Kontoor Brands (NYSE:KTB) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Posted by Faye Duncan on Aug 6th, 2022

Kontoor Brands (NYSE:KTB – Get Rating) issued its earnings results on Thursday. The company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.03, Fidelity Earnings reports. Kontoor Brands had a return on equity of 138.25% and a net margin of 8.46%. The business had revenue of $613.50 million for the quarter, compared to analyst estimates of $624.46 million. During the same period last year, the company posted $0.40 EPS. The business’s quarterly revenue was up 25.0% on a year-over-year basis. Kontoor Brands updated its FY22 guidance to $4.40-4.50 EPS and its FY 2022 guidance to $4.40-$4.50 EPS.

Kontoor Brands Stock Down 1.9 %

NYSE:KTB traded down $0.73 during mid-day trading on Friday, reaching $38.64. The stock had a trading volume of 417,645 shares, compared to its average volume of 474,010. The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of 10.67, a price-to-earnings-growth ratio of 1.08 and a beta of 1.14. Kontoor Brands has a 1-year low of $30.98 and a 1-year high of $61.24. The stock’s 50 day simple moving average is $35.73 and its two-hundred day simple moving average is $41.01. The company has a debt-to-equity ratio of 4.29, a current ratio of 2.01 and a quick ratio of 1.12.

Kontoor Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 19th. Investors of record on Friday, September 9th will be paid a $0.46 dividend. The ex-dividend date is Thursday, September 8th. This represents a $1.84 dividend on an annualized basis and a yield of 4.76%. Kontoor Brands’s dividend payout ratio (DPR) is 50.83%.

Hedge Funds Weigh In On Kontoor Brands

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Kontoor Brands by 1.6% in the first quarter. Vanguard Group Inc. now owns 5,713,342 shares of the company’s stock worth $236,247,000 after purchasing an additional 88,296 shares in the last quarter. State Street Corp lifted its holdings in Kontoor Brands by 1.0% in the first quarter. State Street Corp now owns 1,829,720 shares of the company’s stock worth $75,659,000 after acquiring an additional 18,101 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Kontoor Brands by 3.1% in the first quarter. Wellington Management Group LLP now owns 1,326,447 shares of the company’s stock worth $54,848,000 after acquiring an additional 39,777 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Kontoor Brands by 3.4% in the first quarter. Goldman Sachs Group Inc. now owns 597,487 shares of the company’s stock worth $24,706,000 after acquiring an additional 19,599 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Kontoor Brands by 11.9% in the first quarter. Dimensional Fund Advisors LP now owns 591,808 shares of the company’s stock worth $24,474,000 after acquiring an additional 63,115 shares during the last quarter. 99.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on KTB shares. Wells Fargo & Company started coverage on Kontoor Brands in a report on Monday, July 11th. They issued an “overweight” rating and a $40.00 price target for the company. TheStreet upgraded Kontoor Brands from a “c” rating to a “b” rating in a report on Friday, May 13th. William Blair downgraded Kontoor Brands to a “hold” rating and set a $43.00 target price for the company. in a research note on Monday, July 25th. UBS Group lowered their target price on Kontoor Brands from $78.00 to $50.00 in a research note on Friday, July 15th. Finally, The Goldman Sachs Group lowered their target price on Kontoor Brands from $41.00 to $34.00 and set a “neutral” rating for the company in a research note on Thursday, July 21st. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Kontoor Brands has an average rating of “Hold” and a consensus price target of $40.83.

Kontoor Brands Company Profile

(Get Rating)

Kontoor Brands, Inc, a lifestyle apparel company, designs, manufactures, procures, markets, and distributes denim, apparel, and accessories under the Wrangler, Lee, and Rock & Republic brands in the United States and internationally. It operates through two segments, Wrangler and Lee. The company sells its products primarily through mass merchants, specialty stores, mid-tier and traditional department stores, company-operated stores, and online.