PNC Financial Services Group Inc. Has $711.47 Million Stake in Kontoor Brands, Inc. (NYSE:KTB)

PNC Financial Services Group Inc. decreased its holdings in Kontoor Brands, Inc. (NYSE:KTB) by 1.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,330,033 shares of the company’s stock after selling 112,579 shares during the period. PNC Financial Services Group Inc. owned about 15.11% of Kontoor Brands worth $711,468,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in KTB. Jennison Associates LLC increased its holdings in shares of Kontoor Brands by 73.2% in the 3rd quarter. Jennison Associates LLC now owns 757,426 shares of the company’s stock valued at $61,942,000 after purchasing an additional 320,117 shares during the period. Walleye Capital LLC bought a new stake in shares of Kontoor Brands in the 3rd quarter valued at approximately $8,479,000. Barclays PLC grew its stake in shares of Kontoor Brands by 316.3% in the 3rd quarter. Barclays PLC now owns 101,522 shares of the company’s stock valued at $8,303,000 after buying an additional 77,137 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Kontoor Brands in the 4th quarter valued at approximately $6,314,000. Finally, LMR Partners LLP bought a new stake in shares of Kontoor Brands in the 3rd quarter valued at approximately $4,799,000. Institutional investors and hedge funds own 93.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. UBS Group lowered their price target on Kontoor Brands from $108.00 to $96.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Barclays lowered their price target on Kontoor Brands from $100.00 to $93.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Finally, Wells Fargo & Company boosted their price target on Kontoor Brands from $95.00 to $100.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $93.17.

Kontoor Brands Stock Down 1.2 %

Shares of Kontoor Brands stock opened at $60.41 on Friday. The stock has a market capitalization of $3.34 billion, a P/E ratio of 13.61, a PEG ratio of 2.12 and a beta of 1.23. 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 stock has a 50 day moving average price of $83.17 and a two-hundred day moving average price of $82.68. Kontoor Brands, Inc. has a 12-month low of $52.95 and a 12-month high of $96.80.

Kontoor Brands (NYSE:KTB) last announced its earnings results on Tuesday, February 25th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.07. The firm had revenue of $699.00 million during the quarter, compared to analysts’ expectations of $698.07 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The company’s revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.28 earnings per share. Equities analysts expect that Kontoor Brands, Inc. will post 4.82 earnings per share for the current year.

Kontoor Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Monday, March 10th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.08 dividend on an annualized basis and a yield of 3.44%. Kontoor Brands’s payout ratio is currently 47.60%.

Kontoor Brands Company 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.