KONTOOR BRANDS INC. $34 (New York symbol KTB; Consumer sector; Shares outstanding: 56.9 million; Market cap: $1.9 billion; Dividend yield: 6.6%; Takeover Target Rating: Medium; www.kontoorbrands.com) makes denim apparel under several brands, including Lee, Wrangler and Rock & Republic. It also operates retail outlets.
On May 22, 2019, former parent company VF Corp. (New York symbol VFC) spun off Kontoor as a separate firm. VF shareholders received one share in Kontoor Brands for every seven shares they held.
In the three months ended June 29, 2019 —the company’s first quarter since the spinoff—sales fell 8.2%, to $609.7 million from $663.9 million a year earlier. That’s partly due to the recent bankruptcy of department store operator Sears. If you exclude unusual items, earnings per share fell 18.6%, to $0.96 from $1.18.
For all of 2019, Kontoor will probably earn $3.82 a share, and the stock trades at just 8.6 times that forecast. The $2.24 yields a high 6.6%.
This spinoff is a buy.
BHP GROUP LTD…
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
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