Guggenheim Increases Kontoor Brands (NYSE:KTB) Price Target to $100.00

Kontoor Brands (NYSE:KTB) had its price target hoisted by equities research analysts at Guggenheim from $80.00 to $100.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price objective indicates a potential upside of 22.47% from the stock’s current price.

KTB has been the subject of a number of other reports. Stifel Nicolaus cut shares of Kontoor Brands from a “buy” rating to a “hold” rating and upped their price target for the stock from $89.00 to $93.00 in a research report on Friday. Wells Fargo & Company increased their target price on Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Barclays raised their target price on Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a report on Friday. Finally, UBS Group increased their price objective on shares of Kontoor Brands from $103.00 to $110.00 and gave the company a “buy” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $95.00.

Kontoor Brands Stock Performance

Kontoor Brands stock opened at $81.65 on Friday. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 18.39, a price-to-earnings-growth ratio of 2.23 and a beta of 1.19. Kontoor Brands has a 12 month low of $39.90 and a 12 month high of $89.76. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.50 and a quick ratio of 1.43. The stock’s 50-day moving average is $77.81 and its 200-day moving average is $71.46.

Kontoor Brands (NYSE:KTB) last posted its earnings results on Thursday, October 31st. The company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.12. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. The firm had revenue of $670.19 million during the quarter, compared to the consensus estimate of $663.45 million. During the same quarter in the prior year, the company earned $1.22 EPS. The company’s revenue was up 2.4% on a year-over-year basis. Equities analysts anticipate that Kontoor Brands will post 4.8 earnings per share for the current year.

Hedge Funds Weigh In On Kontoor Brands

Several large investors have recently added to or reduced their stakes in the company. Summit Global Investments acquired a new stake in shares of Kontoor Brands during the third quarter worth $1,446,000. Intact Investment Management Inc. grew its position in shares of Kontoor Brands by 17.8% during the 3rd quarter. Intact Investment Management Inc. now owns 30,400 shares of the company’s stock valued at $2,486,000 after buying an additional 4,600 shares during the last quarter. James Investment Research Inc. acquired a new stake in Kontoor Brands during the third quarter worth about $2,016,000. Farther Finance Advisors LLC lifted its holdings in Kontoor Brands by 242.5% in the third quarter. Farther Finance Advisors LLC now owns 387 shares of the company’s stock worth $32,000 after acquiring an additional 274 shares during the last quarter. Finally, US Bancorp DE boosted its stake in Kontoor Brands by 24.1% in the third quarter. US Bancorp DE now owns 2,685 shares of the company’s stock valued at $220,000 after acquiring an additional 522 shares during the period. 93.06% of the stock is currently owned by institutional investors.

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.