Wall Street analysts expect Kontoor Brands (NYSE:KTB) to post $653.85 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Kontoor Brands’ earnings, with the highest sales estimate coming in at $656.70 million and the lowest estimate coming in at $651.00 million. The firm is scheduled to issue its next quarterly earnings report on Thursday, November 14th.
On average, analysts expect that Kontoor Brands will report full year sales of $2.57 billion for the current year, with estimates ranging from $2.57 billion to $2.58 billion. For the next financial year, analysts forecast that the company will post sales of $2.62 billion, with estimates ranging from $2.60 billion to $2.63 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Kontoor Brands.
Kontoor Brands (NYSE:KTB) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.29. The firm had revenue of $609.74 million during the quarter, compared to analyst estimates of $591.36 million. During the same quarter in the previous year, the firm posted $1.18 earnings per share. Kontoor Brands’s quarterly revenue was down 8.2% compared to the same quarter last year.
A number of brokerages have recently weighed in on KTB. Bank of America boosted their price objective on shares of Kontoor Brands from $24.00 to $28.00 and gave the stock an “underperform” rating in a research note on Friday, August 9th. Goldman Sachs Group initiated coverage on shares of Kontoor Brands in a research report on Friday, May 17th. They set a “neutral” rating on the stock. Guggenheim initiated coverage on shares of Kontoor Brands in a research report on Monday, June 17th. They set a “buy” rating and a $35.00 target price on the stock. Zacks Investment Research raised shares of Kontoor Brands from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a research report on Tuesday. Finally, Susquehanna Bancshares initiated coverage on shares of Kontoor Brands in a research report on Thursday, June 13th. They set a “positive” rating and a $36.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. Kontoor Brands has a consensus rating of “Hold” and a consensus target price of $31.07.
Shares of Kontoor Brands stock traded up $0.07 on Monday, reaching $33.57. The stock had a trading volume of 3,365 shares, compared to its average volume of 876,865. The business has a 50-day moving average price of $31.19. The company has a current ratio of 2.49, a quick ratio of 1.07 and a debt-to-equity ratio of 12.64. Kontoor Brands has a fifty-two week low of $25.78 and a fifty-two week high of $41.75.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Tuesday, September 10th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 6.67%. The ex-dividend date is Monday, September 9th.
In related news, Director Juliana L. Chugg bought 8,400 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of $29.96 per share, with a total value of $251,664.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
A number of hedge funds have recently made changes to their positions in the stock. CENTRAL TRUST Co bought a new position in Kontoor Brands during the second quarter worth $25,000. Arbor Wealth Management LLC bought a new position in Kontoor Brands during the second quarter worth $26,000. Meeder Asset Management Inc. bought a new position in Kontoor Brands during the second quarter worth $28,000. Blackhill Capital Inc. bought a new stake in Kontoor Brands in the 2nd quarter valued at $29,000. Finally, Massmutual Trust Co. FSB ADV bought a new stake in Kontoor Brands in the 2nd quarter valued at $33,000. 42.36% of the stock is currently owned by institutional investors and hedge funds.
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