Kontoor Brands, Inc. (NYSE:KTB) Declares Quarterly Dividend of $0.50

Kontoor Brands, Inc. (NYSE:KTB) announced a quarterly dividend on Friday, April 19th, Zacks reports. Shareholders of record on Monday, June 10th will be paid a dividend of 0.50 per share on Thursday, June 20th. This represents a $2.00 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date is Monday, June 10th.

Kontoor Brands has increased its dividend by an average of 26.4% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Kontoor Brands has a payout ratio of 39.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Kontoor Brands to earn $5.47 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 36.6%.

Kontoor Brands Stock Up 1.9 %

Shares of Kontoor Brands stock opened at $56.45 on Friday. The stock has a market capitalization of $3.15 billion, a P/E ratio of 13.90, a PEG ratio of 1.47 and a beta of 1.13. The company has a quick ratio of 1.38, a current ratio of 2.66 and a debt-to-equity ratio of 2.05. The stock has a 50 day moving average price of $59.15 and a two-hundred day moving average price of $55.87. Kontoor Brands has a 12-month low of $37.10 and a 12-month high of $64.49.

Kontoor Brands (NYSE:KTB) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $1.35 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.02). Kontoor Brands had a return on equity of 76.30% and a net margin of 8.86%. The business had revenue of $669.80 million for the quarter, compared to analyst estimates of $720.70 million. Equities analysts expect that Kontoor Brands will post 4.7 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. BlackRock Inc. raised its stake in Kontoor Brands by 1.9% during the first quarter. BlackRock Inc. now owns 8,294,678 shares of the company’s stock worth $401,379,000 after acquiring an additional 153,205 shares in the last quarter. Vanguard Group Inc. raised its stake in Kontoor Brands by 1.2% during the third quarter. Vanguard Group Inc. now owns 6,175,002 shares of the company’s stock worth $207,543,000 after acquiring an additional 75,490 shares in the last quarter. State Street Corp raised its stake in Kontoor Brands by 0.6% during the second quarter. State Street Corp now owns 2,079,112 shares of the company’s stock worth $87,531,000 after acquiring an additional 13,277 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Kontoor Brands by 55.4% during the third quarter. JPMorgan Chase & Co. now owns 1,353,135 shares of the company’s stock worth $59,416,000 after acquiring an additional 482,274 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Kontoor Brands by 3.1% during the first quarter. Wellington Management Group LLP now owns 1,326,447 shares of the company’s stock worth $54,848,000 after acquiring an additional 39,777 shares in the last quarter. 93.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on KTB. Edward Jones lowered Kontoor Brands from a “buy” rating to a “hold” rating in a report on Friday, January 26th. Barclays cut their target price on Kontoor Brands from $75.00 to $65.00 and set an “overweight” rating for the company in a research note on Thursday, February 29th. UBS Group upped their target price on Kontoor Brands from $83.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, February 16th. The Goldman Sachs Group upped their target price on Kontoor Brands from $56.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Finally, Wells Fargo & Company upped their target price on Kontoor Brands from $56.00 to $68.00 and gave the company an “overweight” rating in a research note on Friday, December 22nd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Kontoor Brands has an average rating of “Moderate Buy” and an average price target of $70.40.

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.