Bank of America upgraded shares of Kontoor Brands (NYSE:KTB) from an underperform rating to a buy rating in a research report released on Monday, The Fly reports. They currently have $38.00 price target on the stock, up from their previous price target of $17.00.
A number of other research firms also recently issued reports on KTB. UBS Group began coverage on shares of Kontoor Brands in a research report on Wednesday, July 22nd. They set a neutral rating and a $20.00 price target for the company. Barclays raised shares of Kontoor Brands from an equal weight rating to an overweight rating and set a $32.00 price objective for the company in a research note on Wednesday, October 7th. The Goldman Sachs Group boosted their price objective on shares of Kontoor Brands from $24.00 to $29.00 and gave the company a buy rating in a research note on Tuesday, September 29th. Zacks Investment Research raised shares of Kontoor Brands from a hold rating to a buy rating and set a $31.00 price objective for the company in a research note on Wednesday, October 14th. Finally, ValuEngine raised Kontoor Brands from a sell rating to a hold rating in a research report on Thursday, July 2nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. Kontoor Brands presently has an average rating of Buy and an average price target of $31.30.
Shares of KTB opened at $34.75 on Monday. Kontoor Brands has a twelve month low of $12.90 and a twelve month high of $43.24. The stock’s 50 day moving average is $26.57 and its two-hundred day moving average is $20.81. The firm has a market capitalization of $1.98 billion, a PE ratio of 289.58, a P/E/G ratio of 5.88 and a beta of 1.19.
Kontoor Brands (NYSE:KTB) last announced its quarterly earnings data on Thursday, October 29th. The company reported $1.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.75. Kontoor Brands had a return on equity of 734.11% and a net margin of 0.34%. The company had revenue of $583.00 million for the quarter, compared to analyst estimates of $549.10 million. During the same quarter in the previous year, the company earned $0.95 EPS. The firm’s revenue for the quarter was down 8.6% compared to the same quarter last year. On average, equities analysts predict that Kontoor Brands will post 1.45 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of KTB. State Street Corp increased its holdings in shares of Kontoor Brands by 12.3% in the 1st quarter. State Street Corp now owns 9,856,017 shares of the company’s stock valued at $188,940,000 after acquiring an additional 1,078,732 shares during the last quarter. Morgan Stanley grew its stake in Kontoor Brands by 299.3% during the 1st quarter. Morgan Stanley now owns 1,345,256 shares of the company’s stock worth $25,787,000 after buying an additional 1,008,371 shares during the last quarter. Artemis Investment Management LLP bought a new position in Kontoor Brands during the 3rd quarter worth $16,770,000. Jennison Associates LLC grew its stake in Kontoor Brands by 242.0% during the 2nd quarter. Jennison Associates LLC now owns 711,113 shares of the company’s stock worth $12,665,000 after buying an additional 503,169 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in Kontoor Brands by 73.2% during the 2nd quarter. Victory Capital Management Inc. now owns 744,535 shares of the company’s stock worth $13,260,000 after buying an additional 314,595 shares during the last quarter. Institutional investors and hedge funds own 89.71% of the company’s stock.
Kontoor Brands Company Profile
Kontoor Brands, Inc designs, manufactures, sources, markets, and distributes apparel under the Wrangler and Lee brands in the United States and internationally. The company sells its products primarily through mass and mid-tier retailers, specialty stores, department stores, and retailer-owned and third-party e-commerce sites, as well as through direct-to-consumer channels, including full-price stores, outlet stores, and its Websites.
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