Kontoor Brands (NYSE:KTB) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research lowered shares of Kontoor Brands (NYSE:KTB) from a buy rating to a hold rating in a report published on Tuesday, Zacks.com reports.

According to Zacks, “Kontoor Brands Inc. is an apparel company. It designs, manufactures and distributes products. The company’s brand consists of Wrangler(R), Lee(R) and Rock & Republic(R). Kontoor Brands Inc. is based in Greensboro, United States. “

A number of other research firms have also recently commented on KTB. The Goldman Sachs Group assumed coverage on Kontoor Brands in a research report on Wednesday, July 14th. They set a buy rating and a $69.00 target price on the stock. UBS Group raised their price target on shares of Kontoor Brands from $89.00 to $97.00 and gave the company a buy rating in a research note on Tuesday, May 25th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Buy and a consensus target price of $65.86.

NYSE:KTB opened at $54.00 on Tuesday. Kontoor Brands has a 52 week low of $21.66 and a 52 week high of $69.16. The company has a quick ratio of 1.12, a current ratio of 2.08 and a debt-to-equity ratio of 5.08. The stock has a market capitalization of $3.11 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 1.64 and a beta of 1.28. The stock’s 50-day moving average price is $55.76 and its 200-day moving average price is $57.30.

Kontoor Brands (NYSE:KTB) last posted its earnings results on Thursday, August 5th. The company reported $0.40 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.40. Kontoor Brands had a return on equity of 257.55% and a net margin of 8.04%. The firm had revenue of $490.77 million for the quarter, compared to analysts’ expectations of $492.10 million. Sell-side analysts expect that Kontoor Brands will post 4.09 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 20th. Investors of record on Friday, September 10th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend is Thursday, September 9th. Kontoor Brands’s dividend payout ratio is presently 61.30%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KTB. Dimensional Fund Advisors LP lifted its stake in Kontoor Brands by 17.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 286,753 shares of the company’s stock worth $11,632,000 after purchasing an additional 42,349 shares in the last quarter. US Bancorp DE lifted its stake in Kontoor Brands by 36.2% in the 1st quarter. US Bancorp DE now owns 5,829 shares of the company’s stock worth $283,000 after purchasing an additional 1,548 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Kontoor Brands by 3.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 111,002 shares of the company’s stock worth $5,387,000 after purchasing an additional 3,399 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Kontoor Brands by 30.4% in the 1st quarter. Alliancebernstein L.P. now owns 3,344,912 shares of the company’s stock worth $162,329,000 after purchasing an additional 779,773 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Kontoor Brands by 0.3% in the 1st quarter. Rhumbline Advisers now owns 165,490 shares of the company’s stock worth $8,031,000 after purchasing an additional 416 shares in the last quarter. 91.83% of the stock is currently owned by institutional investors and hedge funds.

About Kontoor Brands

Kontoor Brands, Inc engages in the design, manufacture, sourcing, marketing, and distribution of a portfolio of brands. It operates through the Wrangler and Lee segment. The company was founded on November 18, 2018 and is headquartered in Greensboro, NC.

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