Bank of America upgraded shares of Kontoor Brands (NYSE:KTB) from an underperform rating to a buy rating in a report issued on Monday morning, The Fly reports. Bank of America currently has $38.00 price objective on the stock, up from their prior price objective of $17.00.
Other equities research analysts have also recently issued reports about the company. Zacks Investment Research raised Kontoor Brands from a hold rating to a buy rating and set a $31.00 target price on the stock in a report on Wednesday, October 14th. Piper Sandler lifted their target price on Kontoor Brands from $29.00 to $36.00 in a report on Tuesday, October 13th. UBS Group initiated coverage on Kontoor Brands in a research note on Wednesday, July 22nd. They set a neutral rating and a $20.00 price objective on the stock. The Goldman Sachs Group boosted their price objective on Kontoor Brands from $24.00 to $29.00 and gave the stock a buy rating in a research note on Tuesday, September 29th. Finally, Barclays raised Kontoor Brands from an equal weight rating to an overweight rating and set a $32.00 price objective on the stock in a research note on Wednesday, October 7th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company’s stock. Kontoor Brands presently has a consensus rating of Buy and an average price target of $31.30.
NYSE:KTB opened at $34.75 on Monday. Kontoor Brands has a 52 week low of $12.90 and a 52 week high of $43.24. The business’s 50-day simple moving average is $26.57 and its two-hundred day simple moving average is $20.81. The stock has a market cap of $1.98 billion, a PE ratio of 289.58, a P/E/G ratio of 5.88 and a beta of 1.19.
Several large investors have recently made changes to their positions in the business. Deutsche Bank AG raised its stake in shares of Kontoor Brands by 5.6% during the 1st quarter. Deutsche Bank AG now owns 28,395 shares of the company’s stock worth $545,000 after buying an additional 1,494 shares during the period. Geode Capital Management LLC raised its stake in shares of Kontoor Brands by 8.0% during the 1st quarter. Geode Capital Management LLC now owns 633,974 shares of the company’s stock worth $12,153,000 after buying an additional 47,119 shares during the period. Morgan Stanley raised its stake in shares of Kontoor Brands by 299.3% during the 1st quarter. Morgan Stanley now owns 1,345,256 shares of the company’s stock worth $25,787,000 after buying an additional 1,008,371 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Kontoor Brands by 273.5% during the 1st quarter. Tower Research Capital LLC TRC now owns 1,494 shares of the company’s stock worth $29,000 after buying an additional 1,094 shares during the period. Finally, Advisor Group Holdings Inc. acquired a new position in shares of Kontoor Brands during the 1st quarter worth approximately $202,000. Institutional investors and hedge funds own 89.71% of the company’s stock.
About Kontoor Brands
Kontoor Brands, Inc designs, manufactures, sources, markets, and distributes apparel under the Wrangler and Lee brands in the United States and internationally. The company sells its products primarily through mass and mid-tier retailers, specialty stores, department stores, and retailer-owned and third-party e-commerce sites, as well as through direct-to-consumer channels, including full-price stores, outlet stores, and its Websites.
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