Kontoor Brands (NYSE:KTB) Sets New 52-Week High - Time to Buy?

Kontoor Brands, Inc. (NYSE:KTB - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $90.37 and last traded at $90.28, with a volume of 63707 shares changing hands. The stock had previously closed at $89.01.

Analysts Set New Price Targets

KTB has been the subject of a number of recent analyst reports. UBS Group increased their price objective on Kontoor Brands from $103.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Barclays boosted their target price on Kontoor Brands from $83.00 to $100.00 and gave the stock an "overweight" rating in a report on Friday, November 1st. Guggenheim boosted their price target on shares of Kontoor Brands from $80.00 to $100.00 and gave the stock a "buy" rating in a research report on Friday, November 1st. Stifel Nicolaus cut Kontoor Brands from a "buy" rating to a "hold" rating and lifted their price target for the stock from $89.00 to $93.00 in a research note on Friday, November 1st. Finally, Wells Fargo & Company upped their price target on shares of Kontoor Brands from $80.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $95.00.

Kontoor Brands Price Performance

The firm has a market capitalization of $4.97 billion, a P/E ratio of 20.28, a P/E/G ratio of 2.24 and a beta of 1.19. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.42 and a current ratio of 2.50. The stock has a 50 day moving average of $79.10 and a two-hundred day moving average of $72.51.

Kontoor Brands (NYSE:KTB - Get Free Report) last announced its earnings results on Thursday, October 31st. The company reported $1.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.26 by $0.11. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. The business had revenue of $670.19 million for the quarter, compared to analyst estimates of $663.45 million. During the same quarter in the previous year, the firm posted $1.22 earnings per share. Kontoor Brands's revenue was up 2.4% compared to the same quarter last year. Sell-side analysts predict that Kontoor Brands, Inc. will post 4.83 earnings per share for the current fiscal year.

Kontoor Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Monday, December 9th will be given a dividend of $0.52 per share. This is a positive change from Kontoor Brands's previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Monday, December 9th. Kontoor Brands's payout ratio is 45.05%.

Insider Buying and Selling at Kontoor Brands

In other news, CEO Scott H. Baxter sold 119,160 shares of the business's stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $83.60, for a total value of $9,961,776.00. Following the transaction, the chief executive officer now directly owns 331,916 shares of the company's stock, valued at $27,748,177.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Scott H. Baxter sold 119,160 shares of the business's stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $83.60, for a total value of $9,961,776.00. Following the completion of the transaction, the chief executive officer now owns 331,916 shares in the company, valued at $27,748,177.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Thomas L. Doerr, Jr. sold 9,039 shares of the firm's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $80.71, for a total transaction of $729,537.69. Following the completion of the transaction, the executive vice president now directly owns 18,179 shares in the company, valued at $1,467,227.09. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On Kontoor Brands

Hedge funds and other institutional investors have recently made changes to their positions in the company. Arizona State Retirement System lifted its position in Kontoor Brands by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 14,050 shares of the company's stock valued at $929,000 after acquiring an additional 154 shares in the last quarter. SG Americas Securities LLC lifted its stake in Kontoor Brands by 5.0% in the 2nd 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. Envestnet Portfolio Solutions Inc. grew its holdings in Kontoor Brands by 3.6% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 4,979 shares of the company's stock worth $329,000 after purchasing an additional 175 shares during the period. Louisiana State Employees Retirement System increased its position in Kontoor Brands by 0.8% during the second 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 last quarter. Finally, Hsbc Holdings PLC raised its stake in Kontoor Brands by 2.2% in the 2nd quarter. Hsbc Holdings PLC now owns 9,340 shares of the company's stock valued at $616,000 after acquiring an additional 203 shares during the period. 93.06% of the stock is owned by 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.