Kontoor Brands (NYSE:KTB) Sets New 12-Month High – What’s Next?

Kontoor Brands, Inc. (NYSE:KTB)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $95.25 and last traded at $94.13, with a volume of 66265 shares changing hands. The stock had previously closed at $91.59.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Stifel Nicolaus lowered shares of Kontoor Brands from a “buy” rating to a “hold” rating and upped their price target for the stock from $89.00 to $93.00 in a research report on Friday, November 1st. UBS Group increased their target price on Kontoor Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Wells Fargo & Company boosted 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. Guggenheim upped their price target on Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, Barclays lifted their price objective on Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $95.00.

Kontoor Brands Stock Performance

The company has a quick ratio of 1.42, a current ratio of 2.50 and a debt-to-equity ratio of 2.09. The company has a market cap of $5.19 billion, a price-to-earnings ratio of 21.13, a PEG ratio of 2.11 and a beta of 1.20. The stock has a 50 day simple moving average of $88.43 and a 200 day simple moving average of $80.80.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings results on Thursday, October 31st. The company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.11. The firm had revenue of $670.19 million during the quarter, compared to analysts’ expectations of $663.45 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. Kontoor Brands’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.22 EPS. As a group, analysts predict that Kontoor Brands, Inc. will post 4.82 EPS for the current year.

Insider Transactions at Kontoor Brands

In other news, EVP Thomas L. Doerr, Jr. sold 9,039 shares of Kontoor Brands stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $80.71, for a total transaction of $729,537.69. Following the sale, the executive vice president now directly owns 18,179 shares of the company’s stock, valued at approximately $1,467,227.09. The trade was a 33.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Scott H. Baxter sold 119,160 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 331,916 shares in the company, valued at approximately $27,748,177.60. This trade represents a 26.42 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Kontoor Brands

A number of institutional investors have recently made changes to their positions in the business. Sei Investments Co. increased its stake in shares of Kontoor Brands by 78.9% in the second quarter. Sei Investments Co. now owns 52,658 shares of the company’s stock worth $3,483,000 after buying an additional 23,223 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Kontoor Brands by 10.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,803 shares of the company’s stock worth $450,000 after acquiring an additional 659 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Kontoor Brands by 351.7% in the 2nd quarter. Millennium Management LLC now owns 347,325 shares of the company’s stock valued at $22,976,000 after acquiring an additional 270,427 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Kontoor Brands by 3.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,959 shares of the company’s stock valued at $2,114,000 after acquiring an additional 934 shares in the last quarter. Finally, Algert Global LLC bought a new position in Kontoor Brands during the second quarter worth $334,000. 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.