Wolverine World Wide (NYSE:WWW) Upgraded to “Buy” by Argus

Wolverine World Wide (NYSE:WWW) was upgraded by equities researchers at Argus from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, The Fly reports.

A number of other research analysts also recently weighed in on the stock. Telsey Advisory Group restated a “market perform” rating and set a $34.00 price target (down previously from $38.00) on shares of Wolverine World Wide in a report on Monday, August 5th. ValuEngine upgraded shares of Wolverine World Wide from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Pivotal Research raised their price target on shares of Wolverine World Wide from $30.00 to $32.00 and gave the company a “hold” rating in a report on Friday, November 8th. Wedbush restated an “outperform” rating on shares of Wolverine World Wide in a report on Tuesday, October 1st. Finally, Stifel Nicolaus lifted their target price on shares of Wolverine World Wide from $36.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $36.60.

Wolverine World Wide stock opened at $33.30 on Monday. The company has a market capitalization of $2.68 billion, a P/E ratio of 15.35 and a beta of 1.06. The firm’s fifty day simple moving average is $29.35 and its 200-day simple moving average is $28.42. The company has a current ratio of 1.14, a quick ratio of 0.64 and a debt-to-equity ratio of 0.73. Wolverine World Wide has a 1-year low of $23.05 and a 1-year high of $39.72.

Wolverine World Wide (NYSE:WWW) last released its quarterly earnings results on Thursday, November 7th. The textile maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.05. The business had revenue of $574.30 million for the quarter, compared to the consensus estimate of $575.97 million. Wolverine World Wide had a net margin of 7.51% and a return on equity of 22.50%. Wolverine World Wide’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.62 EPS. On average, equities research analysts predict that Wolverine World Wide will post 2.25 earnings per share for the current year.

Wolverine World Wide declared that its Board of Directors has approved a stock repurchase program on Wednesday, September 11th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the textile maker to buy up to 17.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC raised its holdings in Wolverine World Wide by 719.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,639 shares of the textile maker’s stock worth $45,000 after acquiring an additional 1,439 shares during the period. Tower Research Capital LLC TRC raised its holdings in Wolverine World Wide by 147.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 4,060 shares of the textile maker’s stock worth $115,000 after acquiring an additional 2,421 shares during the period. CIBC Asset Management Inc bought a new position in Wolverine World Wide in the 3rd quarter worth $203,000. M&T Bank Corp raised its holdings in Wolverine World Wide by 14.9% in the 2nd quarter. M&T Bank Corp now owns 8,924 shares of the textile maker’s stock worth $245,000 after acquiring an additional 1,160 shares during the period. Finally, Palouse Capital Management Inc. acquired a new stake in Wolverine World Wide in the 3rd quarter worth $268,000. Hedge funds and other institutional investors own 97.72% 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. The company operates through three segments: Wolverine Outdoor & Lifestyle Group, Wolverine Boston Group, and Wolverine Heritage Group. It offers casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids' footwear; industrial work boots and apparel; and uniform shoes and boots.

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The Fly

Analyst Recommendations for Wolverine World Wide (NYSE:WWW)

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