Kontoor Brands (NYSE:KTB) Price Target Increased to $77.00 by Analysts at The Goldman Sachs Group

Kontoor Brands (NYSE:KTB) had its target price increased by The Goldman Sachs Group from $68.00 to $77.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also commented on KTB. Barclays lifted their price target on Kontoor Brands from $65.00 to $76.00 and gave the stock an overweight rating in a report on Friday. UBS Group raised their price objective on shares of Kontoor Brands from $83.00 to $85.00 and gave the stock a buy rating in a report on Friday, February 16th. Finally, Edward Jones lowered shares of Kontoor Brands from a buy rating to a hold rating in a research report on Friday, January 26th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $75.20.

Kontoor Brands Stock Down 2.6 %

Shares of NYSE KTB traded down $1.72 during trading on Friday, hitting $65.65. The stock had a trading volume of 1,008,759 shares, compared to its average volume of 584,365. The firm has a fifty day moving average of $59.10 and a two-hundred day moving average of $57.26. The company has a market capitalization of $3.66 billion, a PE ratio of 16.62, a PEG ratio of 1.79 and a beta of 1.11. The company has a debt-to-equity ratio of 1.96, a current ratio of 2.70 and a quick ratio of 1.38. Kontoor Brands has a 12 month low of $37.10 and a 12 month high of $69.69.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.26. The business had revenue of $631.20 million for the quarter, compared to analysts’ expectations of $607.91 million. Kontoor Brands had a net margin of 8.72% and a return on equity of 71.45%. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 earnings per share. As a group, equities research analysts forecast that Kontoor Brands will post 4.7 EPS for the current fiscal year.

Kontoor Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Monday, June 10th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $2.00 dividend on an annualized basis and a yield of 3.05%. Kontoor Brands’s dividend payout ratio is presently 50.63%.

Institutional Trading of Kontoor Brands

Several hedge funds and other institutional investors have recently modified their holdings of KTB. Commonwealth Equity Services LLC lifted its holdings in Kontoor Brands by 2.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 12,611 shares of the company’s stock worth $554,000 after purchasing an additional 279 shares in the last quarter. Raymond James & Associates boosted its position in shares of Kontoor Brands by 91.5% in the third quarter. Raymond James & Associates now owns 66,774 shares of the company’s stock valued at $2,932,000 after acquiring an additional 31,912 shares during the period. New York State Teachers Retirement System grew its stake in Kontoor Brands by 1.1% during the third quarter. New York State Teachers Retirement System now owns 68,414 shares of the company’s stock valued at $3,004,000 after acquiring an additional 718 shares in the last quarter. TD Asset Management Inc increased its holdings in Kontoor Brands by 35.0% during the 3rd quarter. TD Asset Management Inc now owns 13,900 shares of the company’s stock worth $610,000 after acquiring an additional 3,600 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in Kontoor Brands by 7.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 4,720 shares of the company’s stock worth $207,000 after purchasing an additional 347 shares in the last quarter. Institutional investors own 93.06% of the company’s stock.

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.