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 Stock Down 4.6 %

Shares of Kontoor Brands stock traded down $3.98 during midday trading on Friday, hitting $81.65. The company had a trading volume of 1,159,909 shares, compared to its average volume of 485,484. The company has a 50 day moving average of $77.81 and a 200 day moving average of $71.34. The stock has a market capitalization of $4.55 billion, a P/E ratio of 18.39, a P/E/G ratio of 1.99 and a beta of 1.20. Kontoor Brands has a 52-week low of $39.90 and a 52-week high of $89.76. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.43 and a current ratio of 2.74.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.37 earnings per share 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 analyst estimates of $663.45 million. Kontoor Brands had a net margin of 9.35% and a return on equity of 72.43%. 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 EPS. On average, equities analysts predict that Kontoor Brands will post 4.8 earnings per share for the current fiscal year.

Kontoor Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Monday, December 9th will be given a $0.52 dividend. The ex-dividend date of this dividend is Monday, December 9th. This is a boost from Kontoor Brands’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 2.55%. Kontoor Brands’s dividend payout ratio is 46.85%.

Analyst Upgrades and Downgrades

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