Kontoor Brands, Inc. (NYSE:KTB) Receives $95.00 Consensus Price Target from Brokerages

Shares of Kontoor Brands, Inc. (NYSE:KTB) have earned a consensus rating of “Moderate Buy” from the seven analysts that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $95.00.

Several research firms have weighed in on KTB. Guggenheim upped their target price on Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Barclays increased their price target on Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Wells Fargo & Company increased their price target on Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Stifel Nicolaus cut Kontoor Brands from a “buy” rating to a “hold” rating and increased their price target for the company from $89.00 to $93.00 in a research note on Friday, November 1st. Finally, UBS Group increased their price target on Kontoor Brands from $103.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 1st.

Insiders Place Their Bets

In other news, CEO Scott H. Baxter sold 119,160 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $83.60, for a total value of $9,961,776.00. Following the completion of the sale, the chief executive officer now directly owns 331,916 shares in the company, valued at $27,748,177.60. This trade represents a 26.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $80.71, for a total value of $729,537.69. Following the completion of the sale, the executive vice president now owns 18,179 shares of the company’s stock, valued at approximately $1,467,227.09. This represents a 33.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Kontoor Brands

Several large investors have recently added to or reduced their stakes in KTB. Jennison Associates LLC lifted its position in Kontoor Brands by 73.2% in the 3rd quarter. Jennison Associates LLC now owns 757,426 shares of the company’s stock valued at $61,942,000 after acquiring an additional 320,117 shares in the last quarter. Millennium Management LLC lifted its position in shares of Kontoor Brands by 351.7% during the 2nd quarter. Millennium Management LLC now owns 347,325 shares of the company’s stock worth $22,976,000 after buying an additional 270,427 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Kontoor Brands by 159.0% during the 2nd quarter. Marshall Wace LLP now owns 335,385 shares of the company’s stock worth $22,186,000 after buying an additional 205,885 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Kontoor Brands by 10.9% during the 2nd quarter. Pacer Advisors Inc. now owns 2,043,637 shares of the company’s stock worth $135,187,000 after buying an additional 201,399 shares in the last quarter. Finally, Bwcp LP bought a new position in shares of Kontoor Brands during the 2nd quarter worth approximately $11,890,000. Institutional investors own 93.06% of the company’s stock.

Kontoor Brands Stock Down 1.8 %

NYSE KTB opened at $92.05 on Friday. The business has a fifty day moving average price of $83.17 and a two-hundred day moving average price of $74.72. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.50 and a quick ratio of 1.42. Kontoor Brands has a fifty-two week low of $52.82 and a fifty-two week high of $94.41. The stock has a market capitalization of $5.08 billion, a PE ratio of 20.73, a PEG ratio of 2.36 and a beta of 1.19.

Kontoor Brands (NYSE:KTB) last released its earnings results on Thursday, October 31st. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.11. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The firm had revenue of $670.19 million during the quarter, compared to analysts’ expectations of $663.45 million. During the same period in the prior year, the company earned $1.22 earnings per share. The company’s quarterly revenue was up 2.4% on a year-over-year basis. Equities analysts expect that Kontoor Brands will post 4.83 earnings per share for the current fiscal year.

Kontoor Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Monday, December 9th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.26%. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, December 9th. Kontoor Brands’s dividend payout ratio is presently 45.05%.

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.