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

Kontoor Brands (NYSE:KTB) had its target price raised by Wells Fargo & Company from $80.00 to $90.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 17.49% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Stifel Nicolaus raised their price objective on Kontoor Brands from $80.00 to $89.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Guggenheim raised their price objective on Kontoor Brands from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. UBS Group raised their price objective on Kontoor Brands from $90.00 to $103.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, Barclays raised their price objective on Kontoor Brands from $76.00 to $83.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $87.00.

Kontoor Brands Price Performance

KTB stock opened at $76.60 on Wednesday. The stock has a 50-day moving average price of $76.95 and a two-hundred day moving average price of $70.32. Kontoor Brands has a 12-month low of $39.90 and a 12-month high of $84.21. The company has a current ratio of 2.74, a quick ratio of 1.43 and a debt-to-equity ratio of 2.04. The company has a market cap of $4.28 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 2.08 and a beta of 1.20.

Kontoor Brands (NYSE:KTB) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.10. Kontoor Brands had a return on equity of 72.43% and a net margin of 9.35%. The firm had revenue of $607.00 million during the quarter, compared to the consensus estimate of $592.97 million. During the same quarter in the previous year, the business earned $0.77 earnings per share. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. As a group, research analysts predict that Kontoor Brands will post 4.8 EPS for the current year.

Institutional Trading of Kontoor Brands

Several hedge funds have recently made changes to their positions in KTB. Pacer Advisors Inc. raised its stake in Kontoor Brands by 10.9% during the 2nd quarter. Pacer Advisors Inc. now owns 2,043,637 shares of the company’s stock valued at $135,187,000 after acquiring an additional 201,399 shares in the last quarter. Victory Capital Management Inc. raised its stake in Kontoor Brands by 1.0% during the 2nd quarter. Victory Capital Management Inc. now owns 1,270,540 shares of the company’s stock valued at $84,046,000 after acquiring an additional 12,019 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Kontoor Brands by 5.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,250,293 shares of the company’s stock valued at $82,707,000 after acquiring an additional 60,926 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Kontoor Brands by 1.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 712,579 shares of the company’s stock valued at $47,137,000 after acquiring an additional 7,526 shares in the last quarter. Finally, Millennium Management LLC raised its stake in Kontoor Brands by 351.7% during 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 in the last quarter. Institutional investors own 93.06% of the company’s stock.

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.