Denim maker Kontoor hits over 2-year high on stock buyback plan

Kontoor Brands

11/12/2023 15:26

** Shares of Kontoor Brands Inc  KTB.N  last up 3.2% at
$55.94 early Mon as denim maker looks to buy back some of its
stock
    ** KTB rises as much as 4.3% to $56.50, highest since late
Nov 2021
    ** Wrangler and Lee jeans maker announces new $300 mln share
repurchase program
    ** Co says expects to fund repurchases through cash flow
generated from operations
    ** Kontoor has ~56.2 mln shares outstanding for roughly $3.1
bln market cap, per LSEG
    ** With move on the session, shares up ~40% YTD
    ** Avg rating among 7 analysts is "buy" and their median PT
is $59

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))