KeyCorp Comments on Wolverine World Wide, Inc.’s Q3 2024 Earnings (NYSE:WWW)

Wolverine World Wide, Inc. (NYSE:WWW) – Equities research analysts at KeyCorp issued their Q3 2024 earnings per share estimates for Wolverine World Wide in a research note issued on Wednesday, August 7th. KeyCorp analyst A. Owens forecasts that the textile maker will post earnings per share of $0.22 for the quarter. KeyCorp currently has a “Overweight” rating and a $20.00 target price on the stock. The consensus estimate for Wolverine World Wide’s current full-year earnings is $0.85 per share. KeyCorp also issued estimates for Wolverine World Wide’s Q4 2024 earnings at $0.44 EPS, FY2024 earnings at $0.86 EPS and FY2025 earnings at $1.32 EPS.

Wolverine World Wide (NYSE:WWW) last announced its quarterly earnings data on Wednesday, August 7th. The textile maker reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. Wolverine World Wide had a negative return on equity of 0.34% and a negative net margin of 4.42%. The firm had revenue of $425.40 million for the quarter, compared to the consensus estimate of $411.20 million. During the same quarter last year, the business posted $0.19 earnings per share. The firm’s revenue was down 27.8% compared to the same quarter last year.

Other research analysts have also recently issued reports about the company. UBS Group raised Wolverine World Wide from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $13.00 to $20.00 in a research note on Friday, July 19th. Williams Trading raised Wolverine World Wide from a “hold” rating to a “buy” rating and lifted their price target for the stock from $11.00 to $16.00 in a report on Thursday, May 9th. Telsey Advisory Group reaffirmed a “market perform” rating and set a $14.00 price target on shares of Wolverine World Wide in a report on Wednesday, August 7th. Robert W. Baird lifted their price target on Wolverine World Wide from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Finally, Seaport Res Ptn raised Wolverine World Wide from a “neutral” rating to a “buy” rating in a report on Monday, May 6th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Wolverine World Wide currently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

Wolverine World Wide Price Performance

WWW stock opened at $12.69 on Monday. The business has a fifty day moving average of $13.34 and a two-hundred day moving average of $11.59. The company has a quick ratio of 0.74, a current ratio of 1.19 and a debt-to-equity ratio of 2.14. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -13.65 and a beta of 1.76. Wolverine World Wide has a 52-week low of $7.21 and a 52-week high of $15.23.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WWW. Pacer Advisors Inc. acquired a new position in Wolverine World Wide in the second quarter worth approximately $64,295,000. Charles Schwab Investment Management Inc. grew its position in Wolverine World Wide by 6.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,771,991 shares of the textile maker’s stock worth $15,753,000 after buying an additional 103,368 shares during the last quarter. Bank of New York Mellon Corp grew its position in Wolverine World Wide by 6.5% in the second quarter. Bank of New York Mellon Corp now owns 994,443 shares of the textile maker’s stock worth $13,445,000 after buying an additional 60,481 shares during the last quarter. Sei Investments Co. grew its position in Wolverine World Wide by 1.8% during the 1st quarter. Sei Investments Co. now owns 688,530 shares of the textile maker’s stock worth $7,718,000 after purchasing an additional 12,266 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in Wolverine World Wide by 10,607.4% during the 2nd quarter. Federated Hermes Inc. now owns 540,402 shares of the textile maker’s stock valued at $7,306,000 after purchasing an additional 535,355 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

Insider Buying and Selling

In related news, insider Isabel Soriano sold 3,201 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $13.89, for a total value of $44,461.89. Following the completion of the sale, the insider now directly owns 26,519 shares in the company, valued at approximately $368,348.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.28% of the company’s stock.

Wolverine World Wide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 1st will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Tuesday, October 1st. Wolverine World Wide’s dividend payout ratio (DPR) is currently -43.01%.

Wolverine World Wide Company Profile

Wolverine World Wide, Inc designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories in the United States, Europe, the Middle East, Africa, the Asia Pacific, Canada and Latin America. It operates through Active Group and Work Group segments. The company offers casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids' footwear; industrial work boots and apparel; and uniform shoes and boots.