Barclays Boosts Kontoor Brands (NYSE:KTB) Price Target to $76.00

Kontoor Brands (NYSE:KTB) had its price objective increased by Barclays from $65.00 to $76.00 in a report released on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms also recently issued reports on KTB. Edward Jones downgraded shares of Kontoor Brands from a buy rating to a hold rating in a research note on Friday, January 26th. UBS Group raised their price target on Kontoor Brands from $83.00 to $85.00 and gave the stock a buy rating in a research note on Friday, February 16th. Finally, The Goldman Sachs Group boosted their price objective on Kontoor Brands from $56.00 to $64.00 and gave the company a buy rating in a research note on Thursday, February 29th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Kontoor Brands has an average rating of Moderate Buy and a consensus price target of $75.20.

Kontoor Brands Stock Up 0.6 %

KTB traded up $0.40 during trading hours on Friday, hitting $66.05. 559,634 shares of the company’s stock were exchanged, compared to its average volume of 580,546. The firm has a market cap of $3.69 billion, a P/E ratio of 16.62, a price-to-earnings-growth ratio of 1.74 and a beta of 1.11. Kontoor Brands has a 12-month low of $37.10 and a 12-month high of $69.69. The company has a current ratio of 2.70, a quick ratio of 1.42 and a debt-to-equity ratio of 1.96. The firm has a 50 day moving average of $59.10 and a 200 day moving average of $57.34.

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

Kontoor Brands Announces Dividend

The business also recently declared 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. This represents a $2.00 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend is Monday, June 10th. Kontoor Brands’s payout ratio is 50.63%.

Institutional Trading of Kontoor Brands

Institutional investors and hedge funds have recently made changes to their positions in the stock. Prime Capital Investment Advisors LLC raised its stake in Kontoor Brands by 1.9% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 9,148 shares of the company’s stock valued at $571,000 after purchasing an additional 172 shares during the last quarter. Kinloch Capital LLC raised its holdings in Kontoor Brands by 0.6% in the 3rd quarter. Kinloch Capital LLC now owns 36,424 shares of the company’s stock valued at $1,599,000 after acquiring an additional 209 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its stake in shares of Kontoor Brands by 1.6% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 16,053 shares of the company’s stock worth $705,000 after purchasing an additional 250 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of 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 during the period. Finally, Arizona State Retirement System boosted its holdings in shares of Kontoor Brands by 2.4% during the third quarter. Arizona State Retirement System now owns 14,370 shares of the company’s stock worth $631,000 after purchasing an additional 335 shares during the last quarter. 93.06% of the stock is currently 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.