Kontoor Brands (NYSE:KTB) Shares Gap Down to $66.77

Kontoor Brands, Inc. (NYSE:KTB)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $66.77, but opened at $64.59. Kontoor Brands shares last traded at $63.90, with a volume of 43,740 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on KTB. The Goldman Sachs Group upped their price target on shares of Kontoor Brands from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Barclays increased their price objective on Kontoor Brands from $65.00 to $76.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Finally, Stifel Nicolaus increased their price objective on Kontoor Brands from $77.00 to $80.00 and gave the company a “buy” rating in a report on Friday, June 14th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.20.

Kontoor Brands Stock Down 2.2 %

The company has a quick ratio of 1.42, a current ratio of 2.70 and a debt-to-equity ratio of 1.96. The firm has a market cap of $3.64 billion, a P/E ratio of 16.91, a PEG ratio of 1.79 and a beta of 1.14. The stock’s 50-day simple moving average is $68.00 and its 200 day simple moving average is $62.44.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings data on Thursday, May 2nd. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.26. The company had revenue of $631.20 million for the quarter, compared to analysts’ expectations of $607.91 million. Kontoor Brands had a net margin of 8.72% and a return on equity of 71.45%. The business’s revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.16 EPS. As a group, research analysts forecast that Kontoor Brands, Inc. will post 4.73 EPS for the current fiscal year.

Kontoor Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Monday, June 10th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, June 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.06%. Kontoor Brands’s dividend payout ratio (DPR) is presently 50.63%.

Insider Transactions at Kontoor Brands

In related news, CEO Scott H. Baxter sold 29,212 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $71.52, for a total value of $2,089,242.24. Following the transaction, the chief executive officer now owns 318,188 shares of the company’s stock, valued at approximately $22,756,805.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Kontoor Brands news, CAO Susan Denise Sumner sold 4,713 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $72.36, for a total value of $341,032.68. Following the completion of the sale, the chief accounting officer now owns 15,379 shares in the company, valued at approximately $1,112,824.44. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Scott H. Baxter sold 29,212 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $71.52, for a total transaction of $2,089,242.24. Following the completion of the sale, the chief executive officer now owns 318,188 shares of the company’s stock, valued at approximately $22,756,805.76. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Kontoor Brands

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. McGlone Suttner Wealth Management Inc. purchased a new stake in Kontoor Brands in the 4th quarter valued at about $25,000. Principal Securities Inc. purchased a new stake in shares of Kontoor Brands during the 4th quarter worth approximately $32,000. Cary Street Partners Investment Advisory LLC increased its stake in shares of Kontoor Brands by 5,710.0% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 581 shares of the company’s stock worth $26,000 after purchasing an additional 571 shares during the last quarter. Oakworth Capital Inc. increased its stake in shares of Kontoor Brands by 157.8% during the 4th quarter. Oakworth Capital Inc. now owns 781 shares of the company’s stock worth $49,000 after purchasing an additional 478 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Kontoor Brands in the 4th quarter worth approximately $81,000. Hedge funds and other institutional investors own 93.06% of the company’s stock.

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.