Kontoor Brands (NYSE:KTB) Hits New 52-Week High on Better-Than-Expected Earnings

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

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

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 given a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $2.00 dividend on an annualized basis and a yield of 3.05%. Kontoor Brands’s payout ratio is currently 50.63%.

Analyst Ratings Changes

KTB has been the subject of a number of analyst reports. The Goldman Sachs Group increased their target price on Kontoor Brands from $68.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday. Barclays increased their price objective on Kontoor Brands from $65.00 to $76.00 and gave the stock an “overweight” rating in a research report on Friday. UBS Group upped their price target on shares of Kontoor Brands from $83.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Finally, Edward Jones downgraded shares of Kontoor Brands from a “buy” rating to a “hold” rating in a report on Friday, January 26th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $75.20.

Institutional Trading of Kontoor Brands

A number of institutional investors have recently bought and sold shares of KTB. Commonwealth Equity Services LLC boosted its position in shares of Kontoor Brands by 2.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 12,611 shares of the company’s stock worth $554,000 after buying an additional 279 shares in the last quarter. Raymond James & Associates grew its position in shares of Kontoor Brands by 91.5% in the third quarter. Raymond James & Associates now owns 66,774 shares of the company’s stock valued at $2,932,000 after purchasing an additional 31,912 shares during the last quarter. New York State Teachers Retirement System grew its position in shares of Kontoor Brands by 1.1% in the third quarter. New York State Teachers Retirement System now owns 68,414 shares of the company’s stock valued at $3,004,000 after purchasing an additional 718 shares during the last quarter. TD Asset Management Inc increased its stake in shares of Kontoor Brands by 35.0% during the 3rd quarter. TD Asset Management Inc now owns 13,900 shares of the company’s stock worth $610,000 after purchasing an additional 3,600 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Kontoor Brands by 7.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 4,720 shares of the company’s stock worth $207,000 after purchasing an additional 347 shares during the last quarter. 93.06% of the stock is currently owned by hedge funds and other institutional investors.

Kontoor Brands Trading Down 2.6 %

The business has a 50 day moving average of $59.10 and a 200-day moving average of $57.18. The stock has a market cap of $3.66 billion, a PE ratio of 16.62, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11. The company has a current ratio of 2.70, a quick ratio of 1.38 and a debt-to-equity ratio of 1.96.

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.