Zacks Investment Research downgraded shares of Wolverine World Wide (NYSE:WWW) from a buy rating to a hold rating in a research report report published on Wednesday morning.
According to Zacks, “Wolverine’s shares have surpassed the industry in the past six months, buoyed by robust earnings trend. Markedly, during second-quarter 2018, the company’s earnings surpassed the consensus mark and surged from the prior-year quarter’s level, owing to improved gross and operating margins. Incidentally, the continued strength in bottom-line performance propelled management to raise earnings view for 2018. Further, the company has also been progressing well with its GLOBAL GROWTH AGENDA, which focuses on empowering brands through innovation, implementing advanced digital tools and expanding into new markets. Despite such efforts, the company’s top line has been dismal since the past four quarters, due to change in quarterly calendars, negative impacts of store closures and portfolio changes. Moreover, the company is exposed to significant currency risks stemming from international markets.”
Other research analysts have also issued research reports about the stock. Argus boosted their target price on shares of Wolverine World Wide from $40.00 to $44.00 and gave the stock a buy rating in a research report on Friday, August 17th. Robert W. Baird reaffirmed a buy rating and set a $43.00 price objective on shares of Wolverine World Wide in a research report on Friday, August 10th. DA Davidson set a $44.00 price objective on shares of Wolverine World Wide and gave the company a buy rating in a research report on Thursday, August 9th. ValuEngine raised shares of Wolverine World Wide from a hold rating to a buy rating in a research report on Thursday, July 19th. Finally, Pivotal Research reaffirmed a hold rating and set a $36.00 price objective (up previously from $34.00) on shares of Wolverine World Wide in a research report on Friday, August 3rd. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $39.75.
Wolverine World Wide stock opened at $33.76 on Wednesday. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of 21.59, a PEG ratio of 1.69 and a beta of 1.02. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.65 and a quick ratio of 1.86. Wolverine World Wide has a fifty-two week low of $25.25 and a fifty-two week high of $39.77.
Wolverine World Wide (NYSE:WWW) last released its earnings results on Wednesday, August 8th. The textile maker reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.08. The firm had revenue of $566.90 million during the quarter, compared to analyst estimates of $569.24 million. Wolverine World Wide had a net margin of 2.83% and a return on equity of 18.58%. The business’s revenue was down 5.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 EPS. Equities analysts forecast that Wolverine World Wide will post 2.13 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Monday, October 1st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Friday, September 28th. Wolverine World Wide’s dividend payout ratio is currently 19.51%.
In other news, Director William K. Gerber sold 1,000 shares of the company’s stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $37.17, for a total transaction of $37,170.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Richard Woodworth sold 19,376 shares of the company’s stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $38.73, for a total transaction of $750,432.48. Following the transaction, the insider now directly owns 123,040 shares of the company’s stock, valued at approximately $4,765,339.20. The disclosure for this sale can be found here. Insiders have sold 69,527 shares of company stock valued at $2,644,036 in the last ninety days. 5.81% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Wolverine World Wide by 5.3% in the second quarter. BlackRock Inc. now owns 13,103,559 shares of the textile maker’s stock valued at $455,613,000 after acquiring an additional 664,587 shares during the period. Northern Trust Corp increased its stake in Wolverine World Wide by 0.9% in the second quarter. Northern Trust Corp now owns 1,935,125 shares of the textile maker’s stock valued at $67,284,000 after acquiring an additional 17,946 shares during the period. Bank of America Corp DE increased its stake in Wolverine World Wide by 1.7% in the second quarter. Bank of America Corp DE now owns 1,378,945 shares of the textile maker’s stock valued at $47,945,000 after acquiring an additional 22,691 shares during the period. Royce & Associates LP increased its stake in Wolverine World Wide by 5.0% in the second quarter. Royce & Associates LP now owns 1,245,486 shares of the textile maker’s stock valued at $43,306,000 after acquiring an additional 58,790 shares during the period. Finally, Marathon Asset Management LLP increased its stake in Wolverine World Wide by 0.3% in the second quarter. Marathon Asset Management LLP now owns 822,230 shares of the textile maker’s stock valued at $28,641,000 after acquiring an additional 2,435 shares during the period. 92.64% of the stock is currently owned by institutional investors and hedge funds.
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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