Key Points
- Kontoor Brands CFO Joseph Alkire sold 9,472 shares for about $719,000, reducing his stake by 17.45%; he retained 44,803 shares.
- Quarterly EPS of $1.50 beat analysts’ $1.34 estimate, but revenue fell 19.7% year over year to $685.35 million and missed expectations.
- The company raised its quarterly dividend from $0.53 to $0.54 per share, equivalent to an annualized $2.16 and a 2.6% yield.
Kontoor Brands, Inc. (NYSE:KTB - Get Free Report) CFO Joseph Alkire sold 9,472 shares of the business's stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $75.92, for a total transaction of $719,114.24. Following the completion of the transaction, the chief financial officer owned 44,803 shares in the company, valued at $3,401,443.76. This trade represents a 17.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Kontoor Brands Trading Up 1.1%
NYSE:KTB opened at $82.92 on Wednesday. The firm's fifty day moving average is $70.75 and its 200-day moving average is $73.18. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.92 and a current ratio of 1.69. Kontoor Brands, Inc. has a 52 week low of $56.19 and a 52 week high of $88.96. The firm has a market cap of $4.53 billion, a P/E ratio of 23.10 and a beta of 0.85.
Kontoor Brands (NYSE:KTB - Get Free Report) last announced its earnings results on Thursday, November 5th. The company reported $1.50 earnings per share for the quarter, topping analysts' consensus estimates of $1.34 by $0.16. Kontoor Brands had a net margin of 6.51% and a return on equity of 59.17%. The business had revenue of $685.35 million during the quarter, compared to the consensus estimate of $694.18 million. During the same quarter last year, the firm earned $1.44 earnings per share. Kontoor Brands's quarterly revenue was down 19.7% on a year-over-year basis. Equities analysts expect that Kontoor Brands, Inc. will post 5.41 earnings per share for the current year.
Kontoor Brands Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Tuesday, December 8th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.6%. This is an increase from Kontoor Brands's previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Tuesday, December 8th. Kontoor Brands's payout ratio is currently 59.05%.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of KTB. BlackRock Inc. bought a new position in Kontoor Brands during the second quarter worth $674,664,000. Dimensional Fund Advisors LP increased its stake in Kontoor Brands by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,268,336 shares of the company's stock valued at $89,132,000 after purchasing an additional 6,477 shares in the last quarter. Jennison Associates LLC increased its stake in Kontoor Brands by 0.9% in the first quarter. Jennison Associates LLC now owns 1,225,371 shares of the company's stock valued at $86,131,000 after purchasing an additional 10,540 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Kontoor Brands in the second quarter valued at $45,003,000. Finally, Janus Henderson Group PLC increased its stake in Kontoor Brands by 34.1% in the first quarter. Janus Henderson Group PLC now owns 564,955 shares of the company's stock valued at $39,730,000 after purchasing an additional 143,749 shares in the last quarter. Institutional investors and hedge funds own 93.06% of the company's stock.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on KTB shares. UBS Group lowered their price objective on Kontoor Brands from $136.00 to $125.00 and set a "buy" rating for the company in a research report on Friday, November 6th. Needham & Company LLC assumed coverage on Kontoor Brands in a research note on Friday, October 16th. They issued a "hold" rating on the stock. Wells Fargo & Company upped their target price on Kontoor Brands from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Wednesday, August 12th. JPMorgan Chase & Co. raised their target price on Kontoor Brands from $90.00 to $105.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Finally, Barclays raised their target price on Kontoor Brands from $96.00 to $99.00 and gave the stock an "overweight" rating in a research note on Thursday, August 13th. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Kontoor Brands presently has an average rating of "Moderate Buy" and a consensus price target of $95.33.
Read Our Latest Stock Analysis on KTB
Kontoor Brands Company Profile
(
Get Free Report)
Kontoor Brands is an apparel company focused on denim and casual clothing. Its portfolio includes Wrangler and Lee, brands known for jeans and other everyday apparel, as well as Rock & Republic. The company sells products such as jeans, shirts, jackets, shorts and related apparel through wholesale partners and direct-to-consumer channels, including its own retail stores and e-commerce operations. Kontoor Brands serves customers in markets around the world. It became an independent public company in 2019 after being spun off from VF Corporation.
Further Reading
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