Kontoor Brands (NYSE:KTB) Price Target Raised to $83.00

Kontoor Brands (NYSE:KTB) had its target price upped by Barclays from $76.00 to $83.00 in a research note released on Friday morning, Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other research analysts have also recently issued reports on the stock. The Goldman Sachs Group upped their target price on shares of Kontoor Brands from $68.00 to $77.00 and gave the company a buy rating in a report on Friday, May 3rd. Stifel Nicolaus increased their price target on shares of Kontoor Brands from $77.00 to $80.00 and gave the stock a buy rating in a report on Friday, June 14th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $78.83.

Kontoor Brands Price Performance

Shares of Kontoor Brands stock traded down $0.28 on Friday, hitting $68.84. 656,586 shares of the company were exchanged, compared to its average volume of 534,670. Kontoor Brands has a 1-year low of $39.90 and a 1-year high of $74.90. The company has a quick ratio of 1.42, a current ratio of 2.74 and a debt-to-equity ratio of 2.04. The stock has a market capitalization of $3.84 billion, a price-to-earnings ratio of 17.50, a price-to-earnings-growth ratio of 1.88 and a beta of 1.16. The company has a 50-day moving average price of $68.67 and a 200 day moving average price of $63.90.

Kontoor Brands (NYSE:KTB) last issued its earnings results on Thursday, August 1st. The company reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.10. Kontoor Brands had a return on equity of 72.43% and a net margin of 9.35%. The business had revenue of $607.00 million during the quarter, compared to the consensus estimate of $592.97 million. During the same period last year, the company earned $0.77 EPS. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. As a group, sell-side analysts predict that Kontoor Brands will post 4.8 earnings per share for the current fiscal year.

Kontoor Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Tuesday, September 10th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend is Tuesday, September 10th. Kontoor Brands’s payout ratio is currently 50.63%.

Insider Activity at Kontoor Brands

In other Kontoor Brands news, CAO Susan Denise Sumner sold 4,713 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $72.36, for a total value of $341,032.68. Following the transaction, the chief accounting officer now directly owns 15,379 shares of the company’s stock, valued at $1,112,824.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Kontoor Brands news, CAO Susan Denise Sumner sold 4,713 shares of the company’s 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 transaction, 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 legal filing with the SEC, which is available through the SEC website. Also, CEO Scott H. Baxter sold 29,212 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $71.52, for a total value of $2,089,242.24. Following the completion of the sale, the chief executive officer now directly owns 318,188 shares in the company, 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 Trading of Kontoor Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in KTB. Arizona State Retirement System increased its holdings in shares of Kontoor Brands by 1.1% in the second quarter. Arizona State Retirement System now owns 14,050 shares of the company’s stock valued at $929,000 after buying an additional 154 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Kontoor Brands by 5.0% during the second quarter. SG Americas Securities LLC now owns 3,544 shares of the company’s stock valued at $234,000 after purchasing an additional 169 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its position in shares of 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 period. Envestnet Portfolio Solutions Inc. increased its stake in Kontoor Brands by 3.6% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 4,979 shares of the company’s stock worth $329,000 after purchasing an additional 175 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its holdings in Kontoor Brands by 0.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 25,000 shares of the company’s stock worth $1,654,000 after buying an additional 200 shares during the period. 93.06% of the stock is owned by institutional investors and hedge funds.

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.