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

Kontoor Brands (NYSE:KTB) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 4.830-4.830 for the period, compared to the consensus 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 Performance

NYSE:KTB opened at $81.65 on Friday. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.43 and a current ratio of 2.50. Kontoor Brands has a 52-week low of $39.90 and a 52-week high of $89.76. The firm 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. The business’s fifty day moving average is $77.81 and its 200 day moving average is $71.46.

Kontoor Brands (NYSE:KTB) last released its quarterly earnings data 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. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The company had revenue of $670.19 million for the quarter, compared to analyst estimates of $663.45 million. During the same period in the previous year, the company posted $1.22 EPS. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. Research analysts predict that Kontoor Brands will post 4.8 EPS for the current year.

Kontoor Brands Increases Dividend

The firm 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 represents a $2.08 annualized dividend and a yield of 2.55%. This is a boost from Kontoor Brands’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, December 9th. Kontoor Brands’s payout ratio is presently 45.05%.

Analysts Set New Price Targets

KTB has been the subject of several recent analyst reports. Barclays boosted their target price on Kontoor Brands from $83.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday. 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. 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. Stifel Nicolaus cut Kontoor Brands from a “buy” rating to a “hold” rating and boosted their target price for the stock from $89.00 to $93.00 in a research report on Friday. Finally, 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. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average 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.