Kontoor Brands, Inc. (NYSE:KTB) to Issue $0.50 Quarterly Dividend

Kontoor Brands, Inc. (NYSE:KTB) declared a quarterly dividend on Friday, April 19th, Zacks reports. Shareholders of record on Monday, June 10th will be given a dividend of 0.50 per share on Thursday, June 20th. This represents a $2.00 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date is Monday, June 10th.

Kontoor Brands has increased its dividend by an average of 26.4% per year over the last three years and has increased its dividend annually for the last 3 consecutive years. Kontoor Brands has a dividend payout ratio of 39.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Kontoor Brands to earn $5.47 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 36.6%.

Kontoor Brands Trading Up 1.9 %

Shares of KTB stock opened at $56.45 on Friday. The firm has a market cap of $3.15 billion, a P/E ratio of 13.90, a PEG ratio of 1.47 and a beta of 1.13. Kontoor Brands has a 1-year low of $37.10 and a 1-year high of $64.49. The company has a debt-to-equity ratio of 2.05, a current ratio of 2.66 and a quick ratio of 1.38. The firm’s 50-day simple moving average is $59.15 and its 200-day simple moving average is $55.87.

Kontoor Brands (NYSE:KTB) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.02). The company had revenue of $669.80 million for the quarter, compared to analysts’ expectations of $720.70 million. Kontoor Brands had a return on equity of 76.30% and a net margin of 8.86%. As a group, equities analysts forecast that Kontoor Brands will post 4.7 EPS for the current year.

Hedge Funds Weigh In On Kontoor Brands

Several large investors have recently added to or reduced their stakes in KTB. Quarry LP bought a new position in Kontoor Brands during the first quarter worth $52,000. Gyon Technologies Capital Management LP bought a new position in Kontoor Brands during the fourth quarter worth $58,000. Salem Investment Counselors Inc. lifted its stake in Kontoor Brands by 146.1% in the fourth quarter. Salem Investment Counselors Inc. now owns 1,927 shares of the company’s stock valued at $77,000 after buying an additional 1,144 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Kontoor Brands by 195.0% in the first quarter. Tower Research Capital LLC TRC now owns 1,593 shares of the company’s stock valued at $77,000 after buying an additional 1,053 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Kontoor Brands in the second quarter valued at $109,000. 93.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

KTB has been the subject of a number of research analyst reports. Barclays dropped their target price on shares of Kontoor Brands from $75.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday, February 29th. Edward Jones downgraded shares of Kontoor Brands from a “buy” rating to a “hold” rating in a research report on Friday, January 26th. Wells Fargo & Company increased their price objective on shares of Kontoor Brands from $56.00 to $68.00 and gave the company an “overweight” rating in a research report on Friday, December 22nd. UBS Group increased their price objective on shares of Kontoor Brands from $83.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, February 16th. Finally, The Goldman Sachs Group increased their target price on Kontoor Brands from $56.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $70.40.

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.