Kontoor Brands (NYSE:KTB) Given New $90.00 Price Target at Wells Fargo & Company

Kontoor Brands (NYSE:KTB - Free Report) had its price target increased by Wells Fargo & Company from $80.00 to $90.00 in a report published on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other brokerages have also issued reports on KTB. Guggenheim raised their target price on shares of Kontoor Brands from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Friday, August 2nd. Barclays raised their target price on shares of Kontoor Brands from $76.00 to $83.00 and gave the stock an "overweight" rating in a research report on Friday, August 2nd. UBS Group raised their target price on shares of Kontoor Brands from $90.00 to $103.00 and gave the stock a "buy" rating in a research report on Friday, October 18th. Finally, Stifel Nicolaus raised their target price on shares of Kontoor Brands from $80.00 to $89.00 and gave the stock a "buy" rating in a research report on Monday, October 7th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $87.00.

Kontoor Brands Stock Down 1.0 %

Kontoor Brands stock traded down $0.81 during mid-day trading on Wednesday, hitting $77.49. The company had a trading volume of 405,234 shares, compared to its average volume of 480,344. The stock has a market cap of $4.33 billion, a price-to-earnings ratio of 19.62, a PEG ratio of 2.08 and a beta of 1.20. Kontoor Brands has a 1 year low of $39.90 and a 1 year high of $84.21. The company has a quick ratio of 1.43, a current ratio of 2.74 and a debt-to-equity ratio of 2.04. The business has a fifty day moving average of $76.84 and a 200 day moving average of $70.28.

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

Kontoor Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Tuesday, September 10th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend was Tuesday, September 10th. Kontoor Brands's dividend payout ratio is presently 50.63%.

Institutional Investors Weigh In On Kontoor Brands

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Arizona State Retirement System lifted its holdings in 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 acquiring an additional 154 shares during the period. SG Americas Securities LLC lifted its holdings in Kontoor Brands by 5.0% in the second quarter. SG Americas Securities LLC now owns 3,544 shares of the company's stock valued at $234,000 after acquiring an additional 169 shares during the period. Envestnet Portfolio Solutions Inc. lifted 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 acquiring an additional 175 shares during the period. Louisiana State Employees Retirement System lifted its holdings in Kontoor Brands by 0.8% in the second quarter. Louisiana State Employees Retirement System now owns 25,000 shares of the company's stock valued at $1,654,000 after acquiring an additional 200 shares during the period. Finally, Hsbc Holdings PLC lifted its holdings in Kontoor Brands by 2.2% in the second 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. Institutional investors and hedge funds own 93.06% of the company's stock.

Kontoor Brands Company Profile

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.