Zacks Investment Research Downgrades Kontoor Brands (NYSE:KTB) to Hold

Kontoor Brands (NYSE:KTB – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, 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. “

Separately, Barclays dropped their price objective on shares of Kontoor Brands from $63.00 to $53.00 in a report on Friday, April 1st.

Shares of KTB stock opened at $40.82 on Wednesday. Kontoor Brands has a 52-week low of $39.01 and a 52-week high of $69.16. The company has a debt-to-equity ratio of 5.34, a quick ratio of 1.20 and a current ratio of 2.00. The firm has a market capitalization of $2.29 billion, a PE ratio of 12.33, a PEG ratio of 1.05 and a beta of 1.09. The stock has a fifty day simple moving average of $42.90 and a two-hundred day simple moving average of $49.03.

Kontoor Brands (NYSE:KTB – Get Rating) last released its quarterly earnings data on Tuesday, March 1st. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.79 by $0.09. Kontoor Brands had a net margin of 7.89% and a return on equity of 151.71%. The business had revenue of $681.00 million during the quarter, compared to the consensus estimate of $686.44 million. During the same quarter in the prior year, the firm earned $1.23 EPS. The business’s revenue was up 3.0% on a year-over-year basis. On average, sell-side analysts forecast that Kontoor Brands will post 4.75 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KTB. Cullen Capital Management LLC purchased a new position in Kontoor Brands in the first quarter worth about $8,238,000. Invesco Ltd. boosted its position in shares of Kontoor Brands by 117.4% during the third quarter. Invesco Ltd. now owns 2,133,316 shares of the company’s stock valued at $106,559,000 after buying an additional 1,151,836 shares during the period. Fuller & Thaler Asset Management Inc. boosted its position in shares of Kontoor Brands by 353.9% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 928,314 shares of the company’s stock valued at $47,576,000 after buying an additional 723,794 shares during the period. EP Wealth Advisors LLC boosted its position in shares of Kontoor Brands by 9,226.4% during the third quarter. EP Wealth Advisors LLC now owns 450,000 shares of the company’s stock valued at $238,000 after buying an additional 445,175 shares during the period. Finally, Norges Bank purchased a new position in shares of Kontoor Brands during the fourth quarter valued at approximately $18,171,000. Institutional investors own 99.18% of the company’s stock.

Kontoor Brands Company Profile (Get Rating)

Kontoor Brands, Inc, a lifestyle apparel company, designs, manufactures, procures, markets, and distributes denim, apparel, and accessories under the Wrangler, Lee, and Rock & Republic brands in the United States and internationally. It operates through two segments, Wrangler and Lee. The company sells its products primarily through mass merchants, specialty stores, mid-tier and traditional department stores, company-operated stores, and online.

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