Kontoor Brands, Inc. (NYSE:KTB) Receives $92.70 Average PT from Brokerages

Shares of Kontoor Brands, Inc. (NYSE:KTB) have earned an average rating of “Moderate Buy” from the twelve ratings firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $92.70.

Several equities analysts have issued reports on KTB shares. Zacks Research raised shares of Kontoor Brands from a “strong sell” rating to a “hold” rating in a report on Thursday, July 9th. Weiss Ratings lowered Kontoor Brands from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, August 5th. JPMorgan Chase & Co. raised their price objective on Kontoor Brands from $90.00 to $105.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. BTIG Research restated a “buy” rating and set a $100.00 target price on shares of Kontoor Brands in a research note on Friday, May 1st. Finally, Barclays upped their target price on Kontoor Brands from $93.00 to $96.00 and gave the company an “overweight” rating in a research report on Monday, May 11th.

Insider Buying and Selling at Kontoor Brands

In other news, EVP Jennifer H. Broyles sold 4,000 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $81.02, for a total transaction of $324,080.00. Following the transaction, the executive vice president owned 40,261 shares in the company, valued at $3,261,946.22. This 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 through this hyperlink. Insiders own 1.80% of the company’s stock.

Institutional Trading of Kontoor Brands

Large investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Kontoor Brands during the 2nd quarter worth about $674,664,000. Norges Bank acquired a new position in shares of Kontoor Brands in the fourth quarter valued at about $36,185,000. Boston Partners acquired a new position in shares of Kontoor Brands in the third quarter valued at about $44,733,000. Bank of New York Mellon Corp acquired a new position in shares of Kontoor Brands in the second quarter valued at about $45,003,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Kontoor Brands by 15.8% in the fourth quarter. JPMorgan Chase & Co. now owns 3,019,204 shares of the company’s stock worth $184,443,000 after purchasing an additional 413,005 shares during the last quarter. Hedge funds and other institutional investors own 93.06% of the company’s stock.

Kontoor Brands Trading Down 3.0%

NYSE KTB opened at $74.86 on Friday. Kontoor Brands has a 52 week low of $56.19 and a 52 week high of $88.96. The company has a 50 day moving average price of $81.20 and a 200 day moving average price of $73.24. The company has a quick ratio of 1.10, a current ratio of 1.87 and a debt-to-equity ratio of 1.83. The firm has a market cap of $4.14 billion, a PE ratio of 15.15 and a beta of 0.88.

Kontoor Brands Dividend Announcement

The firm also recently declared 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 is Tuesday, September 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.8%. Kontoor Brands’s payout ratio is presently 42.91%.

Kontoor Brands Company Profile

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.