Wolverine World Wide (NYSE:WWW) Shares Down 4.5% – Here’s Why

Wolverine World Wide, Inc. (NYSE:WWW)’s share price was down 4.5% during trading on Wednesday . The company traded as low as $16.25 and last traded at $16.25. Approximately 484,627 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 1,112,088 shares. The stock had previously closed at $17.02.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. KeyCorp raised Wolverine World Wide from a “sector weight” rating to an “overweight” rating and set a $20.00 target price for the company in a report on Thursday, August 8th. Telsey Advisory Group reissued a “market perform” rating and issued a $14.00 price target on shares of Wolverine World Wide in a report on Wednesday, August 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price target on shares of Wolverine World Wide in a report on Friday, August 23rd. BNP Paribas raised Wolverine World Wide from a “neutral” rating to an “outperform” rating and set a $22.00 price objective for the company in a research note on Thursday, October 3rd. Finally, 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. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.86.

Wolverine World Wide Stock Performance

The company has a market cap of $1.32 billion, a PE ratio of -17.95 and a beta of 1.77. The company has a quick ratio of 0.74, a current ratio of 1.19 and a debt-to-equity ratio of 2.14. The business’s fifty day moving average is $14.44 and its 200-day moving average is $13.07.

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

Wolverine World Wide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Tuesday, October 1st. Wolverine World Wide’s dividend payout ratio (DPR) is -43.01%.

Insider Buying and Selling

In related news, insider David A. Latchana sold 7,706 shares of the firm’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $17.02, for a total value of $131,156.12. Following the transaction, the insider now owns 13,889 shares of the company’s stock, valued at $236,390.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.28% of the stock is owned by corporate insiders.

Institutional Trading of Wolverine World Wide

Several hedge funds and other institutional investors have recently bought and sold shares of WWW. Pacer Advisors Inc. purchased a new stake in shares of Wolverine World Wide during the 2nd quarter valued at $64,295,000. Federated Hermes Inc. boosted its holdings in Wolverine World Wide by 10,607.4% in the second 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 stake in shares of Wolverine World Wide during the second quarter worth about $7,098,000. Panagora Asset Management Inc. acquired a new position in shares of Wolverine World Wide during the second quarter valued at about $3,979,000. Finally, Lumbard & Kellner LLC acquired a new stake in Wolverine World Wide in the 1st quarter worth approximately $3,211,000. Institutional investors own 90.25% of the company’s stock.

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.