Guggenheim Forecasts Strong Price Appreciation for Kontoor Brands (NYSE:KTB) Stock

Kontoor Brands (NYSE:KTB) had its target price hoisted by stock analysts at Guggenheim from $80.00 to $100.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price target suggests a potential upside of 23.44% from the stock’s current price.

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

Kontoor Brands Trading Down 5.4 %

NYSE:KTB traded down $4.62 during mid-day trading on Friday, reaching $81.01. The company’s stock had a trading volume of 586,749 shares, compared to its average volume of 482,786. The company has a debt-to-equity ratio of 2.04, a current ratio of 2.74 and a quick ratio of 1.43. The stock has a market cap of $4.51 billion, a P/E ratio of 19.15, a P/E/G ratio of 1.99 and a beta of 1.20. The company’s fifty day simple moving average is $77.65 and its two-hundred day simple moving average is $71.15. Kontoor Brands has a twelve month low of $39.90 and a twelve month high of $89.76.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Quest Partners LLC acquired a new position in Kontoor Brands in the 2nd quarter worth $27,000. Northwest Investment Counselors LLC purchased a new stake in shares of Kontoor Brands during the third quarter worth about $30,000. Farther Finance Advisors LLC lifted its stake in shares of Kontoor Brands by 242.5% in the third quarter. Farther Finance Advisors LLC now owns 387 shares of the company’s stock worth $32,000 after acquiring an additional 274 shares in the last quarter. Sound Income Strategies LLC purchased a new position in Kontoor Brands in the third quarter valued at about $48,000. Finally, GAMMA Investing LLC grew its stake in Kontoor Brands by 53.5% during the 3rd quarter. GAMMA Investing LLC now owns 700 shares of the company’s stock valued at $57,000 after purchasing an additional 244 shares in the last quarter. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

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.