Kontoor Brands (NYSE:KTB) Given New $100.00 Price Target at Guggenheim

Kontoor Brands (NYSE:KTB) had its target price lifted by Guggenheim from $80.00 to $100.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Stifel Nicolaus lowered shares of Kontoor Brands from a “buy” rating to a “hold” rating and boosted their target price for the company from $89.00 to $93.00 in a research note on Friday. Barclays boosted their target price on shares of Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday. UBS Group boosted their target price on shares of Kontoor Brands from $103.00 to $110.00 and gave the company a “buy” rating in a research note on Friday. Finally, Wells Fargo & Company boosted their target price on shares of Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Kontoor Brands has a consensus rating of “Moderate Buy” and a consensus price target of $95.00.

Kontoor Brands Stock Down 4.6 %

KTB stock traded down $3.98 during midday trading on Friday, hitting $81.65. The company’s stock had a trading volume of 1,159,909 shares, compared to its average volume of 485,484. The company has a market cap of $4.55 billion, a PE ratio of 18.39, a P/E/G ratio of 1.99 and a beta of 1.20. Kontoor Brands has a 12 month low of $39.90 and a 12 month high of $89.76. The company has a current ratio of 2.74, a quick ratio of 1.43 and a debt-to-equity ratio of 2.04. The firm’s 50-day moving average is $77.81 and its 200-day moving average is $71.34.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.12. The business had revenue of $670.19 million for the quarter, compared to analysts’ expectations of $663.45 million. Kontoor Brands had a return on equity of 72.43% and a net margin of 9.35%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.22 EPS. On average, equities research analysts forecast that Kontoor Brands will post 4.8 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. Stockholders of record on Monday, December 9th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.55%. This is a positive change from Kontoor Brands’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, December 9th. Kontoor Brands’s dividend payout ratio is 46.85%.

Institutional Investors Weigh In On Kontoor Brands

Several hedge funds and other institutional investors have recently modified their holdings of KTB. Millennium Management LLC increased its stake in Kontoor Brands by 351.7% in 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 increased its stake in Kontoor Brands by 159.0% in 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. increased its stake in Kontoor Brands by 10.9% in 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. Bwcp LP purchased a new stake in Kontoor Brands in the 2nd quarter worth $11,890,000. Finally, Squarepoint Ops LLC boosted its holdings in shares of Kontoor Brands by 123.7% during the 2nd quarter. Squarepoint Ops LLC now owns 220,065 shares of the company’s stock valued at $14,557,000 after purchasing an additional 121,689 shares during the last quarter. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

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.