Zacks Investment Research cut shares of Wolverine World Wide, Inc. (NYSE:WWW) from a buy rating to a hold rating in a research report released on Tuesday morning.
According to Zacks, “WOLVERINE WORLD WIDE INC. Wolverine World Wide, Inc. designs, manufactures, distributes and markets various brands and styles of footwear. The wide variety of footwear sold by the Company includes casual shoes, slippers, moccasins, dress shoes, boots, uniform shoes and work boots and shoes. The Company is also a domestic tanner of pigskin. “
Other analysts have also issued research reports about the stock. B. Riley reiterated a neutral rating and set a $26.00 price objective on shares of Wolverine World Wide in a research note on Saturday, February 25th. Pacific Crest lowered shares of Wolverine World Wide to a hold rating in a research note on Saturday, February 4th. Piper Jaffray Companies reiterated a hold rating and set a $24.00 price objective on shares of Wolverine World Wide in a research note on Thursday, May 11th. TheStreet upgraded shares of Wolverine World Wide from a c+ rating to a b rating in a research note on Wednesday, May 10th. Finally, Telsey Advisory Group lifted their price objective on shares of Wolverine World Wide from $26.00 to $29.00 and gave the company a market perform rating in a research note on Thursday, May 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. Wolverine World Wide currently has an average rating of Hold and a consensus price target of $23.57.
Shares of Wolverine World Wide (NYSE:WWW) opened at 25.22 on Tuesday. The stock has a market capitalization of $2.44 billion, a P/E ratio of 28.63 and a beta of 0.65. Wolverine World Wide has a 12 month low of $16.88 and a 12 month high of $26.85. The firm has a 50 day moving average of $24.42 and a 200-day moving average of $23.77.
Wolverine World Wide (NYSE:WWW) last posted its quarterly earnings data on Wednesday, May 10th. The textile maker reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.06. The company had revenue of $591.30 million for the quarter, compared to analyst estimates of $557.53 million. Wolverine World Wide had a net margin of 4.02% and a return on equity of 13.38%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.29 earnings per share. Analysts forecast that Wolverine World Wide will post $1.55 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 3rd will be paid a $0.06 dividend. The ex-dividend date is Thursday, June 29th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.95%. Wolverine World Wide’s dividend payout ratio (DPR) is presently 23.30%.
Several hedge funds have recently modified their holdings of WWW. Glen Harbor Capital Management LLC raised its stake in shares of Wolverine World Wide by 16.7% in the first quarter. Glen Harbor Capital Management LLC now owns 4,158 shares of the textile maker’s stock worth $104,000 after buying an additional 594 shares during the period. Bank of Montreal Can raised its stake in shares of Wolverine World Wide by 15.1% in the first quarter. Bank of Montreal Can now owns 4,840 shares of the textile maker’s stock worth $121,000 after buying an additional 635 shares during the period. Elkfork Partners LLC raised its stake in shares of Wolverine World Wide by 16.7% in the first quarter. Elkfork Partners LLC now owns 5,292 shares of the textile maker’s stock worth $132,000 after buying an additional 756 shares during the period. Meadow Creek Investment Management LLC raised its stake in shares of Wolverine World Wide by 16.7% in the first quarter. Meadow Creek Investment Management LLC now owns 6,426 shares of the textile maker’s stock worth $160,000 after buying an additional 918 shares during the period. Finally, Advisory Services Network LLC bought a new stake in shares of Wolverine World Wide during the first quarter worth about $198,000. Institutional investors and hedge funds own 91.68% of the company’s stock.
About Wolverine World Wide
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, Chaco footwear, and Sebago footwear and apparel; 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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