Kontoor Brands, Inc. (NYSE:KTB) to Issue $0.50 Quarterly Dividend

Kontoor Brands, Inc. (NYSE:KTB) declared a quarterly dividend on Friday, April 19th, Zacks reports. Stockholders of record on Monday, June 10th will be paid a dividend of 0.50 per share on Thursday, June 20th. This represents a $2.00 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Monday, June 10th.

Kontoor Brands has increased its dividend by an average of 26.4% annually over the last three years and has increased its dividend every year for the last 3 years. Kontoor Brands has a payout ratio of 39.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Kontoor Brands to earn $5.47 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 36.6%.

Kontoor Brands Stock Up 1.9 %

Shares of NYSE KTB opened at $56.45 on Friday. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.47 and a beta of 1.13. The business has a 50-day moving average of $59.15 and a 200-day moving average of $55.87. The company has a current ratio of 2.66, a quick ratio of 1.38 and a debt-to-equity ratio of 2.05. Kontoor Brands has a 12 month low of $37.10 and a 12 month high of $64.49.

Kontoor Brands (NYSE:KTB) last issued its earnings results on Wednesday, February 28th. The company reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.02). The firm had revenue of $669.80 million during the quarter, compared to analysts’ expectations of $720.70 million. Kontoor Brands had a return on equity of 76.30% and a net margin of 8.86%. Sell-side analysts expect that Kontoor Brands will post 4.7 earnings per share for the current fiscal year.

Institutional Trading of Kontoor Brands

A number of institutional investors have recently made changes to their positions in KTB. Advisor Group Holdings Inc. boosted its stake in shares of Kontoor Brands by 7.3% during the first quarter. Advisor Group Holdings Inc. now owns 6,135 shares of the company’s stock valued at $295,000 after purchasing an additional 418 shares during the period. Raymond James & Associates raised its holdings in shares of Kontoor Brands by 8.1% during the first quarter. Raymond James & Associates now owns 24,441 shares of the company’s stock valued at $1,011,000 after acquiring an additional 1,821 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Kontoor Brands by 4.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 10,700 shares of the company’s stock valued at $442,000 after acquiring an additional 439 shares in the last quarter. Citigroup Inc. raised its holdings in shares of Kontoor Brands by 3.5% during the first quarter. Citigroup Inc. now owns 45,858 shares of the company’s stock valued at $1,895,000 after acquiring an additional 1,561 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of Kontoor Brands by 2.1% during the first quarter. Bank of Montreal Can now owns 17,999 shares of the company’s stock valued at $771,000 after acquiring an additional 362 shares in the last quarter. Hedge funds and other institutional investors own 93.06% of the company’s stock.

Wall Street Analysts Forecast Growth

KTB has been the subject of several research reports. The Goldman Sachs Group upped their target price on Kontoor Brands from $56.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. Barclays cut their target price on Kontoor Brands from $75.00 to $65.00 and set an “overweight” rating for the company in a research note on Thursday, February 29th. Edward Jones lowered Kontoor Brands from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. UBS Group increased their price objective on Kontoor Brands from $83.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Finally, Wells Fargo & Company increased their price objective on Kontoor Brands from $56.00 to $68.00 and gave the company an “overweight” rating in a research note on Friday, December 22nd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Kontoor Brands has a consensus rating of “Moderate Buy” and an average target price of $70.40.

About Kontoor Brands

Kontoor Brands, Inc, a lifestyle apparel company, designs, produces, procures, markets, distributes, and licenses denim, apparel, footwear, and accessories, primarily under the Wrangler and Lee brands. The company operates through two segments: Wrangler and Lee. It licenses and sells apparel under the Rock & Republic brand name.