Kontoor Brands (NYSE:KTB) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Kontoor Brands (NYSE:KTB) announced its quarterly earnings data on Monday. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.09, Zacks reports. Kontoor Brands had a return on equity of 68.76% and a net margin of 9.48%.

Kontoor Brands Stock Performance

Shares of KTB stock opened at $81.12 on Monday. The company has a market capitalization of $4.51 billion, a P/E ratio of 18.11, a PEG ratio of 1.85 and a beta of 1.27. Kontoor Brands has a fifty-two week low of $50.00 and a fifty-two week high of $96.80. The company has a debt-to-equity ratio of 2.74, a quick ratio of 0.95 and a current ratio of 2.18. The stock has a 50 day moving average price of $80.85 and a two-hundred day moving average price of $71.35.

Kontoor Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Monday, December 8th will be given a $0.53 dividend. The ex-dividend date is Monday, December 8th. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a yield of 2.6%. Kontoor Brands’s dividend payout ratio is presently 46.43%.

Institutional Investors Weigh In On Kontoor Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Man Group plc grew its holdings in Kontoor Brands by 23.7% in the 2nd quarter. Man Group plc now owns 765,512 shares of the company’s stock worth $50,501,000 after acquiring an additional 146,858 shares during the last quarter. Balyasny Asset Management L.P. grew its stake in shares of Kontoor Brands by 134.3% in the 2nd quarter. Balyasny Asset Management L.P. now owns 468,630 shares of the company’s stock worth $30,916,000 after buying an additional 268,604 shares during the last quarter. Bank of America Corp DE increased its position in Kontoor Brands by 10.6% during the 2nd quarter. Bank of America Corp DE now owns 394,840 shares of the company’s stock valued at $26,048,000 after buying an additional 37,773 shares in the last quarter. Qube Research & Technologies Ltd raised its stake in Kontoor Brands by 38.9% during the second quarter. Qube Research & Technologies Ltd now owns 379,873 shares of the company’s stock valued at $25,060,000 after buying an additional 106,421 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its stake in shares of Kontoor Brands by 6.5% in the second quarter. Public Sector Pension Investment Board now owns 194,228 shares of the company’s stock worth $12,813,000 after acquiring an additional 11,797 shares during the last quarter. 93.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on KTB shares. Baird R W upgraded shares of Kontoor Brands to a “strong-buy” rating in a research note on Friday, October 17th. UBS Group boosted their target price on shares of Kontoor Brands from $99.00 to $114.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Wells Fargo & Company raised their price target on Kontoor Brands from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, September 11th. Wall Street Zen upgraded Kontoor Brands from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 9th. Finally, Stifel Nicolaus increased their price objective on Kontoor Brands from $72.00 to $73.00 and gave the stock a “hold” rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $94.71.

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.