Kontoor Brands (NYSE:KTB) Price Target Lowered to $96.00 at UBS Group

Kontoor Brands (NYSE:KTB) had its price target dropped by equities research analysts at UBS Group from $108.00 to $96.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price target would suggest a potential upside of 47.33% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Guggenheim raised their target price on shares of Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Stifel Nicolaus lowered Kontoor Brands from a “buy” rating to a “hold” rating and raised their price objective for the stock from $89.00 to $93.00 in a research note on Friday, November 1st. Barclays decreased their target price on Kontoor Brands from $100.00 to $93.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Wells Fargo & Company upped their target price on Kontoor Brands from $95.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Kontoor Brands presently has an average rating of “Moderate Buy” and an average price target of $93.17.

Kontoor Brands Price Performance

NYSE KTB traded down $2.11 on Friday, reaching $65.16. 245,453 shares of the stock traded hands, compared to its average volume of 644,736. Kontoor Brands has a 12 month low of $52.95 and a 12 month high of $96.80. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 14.67, a P/E/G ratio of 2.12 and a beta of 1.19. The firm’s fifty day simple moving average is $86.05 and its 200 day simple moving average is $83.04. The company has a quick ratio of 1.42, a current ratio of 2.50 and a debt-to-equity ratio of 2.09.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of KTB. Jennison Associates LLC boosted its position in Kontoor Brands by 73.2% during the 3rd quarter. Jennison Associates LLC now owns 757,426 shares of the company’s stock worth $61,942,000 after acquiring an additional 320,117 shares during the period. Marshall Wace LLP lifted its position in shares of Kontoor Brands by 97.3% in the fourth quarter. Marshall Wace LLP now owns 579,844 shares of the company’s stock worth $49,524,000 after purchasing an additional 285,897 shares in the last quarter. Man Group plc boosted its holdings in shares of Kontoor Brands by 119.1% during the fourth quarter. Man Group plc now owns 466,065 shares of the company’s stock worth $39,807,000 after purchasing an additional 253,360 shares during the period. Norges Bank purchased a new position in Kontoor Brands during the fourth quarter valued at approximately $17,630,000. Finally, Geode Capital Management LLC increased its stake in Kontoor Brands by 16.6% in the 4th quarter. Geode Capital Management LLC now owns 1,402,701 shares of the company’s stock valued at $119,827,000 after buying 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.