Kontoor Brands (NYSE:KTB) PT Raised to $90.00 at Wells Fargo & Company

Kontoor Brands (NYSE:KTB) had its target price lifted by research analysts at Wells Fargo & Company from $80.00 to $90.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 17.49% from the company’s previous close.

KTB has been the topic of a number of other reports. Stifel Nicolaus lifted their price target on Kontoor Brands from $80.00 to $89.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Barclays lifted their price target on Kontoor Brands from $76.00 to $83.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Guggenheim lifted their price target on Kontoor Brands from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, UBS Group boosted their target price on Kontoor Brands from $90.00 to $103.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $87.00.

Kontoor Brands Trading Down 1.2 %

KTB opened at $76.60 on Wednesday. The firm has a market cap of $4.28 billion, a price-to-earnings ratio of 19.39, a price-to-earnings-growth ratio of 2.08 and a beta of 1.20. Kontoor Brands has a 52 week low of $39.90 and a 52 week high of $84.21. The business’s 50 day moving average is $76.95 and its two-hundred day moving average is $70.32. The company has a quick ratio of 1.43, a current ratio of 2.74 and a debt-to-equity ratio of 2.04.

Kontoor Brands (NYSE:KTB) last announced its earnings results on Thursday, August 1st. The company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.10. Kontoor Brands had a return on equity of 72.43% and a net margin of 9.35%. The company had revenue of $607.00 million for the quarter, compared to the consensus estimate of $592.97 million. During the same period last year, the business posted $0.77 EPS. The company’s revenue was down 1.5% on a year-over-year basis. On average, research analysts predict that Kontoor Brands will post 4.8 EPS for the current year.

Hedge Funds Weigh In On Kontoor Brands

A number of institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. raised its holdings in shares of Kontoor Brands by 10.9% in the second quarter. Pacer Advisors Inc. now owns 2,043,637 shares of the company’s stock worth $135,187,000 after acquiring an additional 201,399 shares during the last quarter. Victory Capital Management Inc. increased its stake in Kontoor Brands by 1.0% in the second quarter. Victory Capital Management Inc. now owns 1,270,540 shares of the company’s stock valued at $84,046,000 after purchasing an additional 12,019 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Kontoor Brands by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,250,293 shares of the company’s stock valued at $82,707,000 after purchasing an additional 60,926 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Kontoor Brands by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 712,579 shares of the company’s stock valued at $47,137,000 after purchasing an additional 7,526 shares during the last quarter. Finally, Millennium Management LLC increased its stake in Kontoor Brands by 351.7% in the second quarter. Millennium Management LLC now owns 347,325 shares of the company’s stock valued at $22,976,000 after purchasing an additional 270,427 shares during the last quarter. 93.06% of the stock is owned by institutional investors and hedge funds.

About Kontoor Brands

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.