Kontoor Brands (NYSE:KTB) Hits New 52-Week High – Here’s What Happened

Kontoor Brands, Inc. (NYSE:KTB)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $84.88 and last traded at $83.73, with a volume of 6336 shares trading hands. The stock had previously closed at $76.56.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Stifel Nicolaus raised their price objective on Kontoor Brands from $80.00 to $89.00 and gave the company a “buy” rating in a research note on Monday, October 7th. UBS Group raised their price objective on Kontoor Brands from $90.00 to $103.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Wells Fargo & Company raised their price objective on Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Barclays raised their price objective on Kontoor Brands from $76.00 to $83.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Finally, Guggenheim raised their price target on Kontoor Brands from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Kontoor Brands has an average rating of “Moderate Buy” and a consensus target price of $87.00.

Kontoor Brands Price Performance

The firm has a fifty day simple moving average of $77.36 and a 200 day simple moving average of $71.05. The company has a market capitalization of $4.89 billion, a PE ratio of 21.30, a P/E/G ratio of 2.04 and a beta of 1.20. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.43 and a current ratio of 2.74.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.88 by $0.10. The company had revenue of $607.00 million for the quarter, compared to the consensus estimate of $592.97 million. Kontoor Brands had a return on equity of 72.43% and a net margin of 9.35%. Kontoor Brands’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period last year, the business posted $0.77 EPS. Equities analysts anticipate that Kontoor Brands, Inc. will post 4.8 EPS for the current year.

Kontoor Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Monday, December 9th will be issued a dividend of $0.52 per share. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Monday, December 9th. Kontoor Brands’s dividend payout ratio (DPR) is presently 52.66%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of KTB. O Shaughnessy Asset Management LLC increased its holdings in shares of Kontoor Brands by 44.3% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 24,311 shares of the company’s stock valued at $1,465,000 after acquiring an additional 7,466 shares during the period. Magnetar Financial LLC purchased a new position in shares of Kontoor Brands in the 1st quarter valued at $1,508,000. Capstone Investment Advisors LLC purchased a new position in shares of Kontoor Brands in the 1st quarter valued at $2,013,000. Sei Investments Co. increased its holdings in shares of Kontoor Brands by 78.9% in the 2nd quarter. Sei Investments Co. now owns 52,658 shares of the company’s stock valued at $3,483,000 after acquiring an additional 23,223 shares during the period. Finally, American Century Companies Inc. increased its holdings in shares of Kontoor Brands by 48.7% in the 2nd quarter. American Century Companies Inc. now owns 36,081 shares of the company’s stock valued at $2,387,000 after acquiring an additional 11,810 shares during the period. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

Kontoor Brands Company Profile

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.