AMG National Trust Bank Cuts Holdings in Kontoor Brands, Inc. (NYSE:KTB)

AMG National Trust Bank reduced its position in Kontoor Brands, Inc. (NYSE:KTB) by 1.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 412,054 shares of the company’s stock after selling 4,662 shares during the quarter. Kontoor Brands comprises about 0.7% of AMG National Trust Bank’s investment portfolio, making the stock its 29th biggest position. AMG National Trust Bank owned 0.74% of Kontoor Brands worth $27,257,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in KTB. O Shaughnessy Asset Management LLC lifted its holdings in Kontoor Brands by 44.3% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 24,311 shares of the company’s stock worth $1,465,000 after buying an additional 7,466 shares in the last quarter. Magnetar Financial LLC purchased a new position in Kontoor Brands in the first quarter valued at about $1,508,000. Capstone Investment Advisors LLC acquired a new stake in Kontoor Brands during the 1st quarter valued at approximately $2,013,000. Intact Investment Management Inc. purchased a new stake in Kontoor Brands during the 4th quarter worth approximately $3,396,000. Finally, Nomura Holdings Inc. raised its position in shares of Kontoor Brands by 38.5% in the 4th quarter. Nomura Holdings Inc. now owns 65,215 shares of the company’s stock valued at $4,071,000 after purchasing an additional 18,121 shares in the last quarter. 93.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Susan Denise Sumner sold 4,713 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $72.36, for a total transaction of $341,032.68. Following the completion of the sale, the chief accounting officer now directly owns 15,379 shares in the company, valued at $1,112,824.44. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Scott H. Baxter sold 29,212 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $71.52, for a total value of $2,089,242.24. Following the sale, the chief executive officer now directly owns 318,188 shares of the company’s stock, valued at $22,756,805.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Susan Denise Sumner sold 4,713 shares of Kontoor Brands stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $72.36, for a total value of $341,032.68. Following the sale, the chief accounting officer now directly owns 15,379 shares in the company, valued at $1,112,824.44. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Guggenheim boosted their target price on shares of Kontoor Brands from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Barclays increased their price target on Kontoor Brands from $76.00 to $83.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Stifel Nicolaus boosted their price objective on Kontoor Brands from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Finally, The Goldman Sachs Group increased their target price on Kontoor Brands from $68.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $78.83.

Kontoor Brands Stock Up 3.3 %

Shares of Kontoor Brands stock traded up $2.32 during midday trading on Friday, hitting $73.62. The company’s stock had a trading volume of 368,399 shares, compared to its average volume of 517,672. The firm has a market capitalization of $4.11 billion, a P/E ratio of 18.64, a PEG ratio of 1.88 and a beta of 1.16. The stock has a 50-day simple moving average of $68.29 and a 200-day simple moving average of $65.05. The company has a quick ratio of 1.42, a current ratio of 2.74 and a debt-to-equity ratio of 2.04. Kontoor Brands, Inc. has a 1-year low of $39.90 and a 1-year high of $74.90.

Kontoor Brands (NYSE:KTB) last issued its earnings results on Thursday, August 1st. The company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.88 by $0.10. The business had revenue of $607.00 million during the quarter, compared to analysts’ expectations of $592.97 million. Kontoor Brands had a return on equity of 72.43% and a net margin of 9.35%. Kontoor Brands’s revenue was down 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.77 earnings per share. As a group, sell-side analysts expect that Kontoor Brands, Inc. will post 4.8 earnings per share for the current year.

Kontoor Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Tuesday, September 10th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $2.00 annualized dividend and a dividend yield of 2.72%. Kontoor Brands’s dividend payout ratio is 50.63%.

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.