Kontoor Brands (NYSE:KTB) Sets New 12-Month High After Earnings Beat

Kontoor Brands, Inc. (NYSE:KTB)’s share price reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $69.69 and last traded at $67.85, with a volume of 182278 shares traded. The stock had previously closed at $62.14.

The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.26. The firm had revenue of $631.20 million during the quarter, compared to the consensus estimate of $607.91 million. Kontoor Brands had a return on equity of 71.45% and a net margin of 8.72%. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the company posted $1.16 EPS.

Kontoor Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Monday, June 10th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.05%. The ex-dividend date is Monday, June 10th. Kontoor Brands’s dividend payout ratio (DPR) is currently 50.63%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on KTB. UBS Group upped their target price on shares of Kontoor Brands from $83.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Barclays increased their price objective on Kontoor Brands from $65.00 to $76.00 and gave the company an “overweight” rating in a research report on Friday. The Goldman Sachs Group boosted their target price on Kontoor Brands from $68.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Edward Jones cut shares of Kontoor Brands from a “buy” rating to a “hold” rating in a research report on Friday, January 26th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.20.

Institutional Investors Weigh In On Kontoor Brands

Several institutional investors have recently bought and sold shares of KTB. McGlone Suttner Wealth Management Inc. bought a new stake in Kontoor Brands in the fourth quarter valued at approximately $25,000. Principal Securities Inc. bought a new stake in Kontoor Brands in the 4th quarter worth $32,000. Cary Street Partners Investment Advisory LLC increased its position in shares of Kontoor Brands by 5,710.0% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 581 shares of the company’s stock valued at $26,000 after acquiring an additional 571 shares during the period. Oakworth Capital Inc. raised its stake in shares of Kontoor Brands by 157.8% during the fourth quarter. Oakworth Capital Inc. now owns 781 shares of the company’s stock valued at $49,000 after acquiring an additional 478 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Kontoor Brands during the fourth quarter worth about $81,000. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

Kontoor Brands Stock Down 2.6 %

The company has a market capitalization of $3.66 billion, a P/E ratio of 16.62, a PEG ratio of 1.79 and a beta of 1.11. The company has a debt-to-equity ratio of 1.96, a current ratio of 2.70 and a quick ratio of 1.38. The company has a 50 day moving average of $59.10 and a 200-day moving average of $57.18.

About Kontoor Brands

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.