Gallacher Capital Management LLC Makes New $316,000 Investment in Kontoor Brands, Inc. (NYSE:KTB)

Gallacher Capital Management LLC purchased a new stake in shares of Kontoor Brands, Inc. (NYSE:KTB) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 5,251 shares of the company’s stock, valued at approximately $316,000.

A number of other hedge funds also recently added to or reduced their stakes in KTB. McGlone Suttner Wealth Management Inc. purchased a new position in shares of Kontoor Brands during the fourth quarter valued at approximately $25,000. Principal Securities Inc. bought a new position in shares of Kontoor Brands during the 4th quarter valued at $32,000. Oakworth Capital Inc. boosted its stake in shares of Kontoor Brands by 157.8% in the 4th quarter. Oakworth Capital Inc. now owns 781 shares of the company’s stock worth $49,000 after buying an additional 478 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Kontoor Brands in the fourth quarter worth $81,000. Finally, CWM LLC increased its position in Kontoor Brands by 160.1% during the fourth quarter. CWM LLC now owns 1,927 shares of the company’s stock valued at $120,000 after acquiring an additional 1,186 shares during the last quarter. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

Kontoor Brands Price Performance

NYSE KTB traded down $0.07 during trading hours on Friday, reaching $65.18. The company’s stock had a trading volume of 60,803 shares, compared to its average volume of 533,794. Kontoor Brands, Inc. has a 1 year low of $38.49 and a 1 year high of $74.90. The company has a quick ratio of 1.42, a current ratio of 2.70 and a debt-to-equity ratio of 1.96. The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 1.67 and a beta of 1.16. The firm’s 50-day moving average price is $68.88 and its 200-day moving average price is $62.87.

Kontoor Brands (NYSE:KTB) last released its earnings results on Thursday, May 2nd. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.90 by $0.26. The firm had revenue of $631.20 million for the quarter, compared to the consensus estimate of $607.91 million. Kontoor Brands had a net margin of 8.72% and a return on equity of 71.45%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 earnings per share. On average, equities research analysts predict that Kontoor Brands, Inc. will post 4.73 EPS for the current fiscal year.

Kontoor Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Monday, June 10th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, June 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.07%. Kontoor Brands’s payout ratio is 50.63%.

Wall Street Analyst Weigh In

KTB has been the topic of a number of research reports. Barclays raised their price objective on shares of Kontoor Brands from $65.00 to $76.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. The Goldman Sachs Group lifted their price objective on Kontoor Brands from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Finally, Stifel Nicolaus increased their target price on shares of Kontoor Brands from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, June 14th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.20.

Insider Transactions at Kontoor Brands

In other news, CEO Scott H. Baxter sold 29,212 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $71.52, for a total transaction 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 approximately $22,756,805.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Susan Denise Sumner sold 4,713 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $72.36, for a total value of $341,032.68. Following the completion of the transaction, the chief accounting officer now owns 15,379 shares of the company’s stock, valued at approximately $1,112,824.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Scott H. Baxter sold 29,212 shares of the stock in a transaction on Wednesday, May 29th. The shares were 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 owns 318,188 shares in the company, valued at approximately $22,756,805.76. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

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.