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Kontoor Brands (NYSE:KTB) Shares Gap Down to $36.32

Financial News Live · Sep 8, 2022 11:02

Kontoor Brands, Inc. (NYSE:KTB – Get Rating)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $36.32, but opened at $34.87. Kontoor Brands shares last traded at $34.77, with a volume of 772 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Wells Fargo & Company assumed coverage on Kontoor Brands in a research report on Monday, July 11th. They set an "overweight" rating and a $40.00 price objective for the company. TheStreet upgraded Kontoor Brands from a "c" rating to a "b" rating in a research report on Friday, May 13th. UBS Group cut their price objective on Kontoor Brands from $78.00 to $50.00 in a research report on Friday, July 15th. Williams Capital reiterated a "downgrade" rating on shares of Kontoor Brands in a research report on Monday, July 25th. Finally, The Goldman Sachs Group dropped their price target on Kontoor Brands from $41.00 to $34.00 and set a "neutral" rating for the company in a research report on Thursday, July 21st. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $40.83.

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Kontoor Brands Stock Down 5.3 %

The company has a 50-day simple moving average of $37.24 and a 200-day simple moving average of $39.52. The firm has a market cap of $1.91 billion, a PE ratio of 7.91, a price-to-earnings-growth ratio of 1.00 and a beta of 1.12. The company has a debt-to-equity ratio of 4.39, a current ratio of 2.06 and a quick ratio of 0.90.

Kontoor Brands (NYSE:KTB – Get Rating) last announced its earnings results on Thursday, August 4th. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.03. Kontoor Brands had a return on equity of 155.26% and a net margin of 9.52%. The business had revenue of $613.50 million during the quarter, compared to analyst estimates of $624.46 million. During the same quarter in the previous year, the business earned $0.40 earnings per share. The company's revenue for the quarter was up 25.0% compared to the same quarter last year. Analysts expect that Kontoor Brands, Inc. will post 4.45 earnings per share for the current fiscal year.

Kontoor Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 19th. Shareholders of record on Friday, September 9th will be given a dividend of $0.46 per share. The ex-dividend date is Thursday, September 8th. This represents a $1.84 annualized dividend and a dividend yield of 5.35%. Kontoor Brands's dividend payout ratio (DPR) is presently 42.69%.

Institutional Trading of Kontoor Brands

Several institutional investors and hedge funds have recently modified their holdings of KTB. Advisor Group Holdings Inc. raised its stake in shares of Kontoor Brands by 14.1% during the fourth quarter. Advisor Group Holdings Inc. now owns 5,717 shares of the company's stock valued at $293,000 after acquiring an additional 707 shares in the last quarter. American Century Companies Inc. bought a new stake in shares of Kontoor Brands during the fourth quarter valued at approximately $579,000. Victory Capital Management Inc. raised its stake in shares of Kontoor Brands by 3.1% during the fourth quarter. Victory Capital Management Inc. now owns 8,623 shares of the company's stock valued at $442,000 after acquiring an additional 261 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Kontoor Brands by 69.4% during the fourth quarter. First Trust Advisors LP now owns 108,606 shares of the company's stock valued at $5,566,000 after acquiring an additional 44,481 shares in the last quarter. Finally, Raymond James & Associates raised its stake in shares of Kontoor Brands by 81.3% during the fourth quarter. Raymond James & Associates now owns 22,620 shares of the company's stock valued at $1,159,000 after acquiring an additional 10,146 shares in the last quarter. Institutional investors own 99.18% of the company's stock.

About Kontoor Brands

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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.