Analysts Set Kontoor Brands, Inc. (NYSE:KTB) Target Price at $84.67

Kontoor Brands, Inc. (NYSE:KTB) has been assigned an average rating of “Moderate Buy” from the ten analysts that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $84.6667.

A number of equities analysts have recently commented on KTB shares. Wells Fargo & Company decreased their price target on shares of Kontoor Brands from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, January 22nd. Jefferies Financial Group assumed coverage on Kontoor Brands in a research note on Wednesday, February 4th. They issued a “hold” rating and a $65.00 target price on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Kontoor Brands in a research report on Monday, December 29th. Wall Street Zen cut Kontoor Brands from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 8th. Finally, BNP Paribas Exane set a $50.00 price objective on Kontoor Brands in a report on Tuesday, December 9th.

Kontoor Brands Stock Down 0.6%

KTB stock opened at $67.04 on Friday. The company’s 50 day moving average is $62.61 and its 200 day moving average is $71.54. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of 17.28 and a beta of 1.19. The company has a current ratio of 1.91, a quick ratio of 0.82 and a debt-to-equity ratio of 2.53. Kontoor Brands has a 1-year low of $50.00 and a 1-year high of $91.85.

Kontoor Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Tuesday, March 10th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $2.12 annualized dividend and a dividend yield of 3.2%. Kontoor Brands’s dividend payout ratio (DPR) is 54.64%.

Hedge Funds Weigh In On Kontoor Brands

Large investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. raised its stake in Kontoor Brands by 22.0% in the second quarter. Russell Investments Group Ltd. now owns 78,834 shares of the company’s stock worth $5,201,000 after buying an additional 14,191 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Kontoor Brands by 31.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 180,422 shares of the company’s stock worth $14,805,000 after acquiring an additional 43,378 shares during the period. Jennison Associates LLC raised its position in shares of Kontoor Brands by 3.1% in the 2nd quarter. Jennison Associates LLC now owns 903,488 shares of the company’s stock worth $59,603,000 after acquiring an additional 26,822 shares in the last quarter. Maverick Capital Ltd. lifted its stake in shares of Kontoor Brands by 82.6% in the 2nd quarter. Maverick Capital Ltd. now owns 52,947 shares of the company’s stock valued at $3,493,000 after purchasing an additional 23,946 shares during the period. Finally, Gabelli Funds LLC bought a new stake in shares of Kontoor Brands during the second quarter valued at approximately $4,922,000. Hedge funds and other institutional investors own 93.06% of the company’s stock.

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.