Kontoor Brands (NYSE:KTB) Given New $90.00 Price Target at Wells Fargo & Company

Kontoor Brands (NYSE:KTB) had its price target hoisted by Wells Fargo & Company from $80.00 to $90.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

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

Kontoor Brands Trading Down 1.0 %

Shares of NYSE KTB opened at $77.49 on Wednesday. Kontoor Brands has a 12-month low of $39.90 and a 12-month high of $84.21. The company has a market cap of $4.33 billion, a price-to-earnings ratio of 19.62, a price-to-earnings-growth ratio of 2.08 and a beta of 1.20. 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 stock’s 50 day simple moving average is $76.84 and its 200 day simple moving average is $70.28.

Kontoor Brands (NYSE:KTB) last posted its earnings results on Thursday, August 1st. The company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $592.97 million. During the same period last year, the business posted $0.77 earnings per share. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. Equities research analysts expect that Kontoor Brands will post 4.8 EPS for the current year.

Kontoor Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Tuesday, September 10th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date was Tuesday, September 10th. Kontoor Brands’s dividend payout ratio is presently 50.63%.

Hedge Funds Weigh In On Kontoor Brands

Several institutional investors have recently bought and sold shares of KTB. Pacer Advisors Inc. increased its holdings 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 valued at $135,187,000 after acquiring an additional 201,399 shares during the last quarter. Victory Capital Management Inc. boosted its position in Kontoor Brands by 1.0% during the second quarter. Victory Capital Management Inc. now owns 1,270,540 shares of the company’s stock worth $84,046,000 after purchasing an additional 12,019 shares during the period. Dimensional Fund Advisors LP grew its holdings in Kontoor Brands by 5.1% during 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 grew its holdings in Kontoor Brands by 1.1% during 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 raised its position in shares of 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 period. 93.06% of the stock is currently owned by 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.