MetLife Investment Management LLC Has $2.58 Million Position in Kontoor Brands, Inc. (NYSE:KTB)

MetLife Investment Management LLC reduced its holdings in Kontoor Brands, Inc. (NYSE:KTB) by 1.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,562 shares of the company’s stock after selling 556 shares during the period. MetLife Investment Management LLC owned approximately 0.06% of Kontoor Brands worth $2,581,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of KTB. Jennison Associates LLC raised its holdings in Kontoor Brands by 73.2% in the third quarter. Jennison Associates LLC now owns 757,426 shares of the company’s stock worth $61,942,000 after purchasing an additional 320,117 shares during the period. Millennium Management LLC raised its holdings in Kontoor Brands by 351.7% in the second quarter. Millennium Management LLC now owns 347,325 shares of the company’s stock worth $22,976,000 after purchasing an additional 270,427 shares during the period. Marshall Wace LLP raised its holdings in Kontoor Brands by 159.0% in the second quarter. Marshall Wace LLP now owns 335,385 shares of the company’s stock worth $22,186,000 after purchasing an additional 205,885 shares during the period. Pacer Advisors Inc. raised its holdings in Kontoor Brands by 10.9% in the second quarter. Pacer Advisors Inc. now owns 2,043,637 shares of the company’s stock worth $135,187,000 after purchasing an additional 201,399 shares during the period. Finally, Bwcp LP acquired a new stake in Kontoor Brands in the second quarter worth $11,890,000. 93.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Wells Fargo & Company increased their target price on shares of Kontoor Brands from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Stifel Nicolaus lowered shares of 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 price objective on shares of Kontoor Brands from $83.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. UBS Group increased their price objective on shares of Kontoor Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, Guggenheim increased their price objective on shares of Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a research 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.com, the company has an average rating of “Moderate Buy” and a consensus target price of $95.00.

Kontoor Brands Stock Down 0.2 %

Kontoor Brands stock opened at $93.85 on Thursday. The company has a market cap of $5.17 billion, a P/E ratio of 21.14, a price-to-earnings-growth ratio of 2.44 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. The company has a fifty day simple moving average of $84.89 and a 200 day simple moving average of $75.67. The company has a current ratio of 2.50, a quick ratio of 1.42 and a debt-to-equity ratio of 2.09.

Kontoor Brands (NYSE:KTB) last released its 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. The business had revenue of $670.19 million during the quarter, compared to the consensus estimate of $663.45 million. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.22 earnings per share. Research analysts anticipate that Kontoor Brands, Inc. will post 4.83 earnings per share for the current fiscal year.

Kontoor Brands Increases Dividend

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

Insider Activity at Kontoor Brands

In other Kontoor Brands news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $80.71, for a total value of $729,537.69. Following the completion of the sale, the executive vice president now 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Scott H. Baxter sold 119,160 shares of the stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $83.60, for a total transaction of $9,961,776.00. Following the completion of the sale, the chief executive officer now owns 331,916 shares of the company’s stock, valued at approximately $27,748,177.60. This represents a 26.42 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is 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.