Kontoor Brands (NYSE:KTB) was the recipient of a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 10,340,000 shares, an increase of 6.4% from the January 15th total of 9,720,000 shares. Currently, 18.3% of the company’s shares are sold short. Based on an average daily volume of 757,400 shares, the days-to-cover ratio is presently 13.7 days.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in KTB. CFM Wealth Partners LLC purchased a new stake in Kontoor Brands during the fourth quarter worth approximately $29,000. Signaturefd LLC grew its stake in Kontoor Brands by 117.8% during the fourth quarter. Signaturefd LLC now owns 821 shares of the company’s stock worth $34,000 after buying an additional 444 shares during the period. Advisory Services Network LLC purchased a new stake in Kontoor Brands during the fourth quarter worth approximately $41,000. Pinnacle Financial Partners Inc. purchased a new stake in Kontoor Brands during the fourth quarter worth approximately $41,000. Finally, Resources Management Corp CT ADV purchased a new position in shares of Kontoor Brands in the third quarter valued at $46,000.
KTB opened at $41.87 on Friday. The company has a current ratio of 2.47, a quick ratio of 1.07 and a debt-to-equity ratio of 18.80. Kontoor Brands has a 52-week low of $25.78 and a 52-week high of $43.24. The company has a 50 day moving average of $41.02 and a two-hundred day moving average of $37.03.
KTB has been the subject of a number of recent analyst reports. ValuEngine upgraded shares of Kontoor Brands from a “sell” rating to a “hold” rating in a report on Thursday, December 5th. Odeon Capital Group initiated coverage on shares of Kontoor Brands in a report on Thursday, January 23rd. They issued a “buy” rating and a $46.00 target price for the company. Edward Jones upgraded shares of Kontoor Brands from a “hold” rating to a “buy” rating in a report on Monday, December 2nd. Macquarie initiated coverage on shares of Kontoor Brands in a report on Monday, October 21st. They issued a “neutral” rating for the company. Finally, Barclays initiated coverage on shares of Kontoor Brands in a report on Tuesday, November 12th. They issued an “equal weight” rating and a $35.00 target price for the company. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. Kontoor Brands presently has an average rating of “Hold” and an average target price of $33.39.
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