Wolverine World Wide (WWW) Lowered 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 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. “

A number of other equities research analysts also recently issued reports on the stock. TheStreet downgraded shares of Wolverine World Wide from a “b” rating to a “c+” rating in a research note on Wednesday, November 8th. Piper Jaffray Companies reaffirmed a “hold” rating and set 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. Pivotal Research raised shares of Wolverine World Wide from a “hold” rating to a “buy” rating and upped their price target for the company from $32.00 to $33.00 in a research note on Wednesday, November 8th. Finally, Morgan Stanley upped their price target on shares of Wolverine World Wide from $22.50 to $24.50 and gave the company an “equal weight” rating in a research note on Monday, September 25th. Ten research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $27.25.

Wolverine World Wide (NYSE:WWW) traded up $0.27 during trading on Friday, reaching $31.67. 1,095,283 shares of the company were exchanged, compared to its average volume of 745,867. The stock has a market capitalization of $3,004.38, a P/E ratio of 52.78, a price-to-earnings-growth ratio of 1.34 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 has a 52 week low of $20.94 and a 52 week high of $32.51.

Wolverine World Wide (NYSE:WWW) last released its quarterly earnings results on Wednesday, November 8th. The textile maker reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.06. The company 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%. Wolverine World Wide’s revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.49 earnings per share. sell-side analysts anticipate that Wolverine World Wide will post 1.64 EPS for the current year.

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

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

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About Wolverine World Wide

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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