Kontoor Brands (NYSE:KTB) Hits New 12-Month High at $79.06

Kontoor Brands, Inc. (NYSE:KTB)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $79.06 and last traded at $78.39, with a volume of 24774 shares trading hands. The stock had previously closed at $77.20.

Analysts Set New Price Targets

A number of brokerages recently issued reports on KTB. Stifel Nicolaus lifted their target price on Kontoor Brands from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Barclays lifted their target price on Kontoor Brands from $76.00 to $83.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Finally, Guggenheim boosted their price target on Kontoor Brands from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Kontoor Brands currently has an average rating of “Moderate Buy” and an average price target of $78.83.

Kontoor Brands Trading Up 1.5 %

The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of 19.53, a price-to-earnings-growth ratio of 1.87 and a beta of 1.20. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.43 and a current ratio of 2.74. The firm has a fifty day moving average price of $71.07 and a 200-day moving average price of $66.57.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.10. Kontoor Brands had a return on equity of 72.43% and a net margin of 9.35%. The business had revenue of $607.00 million during the quarter, compared to the consensus estimate of $592.97 million. During the same period in the prior year, the company earned $0.77 EPS. Kontoor Brands’s revenue for the quarter was down 1.5% on a year-over-year basis. As a group, equities analysts anticipate that Kontoor Brands, Inc. will post 4.8 EPS for the current year.

Kontoor Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Tuesday, September 10th will be given a $0.50 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $2.00 annualized dividend and a yield of 2.55%. Kontoor Brands’s dividend payout ratio is presently 50.63%.

Hedge Funds Weigh In On Kontoor Brands

Large investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its position in shares of Kontoor Brands by 20.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,756 shares of the company’s stock worth $182,000 after acquiring an additional 461 shares during the last quarter. Creative Planning raised its position in shares of Kontoor Brands by 13.0% during the second quarter. Creative Planning now owns 27,396 shares of the company’s stock worth $1,812,000 after acquiring an additional 3,149 shares during the last quarter. Algert Global LLC bought a new position in shares of Kontoor Brands during the second quarter worth about $334,000. The Manufacturers Life Insurance Company grew its stake in Kontoor Brands by 3.0% during the second quarter. The Manufacturers Life Insurance Company now owns 31,959 shares of the company’s stock worth $2,114,000 after purchasing an additional 934 shares during the period. Finally, Millennium Management LLC grew its stake in Kontoor Brands by 351.7% during the second quarter. Millennium Management LLC now owns 347,325 shares of the company’s stock worth $22,976,000 after purchasing an additional 270,427 shares during the period. 93.06% of the stock is currently owned by institutional investors.

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.