Kontoor Brands (NYSE:KTB) Updates FY 2024 Earnings Guidance

Kontoor Brands (NYSE:KTB) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 4.830-4.830 for the period, compared to the consensus EPS estimate of 4.770. The company issued revenue guidance of $2.6 billion-$2.6 billion, compared to the consensus revenue estimate of $2.6 billion. Kontoor Brands also updated its FY24 guidance to $4.83 from $4.80 EPS.

Kontoor Brands Trading Down 4.6 %

NYSE:KTB opened at $81.65 on Friday. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.50 and a quick ratio of 1.43. Kontoor Brands has a one year low of $39.90 and a one year high of $89.76. The company has a market cap of $4.55 billion, a PE ratio of 18.39, a PEG ratio of 2.23 and a beta of 1.19. The firm has a 50-day moving average of $77.81 and a 200-day moving average of $71.46.

Kontoor Brands (NYSE:KTB) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.25 by $0.12. The firm had revenue of $670.19 million during the quarter, compared to the consensus estimate of $663.45 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.22 earnings per share. As a group, equities research analysts expect that Kontoor Brands will post 4.8 EPS for the current fiscal year.

Kontoor Brands Increases Dividend

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

Analyst Ratings Changes

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

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.