Wolverine World Wide (NYSE:WWW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Saturday, January 6th.
According to Zacks, “Wolverine Worldwide, Inc. is one of the world’s leading marketers of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel. The Company’s portfolio of highly recognized brands includes Merrell, Sperry, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Sebago, Chaco, Bates, HYTEST, and Soft Style. The Company also is the global footwear licensee of popular brands including Cat, Harley-Davidson. The Company’s products are carried by leading retailers in the U.S. and globally in approximately 200 countries and territories. “
Several other equities analysts have also recently commented on the stock. Stifel Nicolaus set a $34.00 target price on shares of Wolverine World Wide and gave the stock a “buy” rating in a research report on Saturday, December 16th. TheStreet cut shares of Wolverine World Wide from a “b” rating to a “c+” rating in a research report on Wednesday, November 8th. Buckingham Research raised their price target on shares of Wolverine World Wide from $24.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, November 9th. Telsey Advisory Group lifted their price objective on shares of Wolverine World Wide from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Thursday, November 9th. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $26.00 price objective on shares of Wolverine World Wide in a research note on Wednesday, November 8th. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $27.25.
Wolverine World Wide (NYSE:WWW) last announced its quarterly earnings results on Wednesday, November 8th. The textile maker reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.06. Wolverine World Wide had a net margin of 2.35% and a return on equity of 15.25%. The business had revenue of $581.30 million for the quarter, compared to analysts’ expectations of $552.36 million. During the same quarter last year, the firm earned $0.49 EPS. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. research analysts forecast that Wolverine World Wide will post 1.64 earnings per share for the current fiscal year.
In related news, Director Joseph R. Gromek sold 18,928 shares of the business’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $29.14, for a total transaction of $551,561.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael Jeppesen sold 11,807 shares of the business’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $27.97, for a total transaction of $330,241.79. The disclosure for this sale can be found here. 5.65% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Shelton Capital Management purchased a new stake in Wolverine World Wide in the second quarter worth about $265,000. American International Group Inc. grew its holdings in Wolverine World Wide by 5.7% in the third quarter. American International Group Inc. now owns 75,023 shares of the textile maker’s stock worth $2,164,000 after purchasing an additional 4,014 shares during the period. Northern Trust Corp grew its holdings in Wolverine World Wide by 5.7% in the second quarter. Northern Trust Corp now owns 2,009,729 shares of the textile maker’s stock worth $56,293,000 after purchasing an additional 107,517 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in Wolverine World Wide by 17.3% in the second quarter. State Board of Administration of Florida Retirement System now owns 92,997 shares of the textile maker’s stock worth $2,605,000 after purchasing an additional 13,725 shares during the period. Finally, New York State Common Retirement Fund grew its holdings in Wolverine World Wide by 113.9% in the second quarter. New York State Common Retirement Fund now owns 278,858 shares of the textile maker’s stock worth $7,811,000 after purchasing an additional 148,461 shares during the period. Institutional investors own 92.48% of the company’s stock.
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Wolverine World Wide Company Profile
Wolverine World Wide, Inc is a designer, manufacturer and marketer of a range of casual footwear and apparel, outdoor and athletic footwear and apparel, children’s footwear, industrial work boots and apparel, and uniform shoes and boots. It operates in four segments: Wolverine Outdoor & Lifestyle Group, which offers Merrell footwear and apparel, Cat footwear, Hush Puppies footwear and apparel, and Chaco footwear; Wolverine Boston Group, which offers Sperry footwear and apparel, Saucony footwear and apparel, and Keds footwear and apparel; Wolverine Heritage Group, which offers Wolverine footwear and apparel, Bates uniform footwear, Harley-Davidson footwear and HyTest safety footwear, and Wolverine Multi-Brand Group, which offers Stride Rite footwear and apparel, and its multi-brand consumer-direct businesses.
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