Wolverine World Wide (NYSE:WWW) Price Target Lowered to $29.00 at CL King

Wolverine World Wide (NYSE:WWWGet Rating) had its target price cut by stock analysts at CL King from $42.00 to $29.00 in a report released on Thursday, The Fly reports. CL King’s price objective suggests a potential upside of 57.10% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Telsey Advisory Group cut their price target on shares of Wolverine World Wide from $32.00 to $30.00 and set a “market perform” rating on the stock in a report on Thursday, February 24th. Seaport Res Ptn reiterated a “neutral” rating on shares of Wolverine World Wide in a report on Tuesday, January 18th. B. Riley decreased their price target on shares of Wolverine World Wide from $37.00 to $35.00 in a research report on Thursday, February 24th. Piper Sandler decreased their price target on shares of Wolverine World Wide from $34.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 23rd. Finally, Zacks Investment Research upgraded shares of Wolverine World Wide from a “sell” rating to a “buy” rating and set a $28.00 price target on the stock in a research report on Thursday, January 13th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $35.64.

Shares of NYSE WWW traded up $1.40 during mid-day trading on Thursday, reaching $18.46. 5,261 shares of the company were exchanged, compared to its average volume of 598,573. Wolverine World Wide has a 52 week low of $16.65 and a 52 week high of $42.04. The company has a quick ratio of 0.71, a current ratio of 1.19 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $1.50 billion, a PE ratio of 23.08 and a beta of 1.76. The company’s 50 day moving average price is $21.85 and its 200 day moving average price is $26.67.

Wolverine World Wide (NYSE:WWWGet Rating) last posted its quarterly earnings results on Wednesday, February 23rd. The textile maker reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. The business had revenue of $635.60 million during the quarter, compared to the consensus estimate of $630.07 million. Wolverine World Wide had a net margin of 2.83% and a return on equity of 27.42%. The firm’s revenue for the quarter was up 24.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.21 earnings per share. On average, sell-side analysts predict that Wolverine World Wide will post 2.56 earnings per share for the current year.

In other news, CEO Brendan Hoffman bought 5,000 shares of the stock in a transaction dated Tuesday, March 8th. The stock was purchased at an average price of $21.65 per share, for a total transaction of $108,250.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jeffrey M. Boromisa sold 4,788 shares of the firm’s stock in a transaction dated Tuesday, March 8th. The stock was sold at an average price of $22.02, for a total transaction of $105,431.76. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Signaturefd LLC lifted its holdings in Wolverine World Wide by 3,394.7% during the 1st quarter. Signaturefd LLC now owns 1,328 shares of the textile maker’s stock valued at $30,000 after buying an additional 1,290 shares in the last quarter. US Asset Management LLC bought a new stake in Wolverine World Wide during the 1st quarter valued at about $52,000. Cornerstone Advisory LLC bought a new stake in Wolverine World Wide during the 4th quarter valued at about $62,000. Alpha Paradigm Partners LLC bought a new stake in Wolverine World Wide during the 4th quarter valued at about $74,000. Finally, Dark Forest Capital Management LP bought a new stake in Wolverine World Wide during the 3rd quarter valued at about $84,000. Institutional investors own 93.90% of the company’s stock.

Wolverine World Wide Company Profile (Get Rating)

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. The company operates through two segments, Wolverine Michigan Group and Wolverine Boston Group.

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