Wolverine World Wide (NYSE:WWW) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Wolverine World Wide (NYSE:WWW) from a strong-buy rating to a hold rating in a research report released on Monday,Zacks.com reports.

Several other analysts have also issued reports on WWW. UBS Group upped their price target on shares of Wolverine World Wide from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday. Stifel Nicolaus lifted their target price on shares of Wolverine World Wide from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, August 27th. Piper Sandler restated an “overweight” rating and issued a $25.00 price objective (up previously from $20.00) on shares of Wolverine World Wide in a research report on Tuesday, August 5th. Wall Street Zen raised Wolverine World Wide from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Finally, Telsey Advisory Group reissued a “market perform” rating and set a $29.00 target price (up from $17.00) on shares of Wolverine World Wide in a research note on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Wolverine World Wide has an average rating of “Moderate Buy” and an average price target of $28.71.

Wolverine World Wide Stock Performance

NYSE:WWW opened at $23.17 on Monday. The stock has a market cap of $1.88 billion, a P/E ratio of 22.72 and a beta of 1.81. The company has a quick ratio of 0.75, a current ratio of 1.24 and a debt-to-equity ratio of 1.58. The business’s 50-day moving average price is $28.45 and its two-hundred day moving average price is $22.10. Wolverine World Wide has a twelve month low of $9.58 and a twelve month high of $32.80.

Wolverine World Wide (NYSE:WWW) last released its quarterly earnings results on Wednesday, August 6th. The textile maker reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. Wolverine World Wide had a net margin of 4.73% and a return on equity of 31.99%. The business had revenue of $474.20 million during the quarter, compared to analysts’ expectations of $447.82 million. During the same quarter in the previous year, the company earned $0.15 EPS. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, equities analysts predict that Wolverine World Wide will post 1.23 EPS for the current fiscal year.

Insider Activity

In related 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 value of $413,127.56. Following the transaction, the director owned 48,675 shares of the company’s stock, valued at $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 is accessible through the SEC website. Also, Director Nicholas T. Long sold 12,854 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $31.84, for a total value of $409,271.36. Following the completion of the sale, the director 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 is available in the SEC filing. Company insiders own 2.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in WWW. Hara Capital LLC purchased a new stake in shares of Wolverine World Wide during the second quarter valued at about $30,000. Canada Pension Plan Investment Board purchased a new position in Wolverine World Wide in the second quarter worth $34,000. Hilltop National Bank purchased a new position in Wolverine World Wide in the second quarter worth $85,000. PNC Financial Services Group Inc. grew its holdings in Wolverine World Wide by 10.4% in the first quarter. PNC Financial Services Group Inc. now owns 9,132 shares of the textile maker’s stock worth $127,000 after purchasing an additional 863 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Wolverine World Wide by 48.7% in the second quarter. GAMMA Investing LLC now owns 8,000 shares of the textile maker’s stock worth $145,000 after purchasing an additional 2,619 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other 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.