Kontoor Brands, Inc. (NYSE:KTB) Receives Consensus Rating of “Buy” from Brokerages

Shares of Kontoor Brands, Inc. (NYSE:KTB) have earned an average recommendation of “Buy” from the seven analysts that are covering the stock, MarketBeat Ratings reports. Seven analysts have rated the stock with a buy rating. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $59.29.

KTB has been the subject of a number of analyst reports. The Goldman Sachs Group raised Kontoor Brands from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $51.00 to $56.00 in a research report on Thursday, October 19th. Barclays upgraded Kontoor Brands from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $47.00 to $59.00 in a research note on Monday, November 6th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $63.00 target price on shares of Kontoor Brands in a report on Monday, September 18th.

Kontoor Brands Price Performance

KTB opened at $50.83 on Wednesday. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 1.36 and a beta of 1.10. Kontoor Brands has a 1 year low of $37.10 and a 1 year high of $53.83. The company has a current ratio of 2.65, a quick ratio of 1.10 and a debt-to-equity ratio of 2.21. The stock has a fifty day moving average price of $45.23 and a 200 day moving average price of $43.57.

Kontoor Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 18th. Shareholders of record on Friday, December 8th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date of this dividend is Thursday, December 7th. This is a boost from Kontoor Brands’s previous quarterly dividend of $0.48. Kontoor Brands’s dividend payout ratio is 51.06%.

Hedge Funds Weigh In On Kontoor Brands

Large investors have recently added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC lifted its stake in Kontoor Brands by 5,710.0% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 581 shares of the company’s stock valued at $26,000 after purchasing an additional 571 shares during the last quarter. Bessemer Group Inc. increased its stake in Kontoor Brands by 524.8% in the second quarter. Bessemer Group Inc. now owns 731 shares of the company’s stock valued at $31,000 after acquiring an additional 614 shares during the last quarter. West Tower Group LLC bought a new stake in shares of Kontoor Brands during the second quarter worth $34,000. Ronald Blue Trust Inc. grew its stake in shares of Kontoor Brands by 225.8% during the third quarter. Ronald Blue Trust Inc. now owns 1,098 shares of the company’s stock worth $46,000 after buying an additional 761 shares during the last quarter. Finally, Quarry LP bought a new stake in shares of Kontoor Brands during the first quarter worth $52,000.

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. It licenses and sells apparel under the Rock & Republic brad name. The company sells its products primarily through mass merchants, specialty stores, mid-tier and traditional department stores, company-operated stores, and online.