Kontoor Brands (NYSE:KTB) Hits New 1-Year High - Still a Buy?

Kontoor Brands, Inc. (NYSE:KTB - Get Free Report) shares reached a new 52-week high on Thursday . The company traded as high as $84.88 and last traded at $83.73, with a volume of 6336 shares traded. The stock had previously closed at $76.56.

Analyst Upgrades and Downgrades

KTB has been the subject of several research reports. Guggenheim upped their price objective on shares of Kontoor Brands from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Friday, August 2nd. Wells Fargo & Company upped their price target on Kontoor Brands from $80.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, October 23rd. Stifel Nicolaus lifted their price objective on Kontoor Brands from $80.00 to $89.00 and gave the stock a "buy" rating in a research report on Monday, October 7th. Barclays upped their target price on Kontoor Brands from $76.00 to $83.00 and gave the company an "overweight" rating in a report on Friday, August 2nd. Finally, UBS Group lifted their price target on Kontoor Brands from $90.00 to $103.00 and gave the stock a "buy" rating in a report on Friday, October 18th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $87.00.

Kontoor Brands Price Performance

The stock has a 50-day simple moving average of $77.36 and a 200 day simple moving average of $71.05. The company has a market cap of $4.78 billion, a PE ratio of 21.68, a P/E/G ratio of 2.04 and a beta of 1.20. The company has a quick ratio of 1.43, a current ratio of 2.74 and a debt-to-equity ratio of 2.04.

Kontoor Brands (NYSE:KTB - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.10. Kontoor Brands had a net margin of 9.35% and a return on equity of 72.43%. The company had revenue of $607.00 million for the quarter, compared to analysts' expectations of $592.97 million. During the same quarter in the prior year, the company posted $0.77 earnings per share. Kontoor Brands's revenue for the quarter was down 1.5% compared to the same quarter last year. Equities analysts expect that Kontoor Brands, Inc. will post 4.8 EPS for the current year.

Kontoor Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Monday, December 9th will be issued a $0.52 dividend. 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 2.43%. The ex-dividend date is Monday, December 9th. Kontoor Brands's dividend payout ratio is currently 52.66%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of KTB. Arizona State Retirement System increased its stake in Kontoor Brands by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 14,050 shares of the company's stock worth $929,000 after buying an additional 154 shares during the period. SG Americas Securities LLC increased its position 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 worth $234,000 after acquiring an additional 169 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings in Kontoor Brands by 3.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 4,979 shares of the company's stock valued at $329,000 after purchasing an additional 175 shares during the period. Louisiana State Employees Retirement System grew its stake 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 purchasing an additional 200 shares in the last quarter. Finally, Hsbc Holdings PLC grew its stake in Kontoor Brands by 2.2% during the 2nd quarter. Hsbc Holdings PLC now owns 9,340 shares of the company's stock worth $616,000 after purchasing an additional 203 shares in the last quarter. 93.06% of the stock is currently 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.