Kontoor Brands (NYSE:KTB) Given New $77.00 Price Target at The Goldman Sachs Group

Kontoor Brands (NYSE:KTB) had its target price upped by equities researchers at The Goldman Sachs Group from $68.00 to $77.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 17.29% from the stock’s previous close.

KTB has been the subject of several other reports. Barclays boosted their price objective on shares of Kontoor Brands from $65.00 to $76.00 and gave the company an “overweight” rating in a research report on Friday. UBS Group boosted their price objective on shares of Kontoor Brands from $83.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, February 16th. Finally, Edward Jones downgraded shares of Kontoor Brands from a “buy” rating to a “hold” rating in a research report on Friday, January 26th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Kontoor Brands has an average rating of “Moderate Buy” and an average target price of $75.20.

Kontoor Brands Stock Down 2.6 %

NYSE KTB opened at $65.65 on Friday. The company has a current ratio of 2.70, a quick ratio of 1.38 and a debt-to-equity ratio of 1.96. Kontoor Brands has a 1-year low of $37.10 and a 1-year high of $69.69. The company has a 50 day moving average of $59.10 and a 200-day moving average of $57.26. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 1.74 and a beta of 1.11.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.26. Kontoor Brands had a net margin of 8.72% and a return on equity of 71.45%. The company had revenue of $631.20 million during the quarter, compared to the consensus estimate of $607.91 million. During the same period in the previous year, the business earned $1.16 earnings per share. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. On average, equities research analysts expect that Kontoor Brands will post 4.7 earnings per share for the current fiscal year.

Institutional Trading of Kontoor Brands

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Prime Capital Investment Advisors LLC grew its stake in shares of Kontoor Brands by 1.9% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 9,148 shares of the company’s stock worth $571,000 after buying an additional 172 shares during the last quarter. Kinloch Capital LLC grew its stake in shares of Kontoor Brands by 0.6% during the third quarter. Kinloch Capital LLC now owns 36,424 shares of the company’s stock worth $1,599,000 after buying an additional 209 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Kontoor Brands by 1.6% during the third quarter. State Board of Administration of Florida Retirement System now owns 16,053 shares of the company’s stock worth $705,000 after buying an additional 250 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Kontoor Brands by 2.3% during the third quarter. Commonwealth Equity Services LLC now owns 12,611 shares of the company’s stock worth $554,000 after buying an additional 279 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Kontoor Brands by 2.4% during the third quarter. Arizona State Retirement System now owns 14,370 shares of the company’s stock worth $631,000 after buying an additional 335 shares during the last quarter. 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.