Stifel analysts upgrades a Buy rating for Kontoor Brands Inc. (KTB)


Kontoor Brands Inc.’s recently made public that its EVP, Co-COO, GB President-Lee Waldeck Christopher unloaded Company’s shares for reported $1.82 million on Mar 16. In the deal valued at $50.99 per share,35,684 shares were sold. As a result of this transaction, Waldeck Christopher now holds 92,252 shares worth roughly $ 4.26 million.

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Then, Sumner Susan Denise sold 11,535 shares, generating $582,821 in total proceeds. Upon selling the shares at $50.53, the VP & Chief Accounting Officer now owns 16,326 shares.

Before that, Waldron Thomas E. sold 31,237 shares. Kontoor Brands Inc. shares valued at $1,622,169 were divested by the EVP, Co-COO, GB Pres Wrangler at a price of $51.93 per share. As a result of the transaction, Waldron Thomas E. now holds 101,347 shares, worth roughly $4.68 million.

Stifel upgraded its Kontoor Brands Inc. [KTB] rating to a Buy from a a Hold in a research note published on Friday, March 01, 2023; the price target was increased to $63 from $44. PT values the company’s stock at a premium of 26.7 to its Friday closing price.

Price Performance Review of KTB

On Friday, Kontoor Brands Inc. [NYSE:KTB] saw its stock jump 0.85% to $46.18. On the same session, the stock had its day’s lowest price of $45.78, but rose to a high of $46.5212. Over the last five days, the stock has gained 0.13%. Kontoor Brands Inc. shares have risen nearly 15.48% since the year began. Nevertheless, the stocks have risen 24.04% over the past one year. While a 52-week high of $53.83 was reached on 03/01/23, a 52-week low of $31.46 was recorded on 07/10/23. SMA at 50 days reached $43.69, while 200 days put it at $44.38. A total of 0.36 million shares were traded, compared to the trading of 0.63 million shares in the previous session.

Levels Of Support And Resistance For KTB Stock

The 24-hour chart illustrates a support level at 45.80, which if violated will result in even more drops to 45.42. On the upside, there is a resistance level at 46.54. A further resistance level may holdings at 46.90. The Relative Strength Index (RSI) on the 14-day chart is 51.80, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.63, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 74.95%. Stochastics %K at 14.66% indicates the stock is a buying.

How much short interest is there in Kontoor Brands Inc.?

A steep rise in short interest was recorded in Kontoor Brands Inc. stocks on Aug 14, 2023, growing by 0.16 million shares to a total of 2.66 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 2.5 million shares. There was a rise of 6.02%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 6.46% of the overall stock float, the days-to-cover ratio (short ratio) rose to 6.04.

Kontoor Brands Inc. [KTB] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 7,505,058 shares, or roughly 13.38% of the outstanding KTB shares. In other words, the investor’s shares have fallen by -99,148 from its previous 13-F filing of 7604206.0. Additionally, The Vanguard Group, Inc. decreased -0.58% of its stake after which the total value it holdings stand at $264,893,219, while PNC Bank, NA reduced -0.01% of its stake to hold $228.4 million in the firm. Over the last quarter, Fidelity Management & Research Co purchased 797,081 shares of Kontoor Brands Inc., while Capital Research & Management Co bought 0 shares. At present, Threadneedle Asset Management Ltd is holding 2,103,823 shares valued at $89.12 million. SSgA Funds Management, Inc. owned 2,079,112 shares of the company at the time of its most recent 13F filing, worth $88.07 million.

According to FactSet, Kontoor Brands Inc.’s share price will average $52.71 in the next year, based on opinions of analysts polled by the firm. This is up nearly 22.3 percent from its previous closing price of $45.79. Analysts expect Kontoor Brands Inc. stock to reach the higher price of $65.00, while the lowest price estimate is $27.00. However, 7 analysts have rated KTB stock as an Overweight in their predictions for 2023.


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