Barclays Forecasts Strong Price Appreciation for Kontoor Brands (NYSE:KTB) Stock

Kontoor Brands (NYSE:KTB) had its target price raised by Barclays from $75.00 to $86.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

KTB has been the topic of several other research reports. UBS Group increased their target price on Kontoor Brands from $83.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, May 7th. Stifel Nicolaus dropped their price objective on Kontoor Brands from $83.00 to $72.00 and set a “hold” rating on the stock in a research report on Thursday, April 10th. Finally, Wells Fargo & Company lifted their target price on Kontoor Brands from $85.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, May 14th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $88.00.

Kontoor Brands Stock Performance

Shares of Kontoor Brands stock opened at $72.99 on Tuesday. The company has a quick ratio of 1.42, a current ratio of 2.50 and a debt-to-equity ratio of 2.09. The stock’s fifty day moving average is $62.65 and its two-hundred day moving average is $77.08. Kontoor Brands has a 52 week low of $50.00 and a 52 week high of $96.80. The company has a market capitalization of $4.06 billion, a PE ratio of 16.44, a price-to-earnings-growth ratio of 2.12 and a beta of 1.05.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.04. The firm had revenue of $622.90 million during the quarter, compared to analyst estimates of $625.44 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. Kontoor Brands’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.16 earnings per share. As a group, analysts expect that Kontoor Brands will post 4.82 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Tuesday, June 10th will be paid a $0.52 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $2.08 dividend on an annualized basis and a yield of 2.85%. Kontoor Brands’s dividend payout ratio is currently 50.98%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. grew its stake in Kontoor Brands by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 261,022 shares of the company’s stock valued at $22,294,000 after acquiring an additional 7,445 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Kontoor Brands by 5.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 697,326 shares of the company’s stock worth $59,559,000 after purchasing an additional 35,932 shares during the last quarter. Level Wealth Management LLC purchased a new stake in shares of Kontoor Brands in the fourth quarter valued at approximately $350,000. Barclays PLC increased its holdings in shares of Kontoor Brands by 316.3% in the third quarter. Barclays PLC now owns 101,522 shares of the company’s stock valued at $8,303,000 after purchasing an additional 77,137 shares during the last quarter. Finally, Vest Financial LLC increased its holdings in shares of Kontoor Brands by 47.7% in the fourth quarter. Vest Financial LLC now owns 28,252 shares of the company’s stock valued at $2,413,000 after purchasing an additional 9,121 shares during the last quarter. 93.06% of the stock is owned by hedge funds and other 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.