The Goldman Sachs Group Increases Kontoor Brands (NYSE:KTB) Price Target to $77.00

Kontoor Brands (NYSE:KTB) had its target price boosted by The Goldman Sachs Group from $68.00 to $77.00 in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts have also issued research reports about the stock. Barclays increased their price objective on shares of Kontoor Brands from $65.00 to $76.00 and gave the stock an overweight rating in a research note on Friday. Edward Jones lowered shares of Kontoor Brands from a buy rating to a hold rating in a research note on Friday, January 26th. Finally, UBS Group boosted their price objective on Kontoor Brands from $83.00 to $85.00 and gave the stock a buy rating in a research note on Friday, February 16th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Kontoor Brands presently has an average rating of Moderate Buy and an average price target of $75.20.

Kontoor Brands Stock Up 0.6 %

Shares of NYSE KTB traded up $0.40 on Friday, hitting $66.05. The company had a trading volume of 559,634 shares, compared to its average volume of 580,546. The firm has a market capitalization of $3.69 billion, a P/E ratio of 16.62, a PEG 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 business has a 50 day moving average of $59.10 and a two-hundred day moving average of $57.34. The company has a quick ratio of 1.42, a current ratio of 2.70 and a debt-to-equity ratio of 1.96.

Kontoor Brands (NYSE:KTB) last announced its earnings results on Thursday, May 2nd. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.26. The company had revenue of $631.20 million for the quarter, compared to analyst estimates of $607.91 million. Kontoor Brands had a return on equity of 71.45% and a net margin of 8.72%. Kontoor Brands’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.16 EPS. As a group, equities research analysts forecast that Kontoor Brands will post 4.7 earnings per share for the current fiscal year.

Kontoor Brands Dividend Announcement

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 issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $2.00 annualized dividend and a dividend yield of 3.03%. Kontoor Brands’s dividend payout ratio is currently 50.63%.

Institutional Investors Weigh In On Kontoor Brands

Hedge funds have recently modified their holdings of the stock. Commonwealth Equity Services LLC lifted its position in Kontoor Brands by 2.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 12,611 shares of the company’s stock worth $554,000 after buying an additional 279 shares in the last quarter. Raymond James & Associates boosted its position in Kontoor Brands by 91.5% during the third quarter. Raymond James & Associates now owns 66,774 shares of the company’s stock valued at $2,932,000 after purchasing an additional 31,912 shares during the last quarter. New York State Teachers Retirement System grew its stake in Kontoor Brands by 1.1% in the third quarter. New York State Teachers Retirement System now owns 68,414 shares of the company’s stock valued at $3,004,000 after purchasing an additional 718 shares in the last quarter. TD Asset Management Inc increased its position in Kontoor Brands by 35.0% in the 3rd quarter. TD Asset Management Inc now owns 13,900 shares of the company’s stock worth $610,000 after purchasing an additional 3,600 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Kontoor Brands by 7.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 4,720 shares of the company’s stock worth $207,000 after purchasing an additional 347 shares in the last quarter. 93.06% of the stock is 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.