Wolverine World Wide (NYSE:WWW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued 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 analysts have also commented on the stock. ValuEngine upgraded shares of Wolverine World Wide from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Citigroup raised their price objective on shares of Wolverine World Wide from $32.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, February 22nd. Pivotal Research set a $33.00 price objective on shares of Wolverine World Wide and gave the stock a “hold” rating in a report on Thursday, February 22nd. DA Davidson upgraded shares of Wolverine World Wide from a “neutral” rating to a “buy” rating and set a $36.00 price objective for the company in a report on Thursday, February 22nd. Finally, Stifel Nicolaus set a $34.00 price objective on shares of Wolverine World Wide and gave the stock a “buy” rating in a report on Saturday, December 16th. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $28.88.
Wolverine World Wide stock opened at $30.28 on Friday. The company has a quick ratio of 2.20, a current ratio of 2.97 and a debt-to-equity ratio of 0.78. The stock has a market cap of $2,991.65, a PE ratio of 18.46, a PEG ratio of 1.23 and a beta of 0.98. Wolverine World Wide has a 1-year low of $23.45 and a 1-year high of $33.82.
Wolverine World Wide (NYSE:WWW) last posted its earnings results on Wednesday, February 21st. The textile maker reported $0.41 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.41. The company had revenue of $578.60 million during the quarter, compared to analyst estimates of $579.87 million. Wolverine World Wide had a net margin of 0.01% and a return on equity of 16.20%. Wolverine World Wide’s revenue for the quarter was down 20.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.34 earnings per share. sell-side analysts predict that Wolverine World Wide will post 2.03 earnings per share for the current year.
In other Wolverine World Wide news, insider James D. Zwiers sold 100,600 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $29.79, for a total transaction of $2,996,874.00. Following the completion of the transaction, the insider now owns 190,893 shares of the company’s stock, valued at $5,686,702.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.81% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in WWW. Earnest Partners LLC bought a new position in shares of Wolverine World Wide during the fourth quarter valued at approximately $48,417,000. Victory Capital Management Inc. increased its stake in shares of Wolverine World Wide by 9.9% during the fourth quarter. Victory Capital Management Inc. now owns 3,190,651 shares of the textile maker’s stock valued at $101,718,000 after purchasing an additional 287,093 shares in the last quarter. AXA bought a new position in shares of Wolverine World Wide during the third quarter valued at approximately $7,155,000. BlackRock Inc. increased its stake in shares of Wolverine World Wide by 1.1% during the fourth quarter. BlackRock Inc. now owns 12,032,149 shares of the textile maker’s stock valued at $383,584,000 after purchasing an additional 128,266 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Wolverine World Wide by 220.9% during the fourth quarter. Arizona State Retirement System now owns 160,809 shares of the textile maker’s stock valued at $5,127,000 after purchasing an additional 110,703 shares in the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.
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About Wolverine World Wide
Wolverine World Wide, Inc designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories. The company operates through four segments: Wolverine Outdoor & Lifestyle Group, Wolverine Boston Group, Wolverine Heritage Group, and Wolverine Multi-Brand Group. It offers casual footwear and apparel; performance outdoor and athletic footwear and apparel; children's footwear; industrial work boots and apparel; and uniform shoes and boots.
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