Kontoor Brands (NYSE:KTB) Issues FY24 Earnings Guidance

Kontoor Brands (NYSE:KTB) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.83 from $4.80 for the period, compared to the consensus estimate of $4.77. The company issued revenue guidance of $2.60 billion from $2.57 billion to $2.63 billion, compared to the consensus revenue estimate of $2.61 billion. Kontoor Brands also updated its FY 2024 guidance to 4.830-4.830 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Guggenheim raised their price target on shares of Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday. UBS Group raised their target price on Kontoor Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday. Barclays increased their price target on Kontoor Brands from $83.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday. Stifel Nicolaus cut Kontoor Brands from a “buy” rating to a “hold” rating and boosted their price objective for the company from $89.00 to $93.00 in a research note on Friday. Finally, Wells Fargo & Company increased their target price on shares of Kontoor Brands from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Kontoor Brands presently has an average rating of “Moderate Buy” and a consensus price target of $95.00.

Kontoor Brands Price Performance

KTB traded down $3.98 during trading on Friday, reaching $81.65. 1,159,909 shares of the company were exchanged, compared to its average volume of 373,227. The company has a quick ratio of 1.43, a current ratio of 2.50 and a debt-to-equity ratio of 2.09. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 18.39, a P/E/G ratio of 2.23 and a beta of 1.19. Kontoor Brands has a 12-month low of $39.90 and a 12-month high of $89.76. The company’s 50-day moving average is $77.81 and its two-hundred day moving average is $71.46.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.12. The company had revenue of $670.19 million during the quarter, compared to analyst estimates of $663.45 million. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. Kontoor Brands’s revenue was up 2.4% compared to the same quarter last year. During the same period last year, the business earned $1.22 earnings per share. Research analysts forecast that Kontoor Brands will post 4.8 earnings per share for the current fiscal year.

Kontoor Brands Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Monday, December 9th will be issued a $0.52 dividend. The ex-dividend date is Monday, December 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.55%. This is a boost from Kontoor Brands’s previous quarterly dividend of $0.50. Kontoor Brands’s dividend payout ratio is presently 45.05%.

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.