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

Kontoor Brands (NYSE:KTB) had its price target decreased by Wells Fargo & Company from $100.00 to $90.00 in a report issued on Thursday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other research analysts have also weighed in on KTB. Barclays cut their price objective on shares of Kontoor Brands from $100.00 to $93.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. UBS Group cut their price objective on shares of Kontoor Brands from $108.00 to $96.00 and set a “buy” rating on the stock in a report on Friday, February 28th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $91.50.

Kontoor Brands Price Performance

Kontoor Brands stock opened at $59.50 on Thursday. The stock has a market capitalization of $3.29 billion, a P/E ratio of 13.40, a P/E/G ratio of 2.12 and a beta of 1.23. Kontoor Brands has a 12-month low of $52.95 and a 12-month high of $96.80. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.50 and a quick ratio of 1.42. The firm’s 50-day moving average is $81.15 and its two-hundred day moving average is $82.35.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.07. The business had revenue of $699.00 million for the quarter, compared to analyst estimates of $698.07 million. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. The company’s revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.28 EPS. Equities analysts predict that Kontoor Brands will post 4.82 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Monday, March 10th will be issued a $0.52 dividend. The ex-dividend date is Monday, March 10th. This represents a $2.08 annualized dividend and a yield of 3.50%. Kontoor Brands’s payout ratio is 47.60%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of KTB. Jennison Associates LLC raised its holdings in Kontoor Brands by 73.2% in the third quarter. Jennison Associates LLC now owns 757,426 shares of the company’s stock valued at $61,942,000 after buying an additional 320,117 shares during the period. Marshall Wace LLP raised its holdings in Kontoor Brands by 97.3% in the fourth quarter. Marshall Wace LLP now owns 579,844 shares of the company’s stock valued at $49,524,000 after buying an additional 285,897 shares during the period. Man Group plc raised its holdings in Kontoor Brands by 119.1% in the fourth quarter. Man Group plc now owns 466,065 shares of the company’s stock valued at $39,807,000 after buying an additional 253,360 shares during the period. Norges Bank purchased a new position in Kontoor Brands in the fourth quarter valued at approximately $17,630,000. Finally, Geode Capital Management LLC raised its stake in shares of Kontoor Brands by 16.6% during the fourth quarter. Geode Capital Management LLC now owns 1,402,701 shares of the company’s stock valued at $119,827,000 after purchasing an additional 199,601 shares during the period. Hedge funds and other institutional investors own 93.06% of the company’s stock.

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.