Wolverine World Wide (NYSE:WWW) Shares Down 3.7%

Shares of Wolverine World Wide, Inc. (NYSE:WWW) were down 3.7% during trading on Monday . The stock traded as low as $16.83 and last traded at $16.86. Approximately 160,267 shares changed hands during trading, a decline of 85% from the average daily volume of 1,084,273 shares. The stock had previously closed at $17.51.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on WWW. KeyCorp upgraded Wolverine World Wide from a “sector weight” rating to an “overweight” rating and set a $20.00 price objective on the stock in a report on Thursday, August 8th. Robert W. Baird increased their price objective on Wolverine World Wide from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Piper Sandler reiterated an “overweight” rating and set a $18.00 price target on shares of Wolverine World Wide in a report on Friday, August 23rd. UBS Group raised Wolverine World Wide from a “neutral” rating to a “buy” rating and raised their target price for the stock from $13.00 to $20.00 in a research note on Friday, July 19th. Finally, Telsey Advisory Group reissued a “market perform” rating and set a $14.00 price objective on shares of Wolverine World Wide in a research report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.17.

Wolverine World Wide Price Performance

The stock has a market cap of $1.37 billion, a PE ratio of -18.30 and a beta of 1.76. The firm has a 50-day moving average of $14.02 and a 200-day moving average of $12.72. The company has a debt-to-equity ratio of 2.14, a current ratio of 1.19 and a quick ratio of 0.74.

Wolverine World Wide (NYSE:WWW) last posted its earnings results on Wednesday, August 7th. The textile maker reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. Wolverine World Wide had a negative net margin of 4.42% and a negative return on equity of 0.34%. The firm had revenue of $425.40 million during the quarter, compared to analyst estimates of $411.20 million. During the same period last year, the firm posted $0.19 earnings per share. Wolverine World Wide’s revenue for the quarter was down 27.8% compared to the same quarter last year. Research analysts predict that Wolverine World Wide, Inc. will post 0.85 EPS for the current year.

Wolverine World Wide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Tuesday, October 1st. Wolverine World Wide’s dividend payout ratio is presently -43.01%.

Institutional Trading of Wolverine World Wide

Several institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. bought a new stake in Wolverine World Wide during the 2nd quarter valued at $64,295,000. Federated Hermes Inc. grew its holdings in Wolverine World Wide by 10,607.4% during the 2nd quarter. Federated Hermes Inc. now owns 540,402 shares of the textile maker’s stock worth $7,306,000 after acquiring an additional 535,355 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in Wolverine World Wide during the 2nd quarter valued at about $7,098,000. Panagora Asset Management Inc. bought a new position in Wolverine World Wide in the second quarter worth approximately $3,979,000. Finally, Intrinsic Edge Capital Management LLC bought a new stake in shares of Wolverine World Wide in the 4th quarter valued at about $2,563,000. 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.