Wolverine World Wide (NYSE:WWW) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Wolverine World Wide (NYSE:WWW) from a buy rating to a strong-buy rating in a research report released on Friday.

WWW has been the subject of a number of other reports. Stifel Nicolaus raised their price target on Wolverine World Wide from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, August 27th. Piper Sandler reissued an “overweight” rating and issued a $25.00 price objective (up previously from $20.00) on shares of Wolverine World Wide in a report on Tuesday, August 5th. KeyCorp restated an “overweight” rating and set a $32.00 target price (up from $25.00) on shares of Wolverine World Wide in a report on Thursday, August 7th. Telsey Advisory Group reaffirmed a “market perform” rating and set a $29.00 price target (up from $17.00) on shares of Wolverine World Wide in a research report on Wednesday, August 6th. Finally, UBS Group lifted their price objective on shares of Wolverine World Wide from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $28.29.

Wolverine World Wide Stock Down 4.2%

Wolverine World Wide stock opened at $25.34 on Friday. The company has a current ratio of 1.24, a quick ratio of 0.75 and a debt-to-equity ratio of 1.58. Wolverine World Wide has a 1-year low of $9.58 and a 1-year high of $32.80. The company has a fifty day simple moving average of $28.54 and a 200 day simple moving average of $20.45. The company has a market cap of $2.06 billion, a P/E ratio of 24.85 and a beta of 1.81.

Wolverine World Wide (NYSE:WWW) last issued its quarterly earnings results on Wednesday, August 6th. The textile maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.23 by $0.12. The firm had revenue of $474.20 million for the quarter, compared to analysts’ expectations of $447.82 million. Wolverine World Wide had a net margin of 4.73% and a return on equity of 31.99%. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.15 EPS. Research analysts anticipate that Wolverine World Wide will post 1.23 earnings per share for the current fiscal year.

Wolverine World Wide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 1st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Wednesday, October 1st. Wolverine World Wide’s payout ratio is currently 39.22%.

Insider Activity

In other news, Director Brenda J. Lauderback sold 12,854 shares of the firm’s stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $32.14, for a total transaction of $413,127.56. Following the completion of the sale, the director owned 48,675 shares in the company, valued at approximately $1,564,414.50. This trade represents a 20.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Nicholas T. Long sold 12,854 shares of Wolverine World Wide stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $31.84, for a total transaction of $409,271.36. Following the sale, the director directly owned 76,268 shares of the company’s stock, valued at $2,428,373.12. The trade was a 14.42% decrease in their position. The disclosure for this sale can be found here. 2.28% of the stock is owned by corporate insiders.

Institutional Trading of Wolverine World Wide

Institutional investors have recently added to or reduced their stakes in the company. Maryland State Retirement & Pension System grew its holdings in Wolverine World Wide by 1.9% in the 2nd quarter. Maryland State Retirement & Pension System now owns 23,818 shares of the textile maker’s stock valued at $431,000 after buying an additional 453 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Wolverine World Wide by 5.1% in the second quarter. Teacher Retirement System of Texas now owns 12,300 shares of the textile maker’s stock valued at $222,000 after acquiring an additional 595 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Wolverine World Wide by 1.0% in the second quarter. Nisa Investment Advisors LLC now owns 58,586 shares of the textile maker’s stock valued at $1,059,000 after acquiring an additional 599 shares in the last quarter. Sheets Smith Wealth Management increased its position in Wolverine World Wide by 5.1% during the second quarter. Sheets Smith Wealth Management now owns 13,032 shares of the textile maker’s stock worth $236,000 after acquiring an additional 628 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in Wolverine World Wide by 1.3% in the 2nd quarter. Thrivent Financial for Lutherans now owns 59,742 shares of the textile maker’s stock worth $1,074,000 after purchasing an additional 782 shares in the last quarter. 90.25% of the stock is currently owned by institutional investors.

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.