Wall Street brokerages forecast that Kontoor Brands, Inc. (NYSE:KTB) will announce $616.25 million in sales for the current quarter, Zacks reports. Two analysts have issued estimates for Kontoor Brands’ earnings, with the highest sales estimate coming in at $626.50 million and the lowest estimate coming in at $606.00 million. Kontoor Brands reported sales of $504.50 million during the same quarter last year, which would suggest a positive year over year growth rate of 22.2%. The business is scheduled to announce its next quarterly earnings results before the market opens on Thursday, May 6th.
On average, analysts expect that Kontoor Brands will report full year sales of $2.35 billion for the current year, with estimates ranging from $2.35 billion to $2.36 billion. For the next year, analysts expect that the firm will post sales of $2.43 billion, with estimates ranging from $2.42 billion to $2.45 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Kontoor Brands.
Kontoor Brands (NYSE:KTB) last released its earnings results on Monday, March 1st. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.27. Kontoor Brands had a net margin of 2.56% and a return on equity of 1,685.31%. The business had revenue of $660.90 million during the quarter, compared to analysts’ expectations of $639.34 million. During the same period last year, the business earned $0.97 earnings per share. The firm’s revenue was up 1.3% on a year-over-year basis.
In related news, CAO Susan Denise Sumner sold 20,876 shares of the firm’s stock in a transaction dated Thursday, March 18th. The shares were sold at an average price of $54.85, for a total transaction of $1,145,048.60. Following the transaction, the chief accounting officer now directly owns 19,879 shares of the company’s stock, valued at $1,090,363.15. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.90% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in KTB. BlackRock Inc. boosted its position in shares of Kontoor Brands by 4.2% during the 4th quarter. BlackRock Inc. now owns 7,379,175 shares of the company’s stock worth $299,299,000 after acquiring an additional 299,525 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Kontoor Brands by 3,613.2% during the fourth quarter. Alliancebernstein L.P. now owns 2,565,139 shares of the company’s stock worth $104,042,000 after purchasing an additional 2,496,058 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Kontoor Brands by 239.7% in the 4th quarter. Northern Trust Corp now owns 2,233,482 shares of the company’s stock valued at $90,590,000 after purchasing an additional 1,575,989 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Kontoor Brands by 77.4% in the 4th quarter. Bank of New York Mellon Corp now owns 1,050,733 shares of the company’s stock valued at $42,618,000 after purchasing an additional 458,284 shares during the last quarter. Finally, SummerHaven Investment Management LLC acquired a new position in shares of Kontoor Brands during the 4th quarter worth $1,018,000. 87.46% of the stock is currently owned by institutional investors.
Shares of KTB traded down $0.18 during midday trading on Thursday, reaching $64.30. The stock had a trading volume of 636,596 shares, compared to its average volume of 470,543. The firm has a market cap of $3.69 billion, a PE ratio of 70.09, a P/E/G ratio of 2.20 and a beta of 1.10. The firm has a 50 day simple moving average of $56.21 and a 200-day simple moving average of $44.79. Kontoor Brands has a one year low of $13.53 and a one year high of $67.74. The company has a current ratio of 2.21, a quick ratio of 1.27 and a debt-to-equity ratio of 39.25.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 18th. Stockholders of record on Tuesday, June 8th will be given a $0.40 dividend. The ex-dividend date of this dividend is Monday, June 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.49%. Kontoor Brands’s payout ratio is presently 41.67%.
About Kontoor Brands
Kontoor Brands, Inc, a lifestyle apparel company, designs, manufactures, procures, markets, and distributes apparel under the Wrangler and Lee brands in the United States and internationally. The company sells its products primarily through mass and mid-tier retailers, specialty stores, department stores, and retailer-owned and third-party e-commerce sites, as well as through direct-to-consumer channels, including full-price and outlet stores, and its websites.
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