Kontoor Brands (NYSE:KTB) Issues FY24 Earnings Guidance

Kontoor Brands (NYSE:KTB) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $4.83 from $4.80 for the period, compared to the consensus 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 Stock Performance

Shares of KTB opened at $83.73 on Thursday. The company’s 50 day simple moving average is $77.36 and its 200-day simple moving average is $71.05. Kontoor Brands has a 12-month low of $39.90 and a 12-month high of $84.88. The firm has a market cap of $4.67 billion, a PE ratio of 19.38, a price-to-earnings-growth ratio of 2.04 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.

Kontoor Brands (NYSE:KTB) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.10. Kontoor Brands had a net margin of 9.35% and a return on equity of 72.43%. The company had revenue of $607.00 million for the quarter, compared to the consensus estimate of $592.97 million. During the same period last year, the firm posted $0.77 EPS. Kontoor Brands’s revenue for the quarter was down 1.5% on a year-over-year basis. As a group, equities analysts predict that Kontoor Brands will post 4.8 EPS for the current year.

Kontoor Brands Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Monday, December 9th will be issued a dividend of $0.52 per share. The ex-dividend date is Monday, December 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.48%. This is a positive change from Kontoor Brands’s previous quarterly dividend of $0.50. Kontoor Brands’s dividend payout ratio (DPR) is currently 52.66%.

Wall Street Analysts Forecast Growth

Several research firms have commented on KTB. Guggenheim upped their price objective on Kontoor Brands from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. UBS Group upped their price target on Kontoor Brands from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Barclays lifted their price objective on shares of Kontoor Brands from $76.00 to $83.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Stifel Nicolaus upped their price objective on shares of Kontoor Brands from $80.00 to $89.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Finally, Wells Fargo & Company lifted their target price on shares of Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Kontoor Brands currently has an average rating of “Moderate Buy” and a consensus price target of $87.00.

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.