Kontoor Brands (NYSE:KTB) Price Target Raised to $77.00

Kontoor Brands (NYSE:KTB) had its price objective raised by The Goldman Sachs Group from $68.00 to $77.00 in a research note published on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

KTB has been the subject of a number of other research reports. Edward Jones lowered shares of Kontoor Brands from a buy rating to a hold rating in a research report on Friday, January 26th. UBS Group increased their price objective on Kontoor Brands from $83.00 to $85.00 and gave the company a buy rating in a research report on Friday, February 16th. Finally, Barclays boosted their target price on Kontoor Brands from $65.00 to $76.00 and gave the stock an overweight rating in a research report on Friday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $75.20.

Kontoor Brands Stock Up 0.6 %

Shares of NYSE:KTB traded up $0.40 during midday trading on Friday, hitting $66.05. 559,634 shares of the company’s stock traded hands, compared to its average volume of 580,546. The company has a debt-to-equity ratio of 1.96, a quick ratio of 1.42 and a current ratio of 2.70. Kontoor Brands has a twelve month low of $37.10 and a twelve month high of $69.69. The firm’s fifty day moving average price is $59.10 and its two-hundred day moving average price is $57.34. The company has a market cap of $3.69 billion, a PE ratio of 16.62, a P/E/G ratio of 1.74 and a beta of 1.11.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.26. The company had revenue of $631.20 million during the quarter, compared to analyst estimates of $607.91 million. Kontoor Brands had a net margin of 8.72% and a return on equity of 71.45%. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period last year, the business earned $1.16 EPS. On average, equities research analysts anticipate that Kontoor Brands will post 4.7 EPS for the current fiscal year.

Kontoor Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Monday, June 10th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date is Monday, June 10th. Kontoor Brands’s dividend payout ratio (DPR) is presently 50.63%.

Hedge Funds Weigh In On Kontoor Brands

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KTB. Victory Capital Management Inc. lifted its holdings in Kontoor Brands by 402.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,001,262 shares of the company’s stock worth $43,965,000 after purchasing an additional 802,166 shares during the last quarter. Norges Bank acquired a new position in Kontoor Brands during the 4th quarter worth $23,695,000. FMR LLC increased its position in Kontoor Brands by 3.1% in the 3rd quarter. FMR LLC now owns 3,866,900 shares of the company’s stock worth $169,796,000 after buying an additional 117,815 shares during the period. AMG National Trust Bank boosted its holdings in Kontoor Brands by 18.5% in the 4th quarter. AMG National Trust Bank now owns 421,899 shares of the company’s stock valued at $26,335,000 after purchasing an additional 65,990 shares during the period. Finally, Invesco Ltd. grew its position in Kontoor Brands by 28.2% during the third quarter. Invesco Ltd. now owns 289,501 shares of the company’s stock worth $12,712,000 after buying an additional 63,616 shares in the last quarter. Institutional investors own 93.06% 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.