Weyco Group Inc. (NASDAQ:WEYS) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Weyco Group Inc. is engage in the business of the manufacture, purchase and distribution of men’s footwear. The principal brands of shoes sold are Nunn Bush, Brass Boot, and Stacy Adams. The company’s products consist of both mid-priced quality leather dress shoes which would be worn as a part of more formal and traditional attire and lower priced quality casual footwear of man-made materials or leather which would be used for leisure or less formal occasions. “
Other equities research analysts also recently issued research reports about the company. TheStreet downgraded Weyco Group from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd. B. Riley reissued a “neutral” rating and set a $24.00 price objective on shares of Weyco Group in a report on Saturday, August 6th.
Shares of Weyco Group (NASDAQ:WEYS) traded up 0.26% during midday trading on Thursday, hitting $26.67. The company’s stock had a trading volume of 1,929 shares. The company has a 50-day moving average price of $26.22 and a 200 day moving average price of $27.00. The company has a market cap of $281.08 million, a P/E ratio of 17.57 and a beta of 0.54. Weyco Group has a 1-year low of $22.94 and a 1-year high of $29.18.
Weyco Group (NASDAQ:WEYS) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.09 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.07. Weyco Group had a net margin of 5.16% and a return on equity of 8.16%. The firm had revenue of $56.90 million for the quarter, compared to analyst estimates of $63.98 million. On average, equities research analysts predict that Weyco Group will post $1.36 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Monday, August 29th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Thursday, August 25th. Weyco Group’s payout ratio is 56.00%.
Hedge funds have recently modified their holdings of the stock. Coldstream Capital Management Inc. raised its stake in shares of Weyco Group by 174.3% in the second quarter. Coldstream Capital Management Inc. now owns 24,702 shares of the company’s stock worth $686,000 after buying an additional 15,697 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of Weyco Group during the second quarter worth approximately $316,000. Dimensional Fund Advisors LP raised its stake in shares of Weyco Group by 1.9% in the second quarter. Dimensional Fund Advisors LP now owns 362,393 shares of the company’s stock worth $10,067,000 after buying an additional 6,731 shares during the last quarter. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Weyco Group during the first quarter worth approximately $140,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Weyco Group by 4.0% in the second quarter. Bank of New York Mellon Corp now owns 77,740 shares of the company’s stock worth $2,160,000 after buying an additional 3,024 shares during the last quarter. 32.00% of the stock is owned by institutional investors and hedge funds.
About Weyco Group
Weyco Group, Inc is engaged in the design and distribution of footwear. The Company designs and markets footwear for men, women and children. The Company operates through two segments: the North American wholesale segment (wholesale) and the North American retail segment (retail). The Company also has other wholesale and retail businesses overseas, which include its businesses in Australia, South Africa and Asia Pacific (collectively known as Florsheim Australia), and its wholesale and retail businesses in Europe.
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