Kontoor Brands (NYSE:KTB) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Kontoor Brands (NYSE:KTB) announced its earnings results on Thursday. The company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.10, Briefing.com reports. The business had revenue of $607.00 million during the quarter, compared to analysts’ expectations of $592.97 million. Kontoor Brands had a return on equity of 72.43% and a net margin of 9.35%. The company’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the business posted $0.77 earnings per share.

Kontoor Brands Stock Down 4.1 %

Shares of NYSE KTB traded down $2.92 during mid-day trading on Friday, reaching $69.12. 727,287 shares of the company traded hands, compared to its average volume of 474,475. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.42 and a current ratio of 2.74. The stock has a market cap of $3.86 billion, a PE ratio of 17.50, a price-to-earnings-growth ratio of 1.88 and a beta of 1.16. The company’s fifty day moving average is $68.67 and its two-hundred day moving average is $63.86. Kontoor Brands has a fifty-two week low of $39.90 and a fifty-two week high of $74.90.

Kontoor Brands Announces Dividend

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 issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Tuesday, September 10th. Kontoor Brands’s dividend payout ratio is 50.63%.

Insider Activity

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on KTB. Barclays increased their price objective on Kontoor Brands from $76.00 to $83.00 and gave the stock an “overweight” rating in a research note on Friday. The Goldman Sachs Group increased their price objective on Kontoor Brands from $68.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Guggenheim raised their price target on Kontoor Brands from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Stifel Nicolaus raised their price target on Kontoor Brands from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $78.83.

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.