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

Kontoor Brands (NYSE:KTB - Get Free Report) updated its FY 2024 earnings guidance on Friday. The company provided EPS guidance of 4.700-4.800 for the period, compared to the consensus EPS estimate of 4.660. 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 Q2 2024 guidance to 0.850-0.850 EPS.

Analyst Ratings Changes

Several research analysts have weighed in on KTB shares. Edward Jones downgraded Kontoor Brands from a buy rating to a hold rating in a research note on Friday, January 26th. UBS Group raised their target price on shares of Kontoor Brands from $83.00 to $85.00 and gave the company a buy rating in a research note on Friday, February 16th. The Goldman Sachs Group boosted their price target on shares of Kontoor Brands from $68.00 to $77.00 and gave the stock a buy rating in a research note on Friday. Finally, Barclays raised 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. One analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $75.20.

Kontoor Brands Price Performance

Kontoor Brands stock traded down $1.72 during mid-day trading on Friday, reaching $65.65. 1,008,480 shares of the company's stock traded hands, compared to its average volume of 581,672. Kontoor Brands has a 12-month low of $37.10 and a 12-month high of $69.69. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 16.17, a PEG ratio of 1.65 and a beta of 1.11. The stock has a 50 day moving average of $59.10 and a two-hundred day moving average of $57.18. The company has a quick ratio of 1.38, a current ratio of 2.66 and a debt-to-equity ratio of 2.05.

Kontoor Brands (NYSE:KTB - Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.90 by $0.26. The company had revenue of $631.20 million during the quarter, compared to analyst estimates of $607.91 million. Kontoor Brands had a return on equity of 76.30% and a net margin of 8.86%. The firm's revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the business posted $1.16 earnings per share. Equities analysts forecast that Kontoor Brands will post 4.7 earnings per share for the current year.

Kontoor Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Monday, June 10th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $2.00 annualized dividend and a dividend yield of 3.05%. Kontoor Brands's dividend payout ratio (DPR) is presently 49.26%.

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.