Guggenheim Issues Positive Forecast for Kontoor Brands (NYSE:KTB) Stock Price

Kontoor Brands (NYSE:KTB) had its price target lifted by Guggenheim from $80.00 to $100.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price objective would suggest a potential upside of 23.44% from the stock’s previous close.

Several other research firms have also weighed in on KTB. Stifel Nicolaus lowered shares of Kontoor Brands from a “buy” rating to a “hold” rating and boosted their target price for the company from $89.00 to $93.00 in a research note on Friday. Wells Fargo & Company boosted their price objective on shares of Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Barclays raised their target price on shares of Kontoor Brands from $83.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday. Finally, UBS Group upped their target price on Kontoor Brands from $103.00 to $110.00 and gave the company a “buy” rating in a report on Friday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $95.00.

Kontoor Brands Stock Down 5.4 %

Shares of KTB stock traded down $4.62 during trading hours on Friday, hitting $81.01. 586,749 shares of the company were exchanged, compared to its average volume of 482,786. The stock has a market capitalization of $4.51 billion, a price-to-earnings ratio of 19.15, a P/E/G ratio of 1.99 and a beta of 1.20. Kontoor Brands has a one year low of $39.90 and a one year high of $89.76. The business’s 50-day simple moving average is $77.65 and its two-hundred day simple moving average is $71.15. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.43 and a current ratio of 2.74.

Kontoor Brands (NYSE:KTB) last released its earnings results on Thursday, October 31st. The company reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.12. Kontoor Brands had a return on equity of 72.43% and a net margin of 9.35%. The company had revenue of $670.19 million for the quarter, compared to the consensus estimate of $663.45 million. During the same quarter last year, the business posted $1.22 EPS. Kontoor Brands’s quarterly revenue was up 2.4% compared to the same quarter last year. Sell-side analysts predict that Kontoor Brands will post 4.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Kontoor Brands

Several hedge funds and other institutional investors have recently made changes to their positions in KTB. Millennium Management LLC increased its holdings in shares of Kontoor Brands by 351.7% during the second quarter. Millennium Management LLC now owns 347,325 shares of the company’s stock valued at $22,976,000 after purchasing an additional 270,427 shares during the period. Marshall Wace LLP lifted its holdings in Kontoor Brands by 159.0% in the second quarter. Marshall Wace LLP now owns 335,385 shares of the company’s stock worth $22,186,000 after purchasing an additional 205,885 shares during the period. Pacer Advisors Inc. grew its position in Kontoor Brands by 10.9% in the 2nd quarter. Pacer Advisors Inc. now owns 2,043,637 shares of the company’s stock valued at $135,187,000 after buying an additional 201,399 shares in the last quarter. Bwcp LP acquired a new position in Kontoor Brands during the 2nd quarter valued at about $11,890,000. Finally, Squarepoint Ops LLC raised its position in shares of Kontoor Brands by 123.7% during the 2nd quarter. Squarepoint Ops LLC now owns 220,065 shares of the company’s stock worth $14,557,000 after buying an additional 121,689 shares in the last quarter. 93.06% of the stock is currently owned by institutional investors and hedge funds.

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.