Wolverine World Wide (NYSE:WWW) Trading Down 5.3% – Here’s Why

Wolverine World Wide, Inc. (NYSE:WWW)’s stock price was down 5.3% during trading on Wednesday . The company traded as low as $19.33 and last traded at $19.41. Approximately 142,623 shares were traded during trading, a decline of 86% from the average daily volume of 1,045,343 shares. The stock had previously closed at $20.50.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. StockNews.com lowered Wolverine World Wide from a “buy” rating to a “hold” rating in a report on Tuesday. Telsey Advisory Group reiterated a “market perform” rating and issued a $23.00 price objective on shares of Wolverine World Wide in a report on Wednesday. Finally, Stifel Nicolaus upgraded shares of Wolverine World Wide from a “hold” rating to a “buy” rating and upped their target price for the company from $21.00 to $29.00 in a research note on Wednesday, December 11th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.38.

Wolverine World Wide Trading Down 7.9 %

The stock has a fifty day simple moving average of $22.67 and a 200 day simple moving average of $18.68. The firm has a market capitalization of $1.51 billion, a P/E ratio of -21.17 and a beta of 1.88. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 1.91.

Wolverine World Wide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 1st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $0.40 dividend on an annualized basis and a yield of 2.12%. Wolverine World Wide’s dividend payout ratio is presently -44.94%.

Insiders Place Their Bets

In other news, insider Isabel Soriano sold 7,687 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $23.57, for a total transaction of $181,182.59. Following the completion of the transaction, the insider now owns 34,206 shares in the company, valued at $806,235.42. This trade represents a 18.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Wolverine World Wide

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its stake in Wolverine World Wide by 0.5% in the 3rd quarter. State Street Corp now owns 3,065,736 shares of the textile maker’s stock worth $53,405,000 after acquiring an additional 16,228 shares during the last quarter. Pacer Advisors Inc. bought a new stake in Wolverine World Wide in the fourth quarter worth $64,943,000. JPMorgan Chase & Co. raised its stake in Wolverine World Wide by 70.0% during the fourth quarter. JPMorgan Chase & Co. now owns 2,425,858 shares of the textile maker’s stock valued at $53,854,000 after purchasing an additional 998,916 shares in the last quarter. Geode Capital Management LLC raised its stake in Wolverine World Wide by 1.0% during the third quarter. Geode Capital Management LLC now owns 1,791,789 shares of the textile maker’s stock valued at $31,219,000 after purchasing an additional 17,400 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Wolverine World Wide by 5.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,670,760 shares of the textile maker’s stock valued at $37,091,000 after purchasing an additional 86,475 shares during the last quarter. 90.25% of the stock is owned by institutional investors.

Wolverine World Wide Company Profile

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.