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

Kontoor Brands (NYSE:KTB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, 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. “

Several other brokerages have also issued reports on KTB. Barclays began coverage on shares of Kontoor Brands in a research report on Tuesday, November 12th. They issued an “equal weight” rating and a $35.00 target price for the company. Bank of America upped their target price on shares of Kontoor Brands from $24.00 to $28.00 and gave the stock an “underperform” rating in a research report on Friday, August 9th. Guggenheim reiterated a “buy” rating on shares of Kontoor Brands in a research report on Thursday, August 22nd. Macquarie began coverage on shares of Kontoor Brands in a research report on Monday, October 21st. They issued a “neutral” rating for the company. Finally, ValuEngine lowered shares of Kontoor Brands from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. Kontoor Brands has an average rating of “Hold” and a consensus price target of $31.81.

Shares of Kontoor Brands stock traded up $0.04 during trading on Tuesday, hitting $35.19. The stock had a trading volume of 3,328 shares, compared to its average volume of 1,113,482. Kontoor Brands has a 12 month low of $25.78 and a 12 month high of $41.75. The company’s 50-day moving average price is $37.04. The company has a debt-to-equity ratio of 18.80, a quick ratio of 1.07 and a current ratio of 2.47.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.08. The firm had revenue of $638.00 million during the quarter, compared to the consensus estimate of $646.22 million. The company’s revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.25 EPS. Sell-side analysts predict that Kontoor Brands will post 3.77 earnings per share for the current year.

A number of large investors have recently made changes to their positions in the stock. Xact Kapitalforvaltning AB purchased a new stake in Kontoor Brands during the second quarter valued at about $432,000. NN Investment Partners Holdings N.V. purchased a new stake in Kontoor Brands during the second quarter valued at about $622,000. CENTRAL TRUST Co purchased a new stake in Kontoor Brands during the second quarter valued at about $25,000. Nisa Investment Advisors LLC purchased a new stake in Kontoor Brands during the second quarter valued at about $470,000. Finally, Louisiana State Employees Retirement System purchased a new stake in Kontoor Brands during the second quarter valued at about $580,000. Institutional investors own 84.56% of the company’s stock.

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Analyst Recommendations for Kontoor Brands (NYSE:KTB)

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