Kontoor Brands (NYSE:KTB) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of Kontoor Brands (NYSE:KTB) from a hold rating to a sell rating in a research report report published on Wednesday morning, 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 analysts also recently commented on the stock. Bank of America upped their price target on shares of Kontoor Brands from $24.00 to $28.00 and gave the company an underperform rating in a research report on Friday, August 9th. Barclays initiated coverage on shares of Kontoor Brands in a research note on Tuesday, November 12th. They issued an equal weight rating and a $35.00 price objective on the stock. Guggenheim reaffirmed a buy rating on shares of Kontoor Brands in a report on Thursday, August 22nd. ValuEngine lowered Kontoor Brands from a hold rating to a sell rating in a report on Friday, November 1st. Finally, Macquarie assumed coverage on Kontoor Brands in a research note on Monday, October 21st. They set a neutral rating for the company. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. Kontoor Brands currently has a consensus rating of Hold and a consensus price target of $31.81.

NYSE:KTB traded up $0.72 during mid-day trading on Wednesday, reaching $38.24. 5,126 shares of the stock were exchanged, compared to its average volume of 1,078,483. Kontoor Brands has a 1 year low of $25.78 and a 1 year high of $41.75. The company has a 50 day moving average of $37.33. The company has a quick ratio of 1.07, a current ratio of 2.47 and a debt-to-equity ratio of 18.80.

Kontoor Brands (NYSE:KTB) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.95 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.87 by $0.08. The firm had revenue of $638.00 million during the quarter, compared to analysts’ expectations of $646.22 million. Kontoor Brands’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.25 EPS. As a group, sell-side analysts anticipate that Kontoor Brands will post 3.77 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Tuesday, December 10th will be given a dividend of $0.56 per share. The ex-dividend date is Monday, December 9th. This represents a $2.24 dividend on an annualized basis and a yield of 5.86%.

Several hedge funds have recently added to or reduced their stakes in KTB. Resources Management Corp CT ADV purchased a new stake in Kontoor Brands during the 3rd quarter worth about $46,000. Keeley Teton Advisors LLC grew its holdings in shares of Kontoor Brands by 12.2% during the third quarter. Keeley Teton Advisors LLC now owns 185,448 shares of the company’s stock worth $6,509,000 after buying an additional 20,109 shares in the last quarter. Metropolitan Life Insurance Co NY grew its holdings in shares of Kontoor Brands by 403.3% during the third quarter. Metropolitan Life Insurance Co NY now owns 14,505 shares of the company’s stock worth $509,000 after buying an additional 11,623 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Kontoor Brands by 1.2% in the third quarter. California State Teachers Retirement System now owns 70,032 shares of the company’s stock valued at $2,458,000 after buying an additional 845 shares during the last quarter. Finally, GW Henssler & Associates Ltd. raised its position in shares of Kontoor Brands by 2.4% in the third quarter. GW Henssler & Associates Ltd. now owns 17,656 shares of the company’s stock valued at $620,000 after buying an additional 409 shares during the last quarter. Institutional investors and hedge funds own 89.58% of the company’s stock.

Further Reading: Differences Between Momentum Investing and Long Term Investing

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