Pivotal Research reiterated their hold rating on shares of Wolverine World Wide (NYSE:WWW) in a research note published on Monday morning. They currently have a $37.00 target price on the textile maker’s stock.
“We calculate that the $0.06 beat was due to a lower-than-expected tax rate.”,” the firm’s analyst commented.
Several other equities research analysts also recently issued reports on the company. ValuEngine upgraded Wolverine World Wide from a hold rating to a buy rating in a report on Wednesday, October 31st. Zacks Investment Research downgraded Wolverine World Wide from a buy rating to a hold rating in a report on Wednesday, October 17th. Citigroup boosted their price objective on Wolverine World Wide from $34.00 to $40.00 and gave the company a neutral rating in a report on Thursday, August 30th. Argus boosted their target price on Wolverine World Wide from $40.00 to $44.00 and gave the stock a buy rating in a research note on Friday, August 17th. Finally, Buckingham Research boosted their target price on Wolverine World Wide from $34.00 to $38.00 and gave the stock a neutral rating in a research note on Thursday, August 16th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $39.42.
Wolverine World Wide (NYSE:WWW) last posted its quarterly earnings data on Wednesday, November 7th. The textile maker reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.06. The firm had revenue of $558.60 million for the quarter, compared to the consensus estimate of $584.25 million. Wolverine World Wide had a return on equity of 18.58% and a net margin of 2.83%. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.43 EPS. On average, research analysts expect that Wolverine World Wide will post 2.13 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Wednesday, January 2nd will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.95%. Wolverine World Wide’s payout ratio is 19.51%.
In related news, insider Michael Jeppesen sold 49,151 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $37.77, for a total transaction of $1,856,433.27. Following the completion of the transaction, the insider now directly owns 156,470 shares of the company’s stock, valued at approximately $5,909,871.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Richard Woodworth sold 19,376 shares of the business’s stock in a transaction on Friday, August 31st. The stock was sold at an average price of $38.73, for a total value of $750,432.48. Following the transaction, the insider now directly owns 123,040 shares of the company’s stock, valued at $4,765,339.20. The disclosure for this sale can be found here. Insiders own 5.81% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in WWW. Russell Investments Group Ltd. acquired a new position in shares of Wolverine World Wide during the 1st quarter worth about $895,000. A.R.T. Advisors LLC acquired a new position in shares of Wolverine World Wide during the 1st quarter worth about $219,000. Jane Street Group LLC boosted its position in shares of Wolverine World Wide by 37.6% during the 1st quarter. Jane Street Group LLC now owns 12,425 shares of the textile maker’s stock worth $359,000 after acquiring an additional 3,395 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Wolverine World Wide by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 745,972 shares of the textile maker’s stock worth $21,559,000 after acquiring an additional 13,073 shares in the last quarter. Finally, Ronna Sue Cohen acquired a new position in shares of Wolverine World Wide during the 2nd quarter worth about $234,000. 92.94% of the stock is owned by hedge funds and other institutional investors.
About Wolverine World Wide
Wolverine World Wide, Inc designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories. The company operates through four segments: Wolverine Outdoor & Lifestyle Group, Wolverine Boston Group, Wolverine Heritage Group, and Wolverine Multi-Brand Group. It offers casual footwear and apparel; performance outdoor and athletic footwear and apparel; children's footwear; industrial work boots and apparel; and uniform shoes and boots.
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