Short Interest in Kontoor Brands (NYSE:KTB) Grows By 11.5%

Kontoor Brands (NYSE:KTB) was the recipient of a large increase in short interest during the month of November. As of November 29th, there was short interest totalling 9,320,000 shares, an increase of 11.5% from the November 14th total of 8,360,000 shares. Based on an average trading volume of 798,000 shares, the days-to-cover ratio is presently 11.7 days. Approximately 16.5% of the company’s shares are sold short.

Kontoor Brands stock traded down $0.20 during mid-day trading on Friday, reaching $39.02. 9,379 shares of the company’s stock were exchanged, compared to its average volume of 513,566. Kontoor Brands has a twelve month low of $25.78 and a twelve month high of $41.75. The company has a debt-to-equity ratio of 18.80, a current ratio of 2.47 and a quick ratio of 1.07. The company has a fifty day moving average of $37.32 and a 200-day moving average of $33.53.

Kontoor Brands (NYSE:KTB) last released its earnings results on Thursday, November 7th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.08. The business had revenue of $638.00 million for the quarter, compared to analyst estimates of $646.22 million. During the same quarter last year, the company earned $1.25 earnings per share. Kontoor Brands’s quarterly revenue was down 9.4% compared to the same quarter last year. On average, research analysts expect that Kontoor Brands will post 3.76 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Tuesday, December 10th will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.74%. The ex-dividend date of this dividend is Monday, December 9th.

Several large investors have recently made changes to their positions in KTB. Commonwealth Equity Services LLC purchased a new stake in shares of Kontoor Brands in the 2nd quarter valued at approximately $409,000. Arizona State Retirement System purchased a new position in shares of Kontoor Brands in the 2nd quarter valued at $2,019,000. Strs Ohio purchased a new position in shares of Kontoor Brands in the 2nd quarter valued at $347,000. Steward Partners Investment Advisory LLC purchased a new position in shares of Kontoor Brands in the 2nd quarter valued at $97,000. Finally, Creative Planning purchased a new position in shares of Kontoor Brands in the 2nd quarter valued at $235,000. 89.57% of the stock is currently owned by institutional investors.

Several brokerages have recently commented on KTB. Edward Jones upgraded shares of Kontoor Brands from a “hold” rating to a “buy” rating in a report on Monday, December 2nd. Macquarie began coverage on shares of Kontoor Brands in a report on Monday, October 21st. They issued a “neutral” rating on the stock. Zacks Investment Research lowered shares of Kontoor Brands from a “hold” rating to a “sell” rating in a report on Wednesday, December 4th. Guggenheim restated a “buy” rating on shares of Kontoor Brands in a report on Thursday, August 22nd. Finally, ValuEngine upgraded shares of Kontoor Brands from a “sell” rating to a “hold” rating in a report on Thursday, December 5th. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $31.81.

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