Zacks Investment Research Upgrades Wolverine World Wide Inc. (WWW) to Buy
Wolverine World Wide Inc. (NYSE:WWW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $26.00 price target on the stock. Zacks Investment Research’s price objective indicates a potential upside of 12.21% from the company’s current price.
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. “
WWW has been the subject of a number of other research reports. B. Riley reissued a “neutral” rating and set a $24.00 target price on shares of Wolverine World Wide in a report on Saturday, July 30th. Argus reissued a “buy” rating on shares of Wolverine World Wide in a report on Wednesday, August 3rd. Susquehanna began coverage on Wolverine World Wide in a report on Friday, August 12th. They set a “negative” rating and a $20.00 target price for the company. TheStreet raised Wolverine World Wide from a “hold” rating to a “buy” rating in a report on Tuesday, June 21st. Finally, Telsey Advisory Group increased their target price on Wolverine World Wide from $20.00 to $23.00 and gave the company a “market perform” rating in a report on Wednesday, July 27th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. Wolverine World Wide presently has a consensus rating of “Hold” and a consensus target price of $21.55.
Shares of Wolverine World Wide (NYSE:WWW) traded down 1.17% during midday trading on Wednesday, hitting $22.90. The company had a trading volume of 141,360 shares. Wolverine World Wide has a 12 month low of $14.74 and a 12 month high of $25.54. The company has a market capitalization of $2.28 billion, a PE ratio of 23.20 and a beta of 0.79. The company has a 50-day moving average of $23.56 and a 200-day moving average of $20.67.
Wolverine World Wide (NYSE:WWW) last announced its earnings results on Tuesday, July 26th. The company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.02. Wolverine World Wide had a return on equity of 13.60% and a net margin of 3.81%. The business earned $583.70 million during the quarter, compared to analysts’ expectations of $578.99 million. During the same quarter in the prior year, the firm earned $0.27 earnings per share. The business’s revenue was down 7.4% compared to the same quarter last year. Analysts predict that Wolverine World Wide will post $1.37 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Monday, October 3rd will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.24 annualized dividend and a yield of 1.04%. Wolverine World Wide’s payout ratio is 24.49%.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Ronna Sue Cohen raised its position in shares of Wolverine World Wide by 0.3% in the second quarter. Ronna Sue Cohen now owns 12,322 shares of the company’s stock valued at $250,000 after buying an additional 36 shares during the last quarter. Capstone Asset Management Co. raised its position in shares of Wolverine World Wide by 0.3% in the second quarter. Capstone Asset Management Co. now owns 34,066 shares of the company’s stock valued at $692,000 after buying an additional 110 shares during the last quarter. Anchor Capital Advisors LLC raised its position in shares of Wolverine World Wide by 0.3% in the second quarter. Anchor Capital Advisors LLC now owns 45,948 shares of the company’s stock valued at $934,000 after buying an additional 151 shares during the last quarter. Nationwide Fund Advisors raised its position in shares of Wolverine World Wide by 0.3% in the second quarter. Nationwide Fund Advisors now owns 75,647 shares of the company’s stock valued at $1,537,000 after buying an additional 214 shares during the last quarter. Finally, Eagle Boston Investment Management Inc. raised its position in shares of Wolverine World Wide by 1.1% in the second quarter. Eagle Boston Investment Management Inc. now owns 32,777 shares of the company’s stock valued at $666,000 after buying an additional 366 shares during the last quarter. Institutional investors own 89.69% of the company’s stock.
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. The Company’s products are marketed around the world in approximately 200 countries and territories through Company-owned wholesale and consumer-direct operations, and third-party licensees and distributors.
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