Kontoor Brands (NYSE:KTB) Issues Quarterly Earnings Results

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

Kontoor Brands Trading Down 4.1 %

NYSE KTB traded down $2.92 during trading hours on Friday, reaching $69.12. The company had a trading volume of 727,287 shares, compared to its average volume of 474,475. The stock has a 50-day moving average of $68.67 and a 200 day moving average of $63.86. Kontoor Brands has a 1-year low of $39.90 and a 1-year high of $74.90. The company has a current ratio of 2.74, a quick ratio of 1.42 and a debt-to-equity ratio of 2.04. The stock has a market capitalization of $3.86 billion, a P/E ratio of 17.50, a price-to-earnings-growth ratio of 1.88 and a beta of 1.16.

Kontoor Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Tuesday, September 10th will be given a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $2.00 dividend on an annualized basis and a yield of 2.89%. Kontoor Brands’s payout ratio is currently 50.63%.

Insider Buying and Selling at Kontoor Brands

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on KTB shares. Stifel Nicolaus lifted their target price on shares of Kontoor Brands from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Barclays lifted their target price on shares of Kontoor Brands from $76.00 to $83.00 and gave the stock an “overweight” rating in a research note on Friday. Guggenheim lifted their target price on shares of Kontoor Brands from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday. Finally, The Goldman Sachs Group boosted their price target on shares of Kontoor Brands from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average 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.