Kontoor Brands (NYSE:KTB) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Kontoor Brands (NYSE:KTB) announced its quarterly earnings results on Thursday. The company reported $0.95 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.87 by $0.08, Briefing.com reports. The business had revenue of $638.00 million during the quarter, compared to analysts’ expectations of $646.22 million. During the same quarter in the prior year, the firm earned $1.25 EPS. Kontoor Brands’s revenue for the quarter was down 9.4% on a year-over-year basis.

NYSE:KTB traded up $1.00 during trading hours on Friday, hitting $36.01. 845,753 shares of the stock were exchanged, compared to its average volume of 1,142,565. Kontoor Brands has a 52-week low of $25.78 and a 52-week high of $41.75. The business’s fifty day simple moving average is $36.74. The company has a current ratio of 2.49, a quick ratio of 1.07 and a debt-to-equity ratio of 12.64.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Tuesday, December 10th will be paid a $0.56 dividend. The ex-dividend date is Monday, December 9th. This represents a $2.24 annualized dividend and a dividend yield of 6.22%.

Several equities analysts recently weighed in on KTB shares. Macquarie started coverage on Kontoor Brands in a research note on Monday, October 21st. They issued a “neutral” rating for the company. Bank of America lifted their price target on Kontoor Brands from $24.00 to $28.00 and gave the company an “underperform” rating in a research note on Friday, August 9th. Guggenheim restated a “buy” rating on shares of Kontoor Brands in a research note on Thursday, August 22nd. Zacks Investment Research lowered Kontoor Brands from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. Finally, ValuEngine lowered Kontoor Brands from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $31.36.

In other news, Director Juliana L. Chugg bought 8,400 shares of Kontoor Brands stock in a transaction on Thursday, August 15th. The stock was acquired at an average price of $29.96 per share, with a total value of $251,664.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard Carucci bought 5,000 shares of Kontoor Brands stock in a transaction on Thursday, August 22nd. The shares were purchased at an average cost of $33.15 per share, with a total value of $165,750.00. The disclosure for this purchase can be found here.

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