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

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

Kontoor Brands Trading Down 4.1 %

NYSE KTB traded down $2.92 during trading on Friday, hitting $69.12. 727,287 shares of the company’s stock traded hands, compared to its average volume of 474,475. The stock has a fifty day moving average of $68.67 and a two-hundred day moving average of $63.81. The company has a debt-to-equity ratio of 2.04, a current ratio of 2.74 and a quick ratio of 1.42. Kontoor Brands has a 12-month low of $39.90 and a 12-month high of $74.90. The firm has a market cap of $3.86 billion, a P/E ratio of 17.50, a PEG ratio of 1.88 and a beta of 1.16.

Kontoor Brands Announces Dividend

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

Insider Buying and Selling at Kontoor Brands

In other Kontoor Brands news, CAO Susan Denise Sumner sold 4,713 shares of the company’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 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 is accessible through this link. In other news, CAO Susan Denise Sumner sold 4,713 shares of the 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 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 is accessible through the SEC website. Also, CEO Scott H. Baxter sold 29,212 shares of the stock in a transaction dated Wednesday, May 29th. The stock was 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 owns 318,188 shares of the company’s stock, valued at $22,756,805.76. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on KTB. Barclays upped their price target on shares of Kontoor Brands from $76.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday. Stifel Nicolaus upped 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. The Goldman Sachs Group upped their target price on shares of Kontoor Brands from $68.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. Finally, Guggenheim upped their target price on shares of Kontoor Brands from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.