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

Kontoor Brands (NYSE:KTB) issued its quarterly earnings results on Thursday. The company reported $0.95 earnings per share for the quarter, topping the 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 previous year, the company posted $1.25 earnings per share. The company’s quarterly revenue was down 9.4% compared to the same quarter last year.

KTB traded up $1.00 during trading on Friday, hitting $36.01. 845,753 shares of the stock were exchanged, compared to its average volume of 1,142,565. The stock has a 50 day moving average price of $36.74. Kontoor Brands has a 1 year low of $25.78 and a 1 year high of $41.75. The company has a quick ratio of 1.07, a current ratio of 2.49 and a debt-to-equity ratio of 12.64.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Tuesday, December 10th will be issued a dividend of $0.56 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $2.24 annualized dividend and a yield of 6.22%.

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

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KTB has been the topic of several recent analyst reports. Guggenheim reiterated a “buy” rating on shares of Kontoor Brands in a report on Thursday, August 22nd. Bank of America increased their price target on Kontoor Brands from $24.00 to $28.00 and gave the stock an “underperform” rating in a report on Friday, August 9th. ValuEngine downgraded Kontoor Brands from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Macquarie assumed coverage on Kontoor Brands in a report on Monday, October 21st. They set a “neutral” rating on the stock. Finally, Zacks Investment Research downgraded Kontoor Brands from a “buy” rating to a “hold” rating in a report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $31.36.

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