Kontoor Brands (NYSE:KTB) Updates FY24 Earnings Guidance

Kontoor Brands (NYSE:KTB) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $4.83 from $4.80 for the period, compared to the consensus EPS estimate of $4.77. The company issued revenue guidance of $2.60 billion from $2.57 billion to $2.63 billion, compared to the consensus revenue estimate of $2.61 billion. Kontoor Brands also updated its FY 2024 guidance to 4.830-4.830 EPS.

Kontoor Brands Price Performance

NYSE KTB traded down $3.98 during trading hours on Friday, reaching $81.65. 1,159,909 shares of the stock traded hands, compared to its average volume of 373,227. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.50 and a quick ratio of 1.43. The stock has a 50 day simple moving average of $77.81 and a two-hundred day simple moving average of $71.46. Kontoor Brands has a 1 year low of $39.90 and a 1 year high of $89.76. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 18.39, a price-to-earnings-growth ratio of 2.23 and a beta of 1.19.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.25 by $0.12. The firm had revenue of $670.19 million for the quarter, compared to analyst estimates of $663.45 million. Kontoor Brands had a return on equity of 73.99% and a net margin of 9.72%. The company’s revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.22 EPS. On average, analysts predict that Kontoor Brands will post 4.8 EPS 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. Stockholders of record on Monday, December 9th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.55%. This is a positive change 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%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. UBS Group increased their target price on shares of Kontoor Brands from $103.00 to $110.00 and gave the company a “buy” rating in a report on Friday. Stifel Nicolaus lowered Kontoor Brands from a “buy” rating to a “hold” rating and boosted their target price for the company from $89.00 to $93.00 in a research note on Friday. Barclays increased their target price on Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating 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 research note on Friday. Finally, Wells Fargo & Company increased their price objective on Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.