Wolverine World Wide (NYSE:WWW) Rating Increased to Buy at Seaport Res Ptn

Wolverine World Wide (NYSE:WWW) was upgraded by analysts at Seaport Res Ptn from a “neutral” rating to a “buy” rating in a report released on Monday, Zacks.com reports. Seaport Res Ptn also issued estimates for Wolverine World Wide’s Q2 2024 earnings at $0.29 EPS and Q3 2024 earnings at $0.36 EPS.

Separately, Telsey Advisory Group restated a “market perform” rating and issued a $10.00 price target on shares of Wolverine World Wide in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $10.63.

Wolverine World Wide Trading Down 0.1 %

Shares of NYSE WWW opened at $11.42 on Monday. The business has a 50 day simple moving average of $10.20 and a 200 day simple moving average of $9.24. Wolverine World Wide has a 52 week low of $7.21 and a 52 week high of $17.85. The stock has a market cap of $912.57 million, a price-to-earnings ratio of -22.39 and a beta of 1.73. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.75 and a current ratio of 1.18.

Wolverine World Wide (NYSE:WWW) last issued its quarterly earnings data on Wednesday, February 21st. The textile maker reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.03). The company had revenue of $526.70 million for the quarter, compared to analyst estimates of $520.12 million. Wolverine World Wide had a negative net margin of 1.77% and a positive return on equity of 1.45%. The business’s revenue was down 20.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.15) EPS. On average, research analysts predict that Wolverine World Wide will post 0.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wolverine World Wide

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Callodine Capital Management LP acquired a new position in shares of Wolverine World Wide during the third quarter worth about $8,060,000. Wolverine Asset Management LLC boosted its holdings in Wolverine World Wide by 493.5% during the third quarter. Wolverine Asset Management LLC now owns 193,757 shares of the textile maker’s stock worth $1,562,000 after purchasing an additional 161,109 shares during the last quarter. Invesco Ltd. boosted its holdings in Wolverine World Wide by 21.7% during the third quarter. Invesco Ltd. now owns 799,375 shares of the textile maker’s stock worth $6,443,000 after purchasing an additional 142,646 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Wolverine World Wide by 18.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,668,623 shares of the textile maker’s stock valued at $13,449,000 after buying an additional 255,872 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in Wolverine World Wide during the 4th quarter worth about $172,000. Institutional investors own 90.25% of the company’s stock.

About Wolverine World Wide

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.