Kontoor Brands (NYSE:KTB) Issues FY 2024 Earnings Guidance

Kontoor Brands (NYSE:KTB) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 4.800-4.800 for the period, compared to the consensus EPS estimate of 4.710. The company issued revenue guidance of $2.6 billion-$2.6 billion, compared to the consensus revenue estimate of $2.6 billion. Kontoor Brands also updated its FY24 guidance to $4.80 EPS.

Kontoor Brands Stock Up 2.8 %

Shares of NYSE KTB traded up $1.99 during trading hours on Thursday, hitting $72.14. 158,067 shares of the stock were exchanged, compared to its average volume of 527,641. The company has a market cap of $4.03 billion, a PE ratio of 17.76, a PEG ratio of 1.84 and a beta of 1.16. The company has a quick ratio of 1.42, a current ratio of 2.70 and a debt-to-equity ratio of 1.96. Kontoor Brands has a 12 month low of $39.90 and a 12 month high of $74.90. The firm has a fifty day moving average price of $68.74 and a 200-day moving average price of $63.67.

Kontoor Brands (NYSE:KTB) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.26. Kontoor Brands had a net margin of 8.72% and a return on equity of 71.45%. The firm had revenue of $631.20 million for the quarter, compared to analyst estimates of $607.91 million. During the same period last year, the company posted $1.16 EPS. Kontoor Brands’s quarterly revenue was down 5.4% compared to the same quarter last year. On average, sell-side analysts expect that Kontoor Brands will post 4.73 EPS for the current year.

Kontoor Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Tuesday, September 10th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.77%. The ex-dividend date is Tuesday, September 10th. Kontoor Brands’s payout ratio is currently 50.63%.

Analysts Set New Price Targets

KTB has been the topic of a number of recent research reports. Barclays boosted their target price on Kontoor Brands from $65.00 to $76.00 and gave the company an overweight rating in a report on Friday, May 3rd. The Goldman Sachs Group lifted their target price on shares of Kontoor Brands from $68.00 to $77.00 and gave the company a buy rating in a report on Friday, May 3rd. Finally, Stifel Nicolaus boosted their target price on shares of Kontoor Brands from $77.00 to $80.00 and gave the stock a buy rating in a research report on Friday, June 14th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Kontoor Brands has an average rating of Moderate Buy and a consensus target price of $77.20.

Insider Buying and Selling at Kontoor Brands

In other news, CAO Susan Denise Sumner sold 4,713 shares of Kontoor Brands stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $72.36, for a total transaction of $341,032.68. Following the transaction, the chief accounting officer now directly owns 15,379 shares of the company’s stock, valued at $1,112,824.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Susan Denise Sumner sold 4,713 shares of Kontoor Brands stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $72.36, for a total value of $341,032.68. Following the completion of the sale, the chief accounting officer now directly owns 15,379 shares in the company, valued at $1,112,824.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Scott H. Baxter sold 29,212 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $71.52, for a total value of $2,089,242.24. Following the completion of the transaction, the chief executive officer now directly owns 318,188 shares of the company’s stock, valued at approximately $22,756,805.76. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Kontoor Brands Company Profile

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.