Equities research analysts expect Kontoor Brands, Inc. (NYSE:KTB) to post $648.00 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Kontoor Brands’ earnings. The highest sales estimate is $661.00 million and the lowest is $635.00 million. Kontoor Brands reported sales of $652.61 million in the same quarter last year, which indicates a negative year over year growth rate of 0.7%. The company is scheduled to announce its next earnings results before the market opens on Tuesday, March 2nd.
According to Zacks, analysts expect that Kontoor Brands will report full year sales of $2.08 billion for the current financial year, with estimates ranging from $2.07 billion to $2.10 billion. For the next fiscal year, analysts expect that the business will report sales of $2.41 billion, with estimates ranging from $2.38 billion to $2.44 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Kontoor Brands.
Several analysts recently issued reports on KTB shares. Bank of America raised shares of Kontoor Brands from an “underperform” rating to a “buy” rating and upped their price objective for the company from $17.00 to $38.00 in a research note on Monday, October 26th. The Goldman Sachs Group lowered Kontoor Brands from a “buy” rating to a “neutral” rating and upped their price target for the company from $38.00 to $42.00 in a research report on Thursday, December 10th. Zacks Investment Research lowered Kontoor Brands from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 30th. Finally, Guggenheim upped their target price on Kontoor Brands from $40.00 to $46.00 and gave the company a “buy” rating in a report on Wednesday, December 30th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $32.89.
Large investors have recently modified their holdings of the stock. Eudaimonia Partners LLC acquired a new position in Kontoor Brands in the third quarter valued at about $95,000. Versant Capital Management Inc raised its stake in shares of Kontoor Brands by 162.2% in the 3rd quarter. Versant Capital Management Inc now owns 1,104 shares of the company’s stock valued at $26,000 after acquiring an additional 683 shares during the period. Steward Partners Investment Advisory LLC lifted its holdings in shares of Kontoor Brands by 30.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,297 shares of the company’s stock worth $53,000 after acquiring an additional 303 shares during the last quarter. Tompkins Financial Corp purchased a new position in shares of Kontoor Brands during the 4th quarter worth approximately $25,000. Finally, Veriti Management LLC purchased a new position in shares of Kontoor Brands during the 4th quarter worth approximately $75,000. 87.46% of the stock is owned by hedge funds and other institutional investors.
About Kontoor Brands
Kontoor Brands, Inc, a lifestyle apparel company, designs, manufactures, sources, markets, and distributes apparel under the Wrangler and Lee brands in the United States and internationally. The company sells its products primarily through mass and mid-tier retailers, specialty stores, department stores, and retailer-owned and third-party e-commerce sites, as well as through direct-to-consumer channels, including full-price stores, outlet stores, and its websites.
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