$653.85 Million in Sales Expected for Kontoor Brands (NYSE:KTB) This Quarter

Brokerages expect Kontoor Brands (NYSE:KTB) to post sales of $653.85 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Kontoor Brands’ earnings. The lowest sales estimate is $651.00 million and the highest is $656.70 million. The firm is expected to report its next quarterly earnings results on Thursday, November 14th.

According to Zacks, analysts expect that Kontoor Brands will report full year sales of $2.57 billion for the current fiscal year, with estimates ranging from $2.57 billion to $2.58 billion. For the next year, analysts forecast that the business will report sales of $2.62 billion, with estimates ranging from $2.60 billion to $2.63 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Kontoor Brands.

Kontoor Brands (NYSE:KTB) last released its earnings results on Thursday, August 8th. The company reported $0.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.29. The business had revenue of $609.74 million for the quarter, compared to analysts’ expectations of $591.36 million. During the same quarter in the previous year, the business posted $1.18 earnings per share. Kontoor Brands’s revenue for the quarter was down 8.2% on a year-over-year basis.

A number of brokerages recently weighed in on KTB. Piper Jaffray Companies began coverage on shares of Kontoor Brands in a report on Monday, June 17th. They issued a “neutral” rating and a $29.00 price objective for the company. Zacks Investment Research lowered shares of Kontoor Brands from a “buy” rating to a “hold” rating in a report on Wednesday. Susquehanna Bancshares started coverage on shares of Kontoor Brands in a report on Thursday, June 13th. They issued a “positive” rating and a $36.00 price objective for the company. Bank of America lifted their target price on shares of Kontoor Brands from $24.00 to $28.00 and gave the stock an “underperform” rating in a research report on Friday, August 9th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Kontoor Brands in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $31.36.

In other news, Director Juliana L. Chugg bought 8,400 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average price of $29.96 per share, with a total value of $251,664.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard Carucci bought 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was 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.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Legacy Advisors LLC purchased a new stake in Kontoor Brands in the 2nd quarter worth about $76,000. JPMorgan Chase & Co. purchased a new stake in Kontoor Brands in the 2nd quarter worth about $2,097,000. Commonwealth Bank of Australia purchased a new stake in Kontoor Brands in the 2nd quarter worth about $138,000. M&T Bank Corp purchased a new stake in Kontoor Brands in the 2nd quarter worth about $241,000. Finally, AMG National Trust Bank purchased a new stake in Kontoor Brands in the 2nd quarter worth about $5,679,000.

NYSE KTB traded up $0.02 during mid-day trading on Friday, reaching $34.65. The stock had a trading volume of 632,400 shares, compared to its average volume of 1,118,399. Kontoor Brands has a 1 year low of $25.78 and a 1 year high of $41.75. The business’s fifty day moving average price is $34.31. 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 business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Tuesday, September 10th were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 6.46%. The ex-dividend date was Monday, September 9th.

Recommended Story: Stock Symbol

Get a free copy of the Zacks research report on Kontoor Brands (KTB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Kontoor Brands (NYSE:KTB)

Receive News & Ratings for Kontoor Brands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kontoor Brands and related companies with MarketBeat.com's FREE daily email newsletter.