Kontoor Brands (NYSE:KTB) Releases FY24 Earnings Guidance

Kontoor Brands (NYSE:KTB) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $4.83 from $4.80 for the period, compared to the consensus EPS 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.

Kontoor Brands Price Performance

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

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

Kontoor Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Monday, December 9th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.55%. This is a positive change from Kontoor Brands’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, December 9th. Kontoor Brands’s dividend payout ratio is presently 45.05%.

Analysts Set New Price Targets

KTB has been the subject of several research analyst reports. Barclays boosted their price objective on shares of Kontoor Brands from $83.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday. UBS Group boosted 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. Wells Fargo & Company upped their price target on Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Guggenheim lifted their price objective on Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Stifel Nicolaus downgraded shares of Kontoor Brands from a “buy” rating to a “hold” rating and upped their target price for the company from $89.00 to $93.00 in a research report on Friday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $95.00.

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.