Wolverine World Wide (NYSE:WWW) announced its quarterly earnings results on Wednesday. The textile maker reported $0.62 EPS for the quarter, beating the consensus estimate of $0.56 by $0.06, MarketWatch Earnings reports. Wolverine World Wide had a net margin of 2.83% and a return on equity of 18.58%. The company had revenue of $558.60 million for the quarter, compared to analyst estimates of $584.25 million. During the same quarter last year, the business earned $0.43 earnings per share. Wolverine World Wide’s revenue was down 3.9% compared to the same quarter last year. Wolverine World Wide updated its FY18 guidance to $2.12-2.16 EPS and its Q4 2018 guidance to EPS.
Shares of NYSE WWW traded down $0.73 during mid-day trading on Friday, reaching $33.09. 44,780 shares of the company traded hands, compared to its average volume of 535,264. Wolverine World Wide has a fifty-two week low of $26.81 and a fifty-two week high of $39.77. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.65 and a quick ratio of 1.86. The firm has a market capitalization of $3.44 billion, a PE ratio of 20.17, a P/E/G ratio of 1.70 and a beta of 1.11.
The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.97%. Wolverine World Wide’s dividend payout ratio is presently 19.51%.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Hillsdale Investment Management Inc. acquired a new position in shares of Wolverine World Wide during the third quarter valued at approximately $1,488,000. Bank of New York Mellon Corp grew its position in Wolverine World Wide by 3.1% in the third quarter. Bank of New York Mellon Corp now owns 1,237,184 shares of the textile maker’s stock worth $48,312,000 after buying an additional 37,588 shares during the last quarter. Eagle Boston Investment Management Inc. grew its position in Wolverine World Wide by 4.9% in the third quarter. Eagle Boston Investment Management Inc. now owns 60,919 shares of the textile maker’s stock worth $2,378,000 after buying an additional 2,830 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Wolverine World Wide by 13.3% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,700 shares of the textile maker’s stock worth $886,000 after buying an additional 2,656 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Wolverine World Wide by 2.8% in the third quarter. JPMorgan Chase & Co. now owns 2,090,118 shares of the textile maker’s stock worth $81,620,000 after buying an additional 57,188 shares during the last quarter. Institutional investors and hedge funds own 92.94% of the company’s stock.
Several brokerages have commented on WWW. Robert W. Baird restated a “buy” rating and issued a $43.00 price target on shares of Wolverine World Wide in a research note on Friday, August 10th. DA Davidson set a $44.00 price target on shares of Wolverine World Wide and gave the company a “buy” rating in a research note on Thursday, August 9th. Piper Jaffray Companies set a $38.00 price target on shares of Wolverine World Wide and gave the company a “hold” rating in a research note on Thursday. Telsey Advisory Group dropped their price target on shares of Wolverine World Wide from $39.00 to $35.00 and set a “market perform” rating on the stock in a research note on Thursday. Finally, ValuEngine upgraded shares of Wolverine World Wide from a “hold” rating to a “buy” rating in a research note on Thursday, July 19th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Wolverine World Wide has an average rating of “Buy” and an average target price of $39.42.
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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