Kontoor Brands , Inc.'s (NYSE:KTB) Vice President and Chief Accounting Officer, Susan Denise Sumner, has recently engaged in significant trading of the company's stock, according to the latest regulatory filings. Sumner sold a total of 9,869.469 shares of common stock over two days, generating over $720,000 in proceeds.
The transactions occurred on May 30 and May 31, 2024, with the sale prices ranging from $72.362 to $73.71 per share. The weighted average price for the shares sold on May 30 was reported at $72.362, with sales conducted in multiple transactions at prices varying between $72.21 and $72.60. The following day, shares were sold at an average price of $73.71.
In addition to the sales, Sumner also acquired 4,713 shares through the exercise of stock options on May 30, with the exercise price set at $22.044 per share. This transaction added to her ownership at a total cost of approximately $103,893.
After the reported transactions, Sumner's direct ownership in Kontoor Brands stands at 9,937.796 shares of common stock. It's worth noting that the common stock reported includes restricted stock units as indicated in the footnotes of the filing.
Kontoor Brands, Inc., headquartered in Greensboro, North Carolina, is known for its portfolio in men's and boys' clothing, particularly in the work clothing segment. Investors and market watchers often scrutinize insider transactions for insights into the company's performance and executive confidence in the firm's prospects.
The detailed transactions are part of the company's latest Form 4 filing with the Securities and Exchange Commission, dated June 3, 2024, for the reporting period ending May 30, 2024.
InvestingPro Insights
Amidst the recent insider trading activity at Kontoor Brands, Inc. (NYSE:KTB), investors may be keen to understand how the company's financial metrics align with these transactions. According to InvestingPro data, Kontoor Brands has demonstrated a strong financial performance, with a notable 89.35% one-year total return as of the date of the last reported insider trading. This impressive return is indicative of the company's robust growth and may provide context to the insider transactions.
The company's Price / Book ratio, as of the last twelve months leading up to Q1 2024, stands at 10.59, suggesting that the stock might be trading at a premium compared to its book value. Additionally, the P/E ratio has been adjusted to 17.28, offering a perspective on the company's valuation in relation to its earnings.
From an InvestingPro Tips perspective, Kontoor Brands has been acknowledged for its consistent dividend growth, having raised its dividend for three consecutive years. Moreover, the company has been trading near its 52-week high, reflecting investor confidence and a potentially bullish outlook for the stock. For those interested in a deeper dive into Kontoor Brands' financial health and future prospects, InvestingPro provides a comprehensive suite of additional tips. There are currently 12 additional InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/KTB. To enhance your investment research, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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