Kontoor Brands (NYSE:KTB) Given New $99.00 Price Target at UBS Group

Key Points

• Kontoor Brands (NYSE:KTB) has received an increased target price from UBS Group, rising from $92.00 to $99.00, suggesting a potential upside of 48.86% from its current stock price.
• The company reported $1.21 earnings per share for the last quarter, exceeding analysts' estimates and showing an 8.5% revenue growth year-over-year.
• Institutional ownership is strong, with 93.06% of the stock held by hedge funds and other institutional investors, indicating robust investor confidence.

Kontoor Brands (NYSE:KTB - Free Report) had its price target hoisted by UBS Group from $92.00 to $99.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently issued reports on KTB. Stifel Nicolaus raised their price objective on Kontoor Brands from $72.00 to $73.00 and gave the stock a "hold" rating in a report on Friday. The Goldman Sachs Group set a $85.00 target price on Kontoor Brands and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Barclays upped their price target on Kontoor Brands from $86.00 to $91.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Wells Fargo & Company upped their price target on Kontoor Brands from $85.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $89.67.

Kontoor Brands Trading Up 3.9%

Shares of KTB stock traded up $2.61 during mid-day trading on Friday, hitting $69.87. 62,501 shares of the company's stock were exchanged, compared to its average volume of 736,253. Kontoor Brands has a fifty-two week low of $50.00 and a fifty-two week high of $96.80. The stock has a 50-day simple moving average of $65.02 and a two-hundred day simple moving average of $67.66. The company has a quick ratio of 0.95, a current ratio of 2.18 and a debt-to-equity ratio of 2.74. The stock has a market cap of $3.88 billion, a price-to-earnings ratio of 15.61, a PEG ratio of 1.55 and a beta of 1.11.

Kontoor Brands (NYSE:KTB - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.35. Kontoor Brands had a return on equity of 68.76% and a net margin of 9.48%. The business had revenue of $658.26 million for the quarter, compared to analysts' expectations of $632.97 million. During the same quarter last year, the firm earned $0.98 earnings per share. The business's revenue was up 8.5% on a year-over-year basis. Equities analysts expect that Kontoor Brands will post 4.82 EPS for the current fiscal year.

Kontoor Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Tuesday, September 9th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, September 9th. Kontoor Brands's payout ratio is currently 46.43%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of KTB. LPL Financial LLC lifted its stake in shares of Kontoor Brands by 35.7% during the fourth quarter. LPL Financial LLC now owns 34,529 shares of the company's stock worth $2,949,000 after purchasing an additional 9,076 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Kontoor Brands by 4.6% during the fourth quarter. Alliancebernstein L.P. now owns 105,702 shares of the company's stock worth $9,028,000 after purchasing an additional 4,680 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Kontoor Brands by 13.8% during the fourth quarter. Franklin Resources Inc. now owns 12,452 shares of the company's stock worth $1,064,000 after purchasing an additional 1,511 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Kontoor Brands by 44.1% during the fourth quarter. Wells Fargo & Company MN now owns 43,379 shares of the company's stock worth $3,705,000 after purchasing an additional 13,276 shares in the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in shares of Kontoor Brands by 14.1% during the fourth quarter. Quadrant Capital Group LLC now owns 1,177 shares of the company's stock worth $101,000 after purchasing an additional 145 shares in the last quarter. Institutional investors and hedge funds 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.