Kontoor Brands (NYSE:KTB) Lowered to Sell at Zacks Investment Research

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Kontoor Brands (NYSE:KTB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “Kontoor Brands Inc. is an apparel company. It designs, manufactures and distributes products. The company’s brand consists of Wrangler(R), Lee(R) and Rock & Republic(R). Kontoor Brands Inc. is based in Greensboro, United States. “

A number of other brokerages have also weighed in on KTB. Bank of America raised their target price on shares of Kontoor Brands from $24.00 to $28.00 and gave the company an “underperform” rating in a research report on Friday, August 9th. Macquarie initiated coverage on Kontoor Brands in a research report on Monday, October 21st. They issued a “neutral” rating for the company. Barclays began coverage on Kontoor Brands in a research note on Tuesday, November 12th. They set an “equal weight” rating and a $35.00 price target on the stock. Guggenheim restated a “buy” rating on shares of Kontoor Brands in a report on Thursday, August 22nd. Finally, Edward Jones raised shares of Kontoor Brands from a “hold” rating to a “buy” rating in a report on Monday. Three analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $31.81.

Shares of KTB opened at $36.81 on Wednesday. The company has a current ratio of 2.47, a quick ratio of 1.07 and a debt-to-equity ratio of 18.80. Kontoor Brands has a 52 week low of $25.78 and a 52 week high of $41.75. The firm has a 50-day moving average of $37.31.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.95 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.87 by $0.08. The business had revenue of $638.00 million during the quarter, compared to analyst estimates of $646.22 million. The company’s revenue was down 9.4% on a year-over-year basis. During the same quarter last year, the company posted $1.25 earnings per share. Equities analysts expect that Kontoor Brands will post 3.77 earnings per share for the current year.

Large investors have recently bought and sold shares of the company. Oregon Public Employees Retirement Fund bought a new stake in Kontoor Brands during the second quarter valued at $745,000. Commonwealth Equity Services LLC bought a new position in shares of Kontoor Brands in the 2nd quarter worth about $409,000. Robeco Institutional Asset Management B.V. bought a new position in shares of Kontoor Brands in the 2nd quarter worth about $489,000. BB&T Corp acquired a new position in shares of Kontoor Brands in the 2nd quarter valued at about $655,000. Finally, Manning & Napier Group LLC acquired a new position in shares of Kontoor Brands in the 2nd quarter valued at about $397,000. 89.58% of the stock is currently owned by institutional investors.

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