PNC Financial Services Group Inc. Reduces Stock Holdings in Kontoor Brands, Inc. $KTB

PNC Financial Services Group Inc. cut its stake in shares of Kontoor Brands, Inc. (NYSE:KTB) by 1.2% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 6,835,074 shares of the company’s stock after selling 84,017 shares during the period. PNC Financial Services Group Inc. owned approximately 0.12% of Kontoor Brands worth $545,234,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of KTB. Russell Investments Group Ltd. increased its stake in shares of Kontoor Brands by 22.0% in the second quarter. Russell Investments Group Ltd. now owns 78,834 shares of the company’s stock worth $5,201,000 after buying an additional 14,191 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Kontoor Brands by 31.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 180,422 shares of the company’s stock worth $14,805,000 after acquiring an additional 43,378 shares in the last quarter. Jennison Associates LLC increased its position in shares of Kontoor Brands by 3.1% in the 2nd quarter. Jennison Associates LLC now owns 903,488 shares of the company’s stock worth $59,603,000 after purchasing an additional 26,822 shares during the last quarter. Maverick Capital Ltd. raised its stake in shares of Kontoor Brands by 82.6% in the 2nd quarter. Maverick Capital Ltd. now owns 52,947 shares of the company’s stock valued at $3,493,000 after purchasing an additional 23,946 shares in the last quarter. Finally, Gabelli Funds LLC bought a new position in shares of Kontoor Brands during the second quarter worth about $4,922,000. Hedge funds and other institutional investors own 93.06% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wells Fargo & Company lowered their price objective on Kontoor Brands from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday, January 22nd. Stifel Nicolaus boosted their price target on Kontoor Brands from $73.00 to $75.00 and gave the company a “hold” rating in a report on Tuesday, November 4th. UBS Group upped their price target on Kontoor Brands from $114.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. BNP Paribas Exane set a $50.00 price objective on shares of Kontoor Brands in a report on Tuesday, December 9th. Finally, Jefferies Financial Group assumed coverage on shares of Kontoor Brands in a research note on Wednesday, February 4th. They set a “hold” rating and a $65.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Kontoor Brands currently has an average rating of “Moderate Buy” and a consensus price target of $84.67.

Kontoor Brands Trading Up 0.2%

Shares of NYSE KTB opened at $67.41 on Friday. Kontoor Brands, Inc. has a 12-month low of $50.00 and a 12-month high of $91.85. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 17.37 and a beta of 1.19. The company has a current ratio of 1.91, a quick ratio of 0.82 and a debt-to-equity ratio of 2.53. The stock’s 50 day simple moving average is $62.75 and its 200 day simple moving average is $71.27.

Kontoor Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Tuesday, March 10th will be given a dividend of $0.53 per share. The ex-dividend date is Tuesday, March 10th. This represents a $2.12 annualized dividend and a dividend yield of 3.1%. Kontoor Brands’s dividend payout ratio is currently 54.64%.

About Kontoor Brands

Kontoor Brands, Inc is a global apparel company best known for its Wrangler and Lee denim and lifestyle brands. Established as an independent, publicly traded company in May 2019 following a spin-off from VF Corporation, Kontoor leverages a legacy that dates back to 1889 with the founding of Lee and to 1947 with the introduction of the Wrangler brand. The company focuses on designing, manufacturing and distributing premium, casual and workwear apparel, including jeans, pants, shorts, shirts, jackets and complementary accessories.

Kontoor Brands operates a diversified sales model that combines wholesale partnerships with leading retailers, distribution through e-commerce channels and select direct-to-consumer formats.