdings in shares of Kontoor Brands by 242.5% during 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 acquired a new position in shares of Kontoor Brands during the third quarter worth $32,000. Quest Partners LLC bought a new stake in Kontoor Brands during the 2nd quarter worth $27,000. Finally, Sound Income Strategies LLC bought a new stake in shares of Kontoor Brands during the third quarter worth about $48,000. Institutional investors own 93.06% of the company’s stock.

Kontoor Brands Price Performance

KTB stock opened at $86.20 on Thursday. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.50 and a quick ratio of 1.42. The company’s 50-day moving average is $87.01 and its 200-day moving average is $77.22. The stock has a market capitalization of $4.75 billion, a PE ratio of 19.41, a price-to-earnings-growth ratio of 2.30 and a beta of 1.20. Kontoor Brands, Inc. has a 1 year low of $52.95 and a 1 year high of $94.82.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the company earned $1.22 earnings per share. The company’s quarterly revenue was up 2.4% on a year-over-year basis. Equities research analysts expect that Kontoor Brands, Inc. will post 4.83 EPS for the current fiscal year.

Kontoor Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 19th. Shareholders of record on Monday, December 9th were issued a dividend of $0.52 per share. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. The ex-dividend date was Monday, December 9th. This represents a $2.08 annualized dividend and a yield of 2.41%. Kontoor Brands’s dividend payout ratio is presently 46.85%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Barclays raised their target price on Kontoor Brands from $83.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. Guggenheim boosted their target price on shares of Kontoor Brands from $80.00 to $100.00 and gave the company a “buy” rating in a report on Friday, November 1st. UBS Group increased their price target 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 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 research note on Friday, November 1st. Finally, Wells Fargo & Company raised their target price on Kontoor Brands from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $95.00.

Insider Buying and Selling at Kontoor Brands

In other Kontoor Brands news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of Kontoor Brands stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $80.71, for a total transaction of $729,537.69. Following the completion of the transaction, the executive vice president now owns 18,179 shares in the company, valued at approximately $1,467,227.09. The trade was a 33.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 directly owns 331,916 shares of the company’s stock, valued at approximately $27,748,177.60. This trade represents a 26.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

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.