Summit Global Investments Sells 6,057 Shares of Kontoor Brands, Inc. $KTB

Summit Global Investments lowered its position in Kontoor Brands, Inc. (NYSE:KTB) by 40.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,077 shares of the company’s stock after selling 6,057 shares during the quarter. Summit Global Investments’ holdings in Kontoor Brands were worth $638,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of KTB. UBS Group AG lifted its stake in Kontoor Brands by 3.8% in the 4th quarter. UBS Group AG now owns 551,758 shares of the company’s stock valued at $33,707,000 after purchasing an additional 20,270 shares during the last quarter. AMG National Trust Bank grew its holdings in Kontoor Brands by 19.9% during the fourth quarter. AMG National Trust Bank now owns 162,657 shares of the company’s stock worth $9,937,000 after purchasing an additional 27,044 shares during the period. Jennison Associates LLC increased its position in Kontoor Brands by 8.9% during the fourth quarter. Jennison Associates LLC now owns 1,214,831 shares of the company’s stock worth $74,214,000 after buying an additional 99,593 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Kontoor Brands during the first quarter worth approximately $1,918,000. Finally, Norges Bank bought a new stake in Kontoor Brands in the fourth quarter valued at approximately $36,185,000. Institutional investors own 93.06% of the company’s stock.

Kontoor Brands Trading Up 1.7%

Shares of KTB stock opened at $86.72 on Thursday. The firm has a 50 day moving average price of $77.33 and a two-hundred day moving average price of $71.04. The company has a quick ratio of 1.10, a current ratio of 1.87 and a debt-to-equity ratio of 1.83. The company has a market capitalization of $4.79 billion, a PE ratio of 17.55 and a beta of 0.87. Kontoor Brands, Inc. has a 12-month low of $53.55 and a 12-month high of $88.96.

Kontoor Brands (NYSE:KTB) last issued its quarterly earnings data on Thursday, May 7th. The company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.11). Kontoor Brands had a return on equity of 60.17% and a net margin of 8.30%.The firm had revenue of $613.32 million for the quarter, compared to the consensus estimate of $784.76 million. During the same quarter in the prior year, the firm earned $1.20 EPS. The company’s revenue was up 45.0% on a year-over-year basis. Kontoor Brands has set its FY 2026 guidance at 6.600-6.700 EPS. As a group, analysts predict that Kontoor Brands, Inc. will post 5.2 earnings per share for the current year.

Kontoor Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Monday, June 8th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Monday, June 8th. Kontoor Brands’s dividend payout ratio is currently 42.91%.

Insiders Place Their Bets

In other Kontoor Brands news, EVP Jennifer H. Broyles sold 4,000 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $81.02, for a total transaction of $324,080.00. Following the transaction, the executive vice president owned 40,261 shares in the company, valued at $3,261,946.22. This trade represents a 9.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on KTB. BTIG Research reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Kontoor Brands in a research report on Friday, May 1st. JPMorgan Chase & Co. began coverage on Kontoor Brands in a research note on Monday, June 8th. They issued an “overweight” rating and a $90.00 price target on the stock. Zacks Research raised Kontoor Brands from a “strong sell” rating to a “hold” rating in a report on Thursday, July 9th. Wall Street Zen cut shares of Kontoor Brands from a “strong-buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings upgraded shares of Kontoor Brands from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $91.20.

Kontoor Brands Company Profile

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.