K-Bro Linen (TSE:KBL) Price Target Raised to C$54.00 at Raymond James Financial

Key Points

• Raymond James raised K-Bro Linen’s price target to C$54 from C$50 and maintained an “outperform” rating, implying approximately 15.4% upside from the reported share price.
• Analyst sentiment remains positive, with a consensus “Buy” rating and average price target of C$53.17; other firms also recently increased their targets, reaching as high as C$55.
• K-Bro Linen shares rose 1.2% to C$46.80, while the company reported quarterly EPS of C$0.78 and revenue of C$150.36 million. Insiders have purchased 14,622 shares worth about C$605,901 over the past 90 days.

K-Bro Linen (TSE:KBL - Get Free Report) had its price objective upped by analysts at Raymond James Financial from C$50.00 to C$54.00 in a report released on Thursday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. Raymond James Financial's price target would indicate a potential upside of 15.38% from the stock's current price.

A number of other equities research analysts have also recently issued reports on KBL. TD upped their price objective on shares of K-Bro Linen from C$50.00 to C$52.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. ATB Cormark Capital Markets raised their target price on K-Bro Linen from C$50.00 to C$55.00 and gave the company an "outperform" rating in a report on Thursday. National Bank Financial boosted their price target on K-Bro Linen from C$51.00 to C$54.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 28th. Finally, TD Securities raised shares of K-Bro Linen to a "strong-buy" rating in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. Based on data from MarketBeat, K-Bro Linen currently has a consensus rating of "Buy" and an average price target of C$53.17.

K-Bro Linen Stock Up 1.2%

Shares of TSE:KBL traded up C$0.54 during midday trading on Thursday, hitting C$46.80. 16,263 shares of the stock were exchanged, compared to its average volume of 18,420. The company has a market capitalization of C$603.81 million, a PE ratio of 29.07, a P/E/G ratio of 3.50 and a beta of 0.89. K-Bro Linen has a 52-week low of C$33.30 and a 52-week high of C$48.69. The company has a debt-to-equity ratio of 116.44, a quick ratio of 0.87 and a current ratio of 1.87. The business's fifty day simple moving average is C$44.46 and its two-hundred day simple moving average is C$39.31.

K-Bro Linen (TSE:KBL - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported C$0.78 earnings per share (EPS) for the quarter. K-Bro Linen had a net margin of 3.51% and a return on equity of 7.12%. The firm had revenue of C$150.36 million during the quarter. As a group, research analysts predict that K-Bro Linen will post 2.3389262 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jeffrey Ronald Gannon sold 1,225 shares of the business's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of C$42.00, for a total transaction of C$51,450.00. Following the transaction, the insider owned 15,407 shares in the company, valued at approximately C$647,094. The trade was a 7.37% decrease in their position. Also, insider K-Bro Linen Inc. acquired 5,341 shares of the business's stock in a transaction dated Wednesday, May 27th. The shares were bought at an average cost of C$41.25 per share, with a total value of C$220,316.25. Following the transaction, the insider directly owned 338,581 shares of the company's stock, valued at C$13,966,466.25. The trade was a 1.60% increase in their position. Insiders have purchased 14,622 shares of company stock worth $605,901 in the last ninety days. 3.25% of the stock is currently owned by insiders.

About K-Bro Linen

K-Bro Linen Inc is a healthcare and hospitality laundry and linen processor in Canada. It operates in major cities across Canada, and has two distribution centers, providing management services and laundry processing of hospitality, healthcare, and specialty linens. The company provides vital products and services that help people heal, travel, live, and play. It helps hospitals and extended care centers care for the young, old, and vulnerable in environmentally responsible ways. It operates through two divisions, which are the Canadian division and the United Kingdom division.

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