Petrus Trust Company LTA Has $617,000 Stock Position in Kontoor Brands, Inc. (NYSE:KTB)

Petrus Trust Company LTA lowered its stake in Kontoor Brands, Inc. (NYSE:KTB) by 24.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,545 shares of the company’s stock after selling 2,396 shares during the quarter. Petrus Trust Company LTA’s holdings in Kontoor Brands were worth $617,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Jennison Associates LLC raised its stake in Kontoor Brands by 73.2% during the 3rd quarter. Jennison Associates LLC now owns 757,426 shares of the company’s stock worth $61,942,000 after buying an additional 320,117 shares during the period. Millennium Management LLC raised its stake in Kontoor Brands by 351.7% during the 2nd quarter. Millennium Management LLC now owns 347,325 shares of the company’s stock worth $22,976,000 after buying an additional 270,427 shares during the period. Marshall Wace LLP raised its stake 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 buying an additional 205,885 shares during the period. Pacer Advisors Inc. raised its stake in Kontoor Brands by 10.9% during the 2nd quarter. Pacer Advisors Inc. now owns 2,043,637 shares of the company’s stock worth $135,187,000 after buying an additional 201,399 shares during the period. Finally, Bwcp LP acquired a new stake in Kontoor Brands during the 2nd quarter worth $11,890,000. Institutional investors and hedge funds own 93.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Wells Fargo & Company raised their price objective on Kontoor Brands from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Stifel Nicolaus cut Kontoor Brands from a “buy” rating to a “hold” rating and increased their target price for the stock from $89.00 to $93.00 in a report on Friday, November 1st. Barclays increased their target price on Kontoor Brands from $83.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Guggenheim increased their target price on Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, UBS Group increased 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. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.00.

Kontoor Brands Trading Down 0.2 %

Shares of KTB stock opened at $93.85 on Thursday. The firm has a 50 day moving average price of $84.89 and a two-hundred day moving average price of $75.67. 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 company has a market capitalization of $5.17 billion, a PE ratio of 21.14, a price-to-earnings-growth ratio of 2.44 and a beta of 1.20. Kontoor Brands, Inc. has a 12-month low of $52.95 and a 12-month high of $94.82.

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

Kontoor Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Monday, December 9th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.22%. This is a boost from Kontoor Brands’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, December 9th. Kontoor Brands’s dividend payout ratio (DPR) is 46.85%.

Insider Activity at Kontoor Brands

In related news, CEO Scott H. Baxter sold 119,160 shares of Kontoor Brands stock in a transaction that occurred on Tuesday, November 5th. The shares were 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 transaction, the executive vice president now directly 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 disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.

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.