Kontoor Brands (NYSE:KTB) Updates 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 guidance of 4.830-4.830 for the period, compared to the consensus earnings per share 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 traded down $3.98 on Friday, hitting $81.65. 1,159,909 shares of the company traded hands, compared to its average volume of 485,484. The company has a market capitalization of $4.55 billion, a price-to-earnings ratio of 18.39, a P/E/G ratio of 1.99 and a beta of 1.20. The company has a current ratio of 2.74, a quick ratio of 1.43 and a debt-to-equity ratio of 2.04. The business’s 50 day moving average price is $77.81 and its 200-day moving average price is $71.34. Kontoor Brands has a 52-week low of $39.90 and a 52-week high of $89.76.

Kontoor Brands (NYSE:KTB) last released its earnings results on Thursday, October 31st. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.12. Kontoor Brands had a return on equity of 72.43% and a net margin of 9.35%. The company had revenue of $670.19 million for the quarter, compared to the consensus estimate of $663.45 million. During the same period in the previous year, the business earned $1.22 earnings per share. Kontoor Brands’s quarterly revenue was up 2.4% compared to the same quarter last year. Equities analysts expect that Kontoor Brands will post 4.8 earnings per share for the current 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 given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.55%. This is an increase 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 46.85%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on KTB shares. Wells Fargo & Company boosted their price objective on Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Stifel Nicolaus cut Kontoor Brands from a “buy” rating to a “hold” rating and lifted their target price for the stock from $89.00 to $93.00 in a report on Friday. Guggenheim lifted their target price on Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a report on Friday. UBS Group lifted their target price on Kontoor Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a report on Friday. Finally, Barclays lifted their target price on Kontoor Brands from $83.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Kontoor Brands presently has a consensus rating of “Moderate Buy” and an average target price of $95.00.

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.