Wolverine World Wide (WWW) Cut to Hold at Zacks Investment Research

Wolverine World Wide (NYSE:WWW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Saturday.

According to Zacks, “Wolverine Worldwide, Inc. is one of the world’s leading marketers of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel. The Company’s portfolio of highly recognized brands includes Merrell, Sperry, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Sebago, Chaco, Bates, HYTEST, and Soft Style. The Company also is the global footwear licensee of popular brands including Cat, Harley-Davidson. The Company’s products are carried by leading retailers in the U.S. and globally in approximately 200 countries and territories. “

WWW has been the topic of several other research reports. Morgan Stanley raised their price target on shares of Wolverine World Wide from $22.50 to $24.50 and gave the stock an “equal weight” rating in a research note on Monday, September 25th. Pivotal Research raised shares of Wolverine World Wide from a “hold” rating to a “buy” rating and raised their price target for the stock from $32.00 to $33.00 in a research note on Wednesday, November 8th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $25.00 price target on shares of Wolverine World Wide in a research note on Wednesday, November 1st. KeyCorp reaffirmed a “hold” rating on shares of Wolverine World Wide in a research note on Wednesday, October 11th. Finally, TheStreet downgraded shares of Wolverine World Wide from a “b” rating to a “c+” rating in a research note on Wednesday, November 8th. Ten investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Wolverine World Wide has an average rating of “Hold” and a consensus price target of $27.25.

Shares of Wolverine World Wide (NYSE WWW) traded up $0.41 on Friday, hitting $32.08. 1,569,200 shares of the stock traded hands, compared to its average volume of 1,175,920. Wolverine World Wide has a 1-year low of $20.94 and a 1-year high of $32.70. The stock has a market capitalization of $3,080.00, a P/E ratio of 54.37, a P/E/G ratio of 1.35 and a beta of 0.95. The company has a current ratio of 3.09, a quick ratio of 2.06 and a debt-to-equity ratio of 0.74.

Wolverine World Wide (NYSE:WWW) last announced its earnings results on Wednesday, November 8th. The textile maker reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.06. The business had revenue of $581.30 million for the quarter, compared to the consensus estimate of $552.36 million. Wolverine World Wide had a net margin of 2.35% and a return on equity of 15.25%. The business’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.49 earnings per share. sell-side analysts forecast that Wolverine World Wide will post 1.64 EPS for the current year.

In other Wolverine World Wide news, insider Michael Jeppesen sold 11,807 shares of the firm’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $27.97, for a total transaction of $330,241.79. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph R. Gromek sold 18,928 shares of the firm’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $29.14, for a total transaction of $551,561.92. The disclosure for this sale can be found here. Company insiders own 5.65% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of Montreal Can increased its position in Wolverine World Wide by 1.3% during the 2nd quarter. Bank of Montreal Can now owns 4,904 shares of the textile maker’s stock valued at $138,000 after purchasing an additional 64 shares during the period. Riverhead Capital Management LLC increased its position in Wolverine World Wide by 62.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 7,625 shares of the textile maker’s stock valued at $214,000 after purchasing an additional 2,925 shares during the period. Miles Capital Inc. purchased a new position in Wolverine World Wide during the 2nd quarter valued at about $222,000. Advisory Services Network LLC increased its position in Wolverine World Wide by 5.3% during the 2nd quarter. Advisory Services Network LLC now owns 8,336 shares of the textile maker’s stock valued at $234,000 after purchasing an additional 421 shares during the period. Finally, Bayesian Capital Management LP purchased a new position in Wolverine World Wide during the 2nd quarter valued at about $246,000. 92.48% of the stock is currently owned by institutional investors and hedge funds.

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Wolverine World Wide Company Profile

Wolverine World Wide, Inc is a designer, manufacturer and marketer of a range of casual footwear and apparel, outdoor and athletic footwear and apparel, children’s footwear, industrial work boots and apparel, and uniform shoes and boots. It operates in four segments: Wolverine Outdoor & Lifestyle Group, which offers Merrell footwear and apparel, Cat footwear, Hush Puppies footwear and apparel, and Chaco footwear; Wolverine Boston Group, which offers Sperry footwear and apparel, Saucony footwear and apparel, and Keds footwear and apparel; Wolverine Heritage Group, which offers Wolverine footwear and apparel, Bates uniform footwear, Harley-Davidson footwear and HyTest safety footwear, and Wolverine Multi-Brand Group, which offers Stride Rite footwear and apparel, and its multi-brand consumer-direct businesses.

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