Zacks Investment Research lowered shares of Wolverine World Wide (NYSE:WWW) from a buy rating to a hold rating in a research report sent to investors on Saturday.
According to Zacks, “Wolverine Worldwide, Inc. is one of the world’s leading marketers of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel. The Company’s portfolio of highly recognized brands includes Merrell, Sperry, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Sebago, Chaco, Bates, HYTEST, and Soft Style. The Company also is the global footwear licensee of popular brands including Cat, Harley-Davidson. The Company’s products are carried by leading retailers in the U.S. and globally in approximately 200 countries and territories. “
Several other research analysts have also weighed in on WWW. Stifel Nicolaus set a $34.00 price target on Wolverine World Wide and gave the company a buy rating in a research report on Saturday, December 16th. TheStreet lowered Wolverine World Wide from a b rating to a c+ rating in a research report on Wednesday, November 8th. Buckingham Research upped their price target on Wolverine World Wide from $24.00 to $28.00 and gave the company a neutral rating in a research report on Thursday, November 9th. Telsey Advisory Group upped their price target on Wolverine World Wide from $29.00 to $30.00 and gave the company a market perform rating in a research report on Thursday, November 9th. Finally, Piper Jaffray Companies reissued a hold rating and set a $26.00 price target on shares of Wolverine World Wide in a research report on Wednesday, November 8th. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $27.25.
Wolverine World Wide (NYSE:WWW) last announced its earnings results on Wednesday, November 8th. The textile maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. The company had revenue of $581.30 million for the quarter, compared to analyst estimates of $552.36 million. Wolverine World Wide had a return on equity of 15.25% and a net margin of 2.35%. Wolverine World Wide’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.49 earnings per share. research analysts anticipate that Wolverine World Wide will post 1.64 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Tuesday, January 2nd will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.75%. The ex-dividend date is Friday, December 29th. Wolverine World Wide’s payout ratio is currently 40.68%.
In other Wolverine World Wide news, insider Michael Jeppesen sold 11,807 shares of the company’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $27.97, for a total value of $330,241.79. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joseph R. Gromek sold 18,928 shares of the company’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $29.14, for a total value of $551,561.92. The disclosure for this sale can be found here. Corporate insiders own 5.65% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Wolverine World Wide by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 8,791,948 shares of the textile maker’s stock worth $246,262,000 after purchasing an additional 221,866 shares during the last quarter. Victory Capital Management Inc. increased its position in Wolverine World Wide by 22.1% in the 3rd quarter. Victory Capital Management Inc. now owns 2,903,558 shares of the textile maker’s stock worth $83,768,000 after purchasing an additional 525,150 shares during the last quarter. State Street Corp increased its position in Wolverine World Wide by 2.9% in the 2nd quarter. State Street Corp now owns 2,382,061 shares of the textile maker’s stock worth $66,719,000 after purchasing an additional 67,591 shares during the last quarter. FMR LLC increased its position in Wolverine World Wide by 21.7% in the 2nd quarter. FMR LLC now owns 2,357,199 shares of the textile maker’s stock worth $66,025,000 after purchasing an additional 420,194 shares during the last quarter. Finally, Northern Trust Corp increased its position in Wolverine World Wide by 5.7% in the 2nd quarter. Northern Trust Corp now owns 2,009,729 shares of the textile maker’s stock worth $56,293,000 after purchasing an additional 107,517 shares during the last quarter. 92.48% of the stock is currently owned by institutional investors.
About Wolverine World Wide
Wolverine World Wide, Inc is a designer, manufacturer and marketer of a range of casual footwear and apparel, outdoor and athletic footwear and apparel, children’s footwear, industrial work boots and apparel, and uniform shoes and boots. It operates in four segments: Wolverine Outdoor & Lifestyle Group, which offers Merrell footwear and apparel, Cat footwear, Hush Puppies footwear and apparel, and Chaco footwear; Wolverine Boston Group, which offers Sperry footwear and apparel, Saucony footwear and apparel, and Keds footwear and apparel; Wolverine Heritage Group, which offers Wolverine footwear and apparel, Bates uniform footwear, Harley-Davidson footwear and HyTest safety footwear, and Wolverine Multi-Brand Group, which offers Stride Rite footwear and apparel, and its multi-brand consumer-direct businesses.
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