The Goldman Sachs Group Increases Kontoor Brands (NYSE:KTB) Price Target to $77.00

Kontoor Brands (NYSE:KTB) had its price target lifted by The Goldman Sachs Group from $68.00 to $77.00 in a report published on Friday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

KTB has been the subject of several other research reports. Edward Jones lowered Kontoor Brands from a buy rating to a hold rating in a research note on Friday, January 26th. UBS Group boosted their price objective on Kontoor Brands from $83.00 to $85.00 and gave the company a buy rating in a research report on Friday, February 16th. Finally, Barclays increased their target price on Kontoor Brands from $65.00 to $76.00 and gave the company an overweight rating in a research report on Friday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Kontoor Brands currently has a consensus rating of Moderate Buy and an average target price of $75.20.

Kontoor Brands Stock Performance

Shares of KTB traded down $1.72 during mid-day trading on Friday, reaching $65.65. The company had a trading volume of 1,008,759 shares, compared to its average volume of 584,365. The stock has a market capitalization of $3.66 billion, a P/E ratio of 16.62, a PEG ratio of 1.79 and a beta of 1.11. Kontoor Brands has a 52-week low of $37.10 and a 52-week high of $69.69. The stock has a 50 day moving average of $59.10 and a two-hundred day moving average of $57.26. The company has a quick ratio of 1.38, a current ratio of 2.70 and a debt-to-equity ratio of 1.96.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.26. Kontoor Brands had a net margin of 8.72% and a return on equity of 71.45%. The firm had revenue of $631.20 million for the quarter, compared to the consensus estimate of $607.91 million. During the same period in the prior year, the firm posted $1.16 earnings per share. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. On average, analysts expect that Kontoor Brands will post 4.7 earnings per share for the current year.

Kontoor Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Monday, June 10th will be given a $0.50 dividend. The ex-dividend date is Monday, June 10th. This represents a $2.00 annualized dividend and a dividend yield of 3.05%. Kontoor Brands’s dividend payout ratio (DPR) is presently 50.63%.

Institutional Investors Weigh In On Kontoor Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Kontoor Brands by 0.3% in the third quarter. Vanguard Group Inc. now owns 6,426,658 shares of the company’s stock worth $282,195,000 after buying an additional 20,964 shares in the last quarter. FMR LLC boosted its holdings in shares of Kontoor Brands by 3.1% during the 3rd quarter. FMR LLC now owns 3,866,900 shares of the company’s stock worth $169,796,000 after purchasing an additional 117,815 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Kontoor Brands by 60.1% in the fourth quarter. Victory Capital Management Inc. now owns 1,602,908 shares of the company’s stock valued at $100,054,000 after purchasing an additional 601,646 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Kontoor Brands by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,145,370 shares of the company’s stock worth $71,496,000 after buying an additional 35,637 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Kontoor Brands by 0.7% during the third quarter. Northern Trust Corp now owns 954,563 shares of the company’s stock worth $41,915,000 after buying an additional 6,754 shares in the last quarter. Institutional investors and hedge funds 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.