Wolverine World Wide (NYSE:WWW) Shares Up 5.2% – Here’s What Happened

Wolverine World Wide, Inc. (NYSE:WWW)’s stock price was up 5.2% during trading on Thursday . The stock traded as high as $17.14 and last traded at $17.10. Approximately 245,896 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 1,104,080 shares. The stock had previously closed at $16.26.

Wall Street Analysts Forecast Growth

WWW has been the subject of a number of recent research reports. Piper Sandler reiterated an “overweight” rating and set a $18.00 price objective on shares of Wolverine World Wide in a research note on Friday, August 23rd. UBS Group upgraded Wolverine World Wide from a “neutral” rating to a “buy” rating and lifted their price target for the company from $13.00 to $20.00 in a research report on Friday, July 19th. Robert W. Baird upped their price objective on Wolverine World Wide from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. BNP Paribas raised shares of Wolverine World Wide from a “neutral” rating to an “outperform” rating and set a $22.00 target price for the company in a report on Thursday, October 3rd. Finally, KeyCorp raised shares of Wolverine World Wide from a “sector weight” rating to an “overweight” rating and set a $20.00 price target on the stock in a report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.86.

Wolverine World Wide Stock Performance

The company has a current ratio of 1.19, a quick ratio of 0.74 and a debt-to-equity ratio of 2.14. The company has a market cap of $1.35 billion, a PE ratio of -18.39 and a beta of 1.77. The firm’s fifty day moving average is $14.76 and its 200 day moving average is $13.28.

Wolverine World Wide (NYSE:WWW) last released its earnings results on Wednesday, August 7th. The textile maker reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $425.40 million during the quarter, compared to analysts’ expectations of $411.20 million. Wolverine World Wide had a negative net margin of 4.42% and a negative return on equity of 0.34%. The company’s quarterly revenue was down 27.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.19 earnings per share. As a group, research analysts predict that Wolverine World Wide, Inc. will post 0.85 EPS for the current fiscal year.

Wolverine World Wide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date is Tuesday, October 1st. Wolverine World Wide’s payout ratio is -43.01%.

Insider Buying and Selling at Wolverine World Wide

In other news, insider David A. Latchana sold 7,706 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $17.02, for a total transaction of $131,156.12. Following the transaction, the insider now owns 13,889 shares of the company’s stock, valued at approximately $236,390.78. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.28% of the stock is owned by insiders.

Institutional Investors Weigh In On Wolverine World Wide

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. purchased a new position in shares of Wolverine World Wide during the 2nd quarter worth $64,295,000. Federated Hermes Inc. boosted its stake in Wolverine World Wide by 10,607.4% during the second quarter. Federated Hermes Inc. now owns 540,402 shares of the textile maker’s stock worth $7,306,000 after buying an additional 535,355 shares during the period. Manning & Napier Advisors LLC acquired a new stake in shares of Wolverine World Wide during the second quarter valued at about $7,098,000. Panagora Asset Management Inc. acquired a new stake in shares of Wolverine World Wide during the second quarter valued at about $3,979,000. Finally, Lumbard & Kellner LLC acquired a new position in shares of Wolverine World Wide in the 1st quarter worth approximately $3,211,000. Institutional investors and hedge funds 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.