Kontoor Brands (NYSE:KTB) Price Target Raised to $105.00

Kontoor Brands (NYSE:KTB) had its price objective boosted by JPMorgan Chase & Co. from $90.00 to $105.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities research analysts also recently weighed in on KTB. Zacks Research raised shares of Kontoor Brands from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 9th. Wall Street Zen downgraded Kontoor Brands from a “strong-buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings raised Kontoor Brands from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, July 20th. Barclays raised their target price on Kontoor Brands from $93.00 to $96.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Finally, BTIG Research reaffirmed a “buy” rating and set a $100.00 price target on shares of Kontoor Brands in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $92.70.

Kontoor Brands Stock Performance

Kontoor Brands stock opened at $78.86 on Tuesday. The company has a market cap of $4.36 billion, a PE ratio of 15.96 and a beta of 0.88. The company has a fifty day moving average price of $80.89 and a two-hundred day moving average price of $72.88. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.87 and a quick ratio of 1.10. Kontoor Brands has a 12 month low of $56.19 and a 12 month high of $88.96.

Kontoor Brands (NYSE:KTB) last issued its earnings results on Thursday, May 7th. The company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.11). Kontoor Brands had a return on equity of 60.17% and a net margin of 8.30%.The business had revenue of $613.32 million for the quarter, compared to analyst estimates of $784.76 million. During the same period last year, the company posted $1.20 earnings per share. The firm’s revenue for the quarter was up 45.0% on a year-over-year basis. Research analysts expect that Kontoor Brands will post 5.2 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Tuesday, September 8th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $2.12 annualized dividend and a dividend yield of 2.7%. Kontoor Brands’s dividend payout ratio (DPR) is currently 42.91%.

Insider Buying and Selling at Kontoor Brands

In other news, EVP Jennifer H. Broyles sold 4,000 shares of Kontoor Brands stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $81.02, for a total value of $324,080.00. Following the transaction, the executive vice president directly owned 40,261 shares of the company’s stock, valued at $3,261,946.22. This trade represents a 9.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.80% of the stock is owned by company insiders.

Institutional Trading of Kontoor Brands

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its holdings in shares of Kontoor Brands by 7.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,991 shares of the company’s stock worth $166,000 after buying an additional 134 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in Kontoor Brands by 12.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,436 shares of the company’s stock worth $88,000 after buying an additional 157 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Kontoor Brands by 9.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,795 shares of the company’s stock worth $110,000 after acquiring an additional 162 shares during the period. Bank of Montreal Can grew its position in shares of Kontoor Brands by 1.8% in the fourth quarter. Bank of Montreal Can now owns 9,297 shares of the company’s stock valued at $568,000 after purchasing an additional 164 shares in the last quarter. Finally, Stifel Financial Corp raised its stake in shares of Kontoor Brands by 0.8% during the 4th quarter. Stifel Financial Corp now owns 24,710 shares of the company’s stock valued at $1,510,000 after purchasing an additional 199 shares during the period. 93.06% of the stock is owned by hedge funds and other institutional investors.

About Kontoor Brands

Kontoor Brands, Inc is a global apparel company best known for its Wrangler and Lee denim and lifestyle brands. Established as an independent, publicly traded company in May 2019 following a spin-off from VF Corporation, Kontoor leverages a legacy that dates back to 1889 with the founding of Lee and to 1947 with the introduction of the Wrangler brand. The company focuses on designing, manufacturing and distributing premium, casual and workwear apparel, including jeans, pants, shorts, shirts, jackets and complementary accessories.

Kontoor Brands operates a diversified sales model that combines wholesale partnerships with leading retailers, distribution through e-commerce channels and select direct-to-consumer formats.