Kontoor Brands (NYSE:KTB) Hits New 1-Year High After Strong Earnings

Shares of Kontoor Brands, Inc. (NYSE:KTB) reached a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $69.69 and last traded at $67.85, with a volume of 182278 shares changing hands. The stock had previously closed at $62.14.

The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.26. The company had revenue of $631.20 million during the quarter, compared to the consensus estimate of $607.91 million. Kontoor Brands had a return on equity of 71.45% and a net margin of 8.72%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.16 EPS.

Kontoor Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Monday, June 10th will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.05%. Kontoor Brands’s dividend payout ratio (DPR) is 50.63%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Edward Jones downgraded Kontoor Brands from a “buy” rating to a “hold” rating in a report on Friday, January 26th. 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 report on Friday. UBS Group raised their price objective on shares of Kontoor Brands from $83.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Finally, Barclays boosted their target price on shares of Kontoor Brands from $65.00 to $76.00 and gave the company an “overweight” rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $75.20.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Prime Capital Investment Advisors LLC grew its holdings in shares of Kontoor Brands by 1.9% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 9,148 shares of the company’s stock valued at $571,000 after acquiring an additional 172 shares in the last quarter. Kinloch Capital LLC increased its position in Kontoor Brands by 0.6% in the 3rd quarter. Kinloch Capital LLC now owns 36,424 shares of the company’s stock worth $1,599,000 after purchasing an additional 209 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Kontoor Brands by 1.6% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 16,053 shares of the company’s stock worth $705,000 after purchasing an additional 250 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Kontoor Brands by 2.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 12,611 shares of the company’s stock valued at $554,000 after buying an additional 279 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Kontoor Brands by 2.4% in the 3rd quarter. Arizona State Retirement System now owns 14,370 shares of the company’s stock valued at $631,000 after buying an additional 335 shares in the last quarter. Institutional investors and hedge funds own 93.06% of the company’s stock.

Kontoor Brands Stock Down 2.6 %

The stock has a market cap of $3.66 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 1.79 and a beta of 1.11. The business has a fifty day moving average of $59.10 and a 200 day moving average of $57.18. The company has a debt-to-equity ratio of 1.96, a current ratio of 2.70 and a quick ratio of 1.38.

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.