Zacks: Analysts Anticipate Kontoor Brands, Inc. (NYSE:KTB) Will Post Quarterly Sales of $484.10 Million

Analysts expect Kontoor Brands, Inc. (NYSE:KTB) to post sales of $484.10 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Kontoor Brands’ earnings, with estimates ranging from $468.00 million to $500.20 million. Kontoor Brands posted sales of $349.25 million in the same quarter last year, which suggests a positive year-over-year growth rate of 38.6%. The firm is expected to announce its next quarterly earnings report on Thursday, August 5th.

On average, analysts expect that Kontoor Brands will report full year sales of $2.39 billion for the current financial year, with estimates ranging from $2.38 billion to $2.40 billion. For the next year, analysts anticipate that the company will post sales of $2.51 billion, with estimates ranging from $2.47 billion to $2.55 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Kontoor Brands.

Kontoor Brands (NYSE:KTB) last posted its earnings results on Thursday, May 6th. The company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.39. Kontoor Brands had a return on equity of 440.68% and a net margin of 6.02%. The company had revenue of $651.76 million for the quarter, compared to the consensus estimate of $608.75 million. During the same quarter in the prior year, the company earned $0.27 earnings per share. Kontoor Brands’s revenue was up 29.2% on a year-over-year basis.

KTB has been the topic of a number of recent research reports. Piper Sandler increased their target price on Kontoor Brands from $59.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, April 12th. Barclays raised their price objective on Kontoor Brands from $56.00 to $82.00 and gave the stock an “overweight” rating in a research note on Friday, May 7th. UBS Group raised their price objective on Kontoor Brands from $89.00 to $97.00 and gave the stock a “buy” rating in a research note on Tuesday, May 25th. Finally, Zacks Investment Research raised Kontoor Brands from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a research note on Wednesday, March 3rd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $61.14.

KTB stock traded down $0.92 during trading on Friday, reaching $61.65. The stock had a trading volume of 418,297 shares, compared to its average volume of 464,728. Kontoor Brands has a 52 week low of $15.17 and a 52 week high of $69.16. The firm’s 50 day moving average is $61.94. The company has a debt-to-equity ratio of 5.89, a quick ratio of 1.21 and a current ratio of 2.02. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 27.20, a PEG ratio of 2.06 and a beta of 1.30.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 18th. Investors of record on Tuesday, June 8th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend is Monday, June 7th. Kontoor Brands’s dividend payout ratio is currently 61.30%.

In related news, CAO Susan Denise Sumner sold 20,876 shares of the stock in a transaction dated Thursday, March 18th. The stock was sold at an average price of $54.85, for a total transaction of $1,145,048.60. Following the completion of the sale, the chief accounting officer now owns 19,879 shares in the company, valued at $1,090,363.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Laurel Krueger sold 6,762 shares of the stock in a transaction dated Friday, May 28th. The stock was sold at an average price of $63.98, for a total value of $432,632.76. Following the sale, the executive vice president now owns 29,058 shares of the company’s stock, valued at approximately $1,859,130.84. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KTB. Strs Ohio grew its holdings in Kontoor Brands by 244.8% during the 4th quarter. Strs Ohio now owns 2,100 shares of the company’s stock valued at $85,000 after buying an additional 1,491 shares in the last quarter. Dupont Capital Management Corp purchased a new position in Kontoor Brands during the 4th quarter valued at approximately $288,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Kontoor Brands by 18.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,310 shares of the company’s stock valued at $256,000 after buying an additional 990 shares in the last quarter. Harvest Investment Services LLC purchased a new position in Kontoor Brands during the 4th quarter valued at approximately $215,000. Finally, SG Americas Securities LLC purchased a new position in Kontoor Brands during the 4th quarter valued at approximately $648,000. Institutional investors and hedge funds own 92.46% of the company’s stock.

Kontoor Brands Company Profile

Kontoor Brands, Inc, a lifestyle apparel company, designs, manufactures, procures, markets, and distributes apparel under the Wrangler and Lee brands in the United States and internationally. The company sells its products primarily through mass and mid-tier retailers, specialty stores, department stores, and retailer-owned and third-party e-commerce sites, as well as through direct-to-consumer channels, including full-price and outlet stores, and its websites.

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Earnings History and Estimates for Kontoor Brands (NYSE:KTB)

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