Kontoor Brands (NYSE:KTB) Stock Lifted to Strong-Buy by Zacks Research

Zacks Research upgraded shares of Kontoor Brands (NYSE:KTB) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday morning,Zacks reports.

Several other analysts also recently issued reports on KTB. UBS Group decreased their target price on Kontoor Brands from $136.00 to $125.00 and set a “buy” rating on the stock in a research note on Friday, November 6th. Barclays upped their price target on Kontoor Brands from $96.00 to $99.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. BTIG Research restated a “buy” rating and issued a $105.00 price target on shares of Kontoor Brands in a research note on Tuesday, September 15th. Wells Fargo & Company increased their price objective on shares of Kontoor Brands from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Finally, Jefferies Financial Group upgraded shares of Kontoor Brands from a “hold” rating to a “buy” rating and lifted their price objective for the company from $82.00 to $89.00 in a research report on Wednesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $95.33.

Kontoor Brands Stock Down 4.1%

Shares of KTB stock opened at $79.44 on Tuesday. The company has a 50 day simple moving average of $70.85 and a two-hundred day simple moving average of $73.28. The stock has a market cap of $4.34 billion, a P/E ratio of 22.13 and a beta of 0.85. Kontoor Brands has a 12 month low of $56.19 and a 12 month high of $88.96. The company has a current ratio of 1.69, a quick ratio of 0.92 and a debt-to-equity ratio of 1.99.

Kontoor Brands (NYSE:KTB) last issued its quarterly earnings results on Thursday, November 5th. The company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.16. The business had revenue of $685.35 million for the quarter, compared to the consensus estimate of $694.18 million. Kontoor Brands had a net margin of 6.51% and a return on equity of 59.17%. The company’s revenue for the quarter was down 19.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.44 earnings per share. On average, research analysts expect that Kontoor Brands will post 5.41 earnings per share for the current year.

Kontoor Brands Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Tuesday, December 8th will be paid a dividend of $0.54 per share. This is a boost from Kontoor Brands’s previous quarterly dividend of $0.53. This represents a $2.16 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, December 8th. Kontoor Brands’s payout ratio is presently 59.05%.

Insiders Place Their Bets

In other news, CFO Joseph A. Alkire sold 9,472 shares of the stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $75.92, for a total transaction of $719,114.24. Following the transaction, the chief financial officer directly owned 44,803 shares in the company, valued at approximately $3,401,443.76. This trade represents a 17.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of Kontoor Brands

A number of hedge funds have recently bought and sold shares of the stock. Global Retirement Partners LLC purchased a new position in shares of Kontoor Brands in the 2nd quarter valued at $26,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Kontoor Brands during the 3rd quarter worth $28,000. Bell Investment Advisors Inc purchased a new stake in shares of Kontoor Brands during the 2nd quarter worth $42,000. Harbor Investment Advisory LLC bought a new stake in Kontoor Brands during the second quarter valued at about $61,000. Finally, Covestor Ltd boosted its position in Kontoor Brands by 21.5% during the third quarter. Covestor Ltd now owns 943 shares of the company’s stock valued at $59,000 after purchasing an additional 167 shares in the last quarter. Hedge funds and other institutional investors own 93.06% of the company’s stock.

Kontoor Brands Company Profile

Kontoor Brands is an apparel company focused on denim and casual clothing. Its portfolio includes Wrangler and Lee, brands known for jeans and other everyday apparel, as well as Rock & Republic. The company sells products such as jeans, shirts, jackets, shorts and related apparel through wholesale partners and direct-to-consumer channels, including its own retail stores and e-commerce operations. Kontoor Brands serves customers in markets around the world. It became an independent public company in 2019 after being spun off from VF Corporation.