Wolverine World Wide (NYSE:WWW) Reaches New 12-Month High - Time to Buy?

Key Points

• Wolverine World Wide reached a new 52-week high of $28.60, with shares trading around $28.48, following a strong trading volume of 462,305 shares.
• Analysts have largely upgraded their ratings on Wolverine World Wide, with price targets ranging from $20 to $36, reflecting increasing optimism about the company's performance.
• The firm reported better-than-expected quarterly earnings of $0.35 per share, along with a year-over-year revenue increase of 11.5%, indicating strong business growth.

Wolverine World Wide, Inc. (NYSE:WWW - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $28.60 and last traded at $28.48, with a volume of 462305 shares. The stock had previously closed at $27.69.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Baird R W upgraded Wolverine World Wide from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 21st. UBS Group upped their price objective on shares of Wolverine World Wide from $30.00 to $36.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Argus raised shares of Wolverine World Wide from a "hold" rating to a "buy" rating and set a $20.00 target price on the stock in a report on Friday, May 16th. Wall Street Zen upgraded shares of Wolverine World Wide from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Robert W. Baird boosted their target price on shares of Wolverine World Wide from $15.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Wolverine World Wide currently has a consensus rating of "Buy" and an average target price of $25.38.

Wolverine World Wide Stock Performance

The stock's 50-day moving average is $21.15 and its 200-day moving average is $17.26. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 28.05 and a beta of 1.74. The company has a current ratio of 1.24, a quick ratio of 0.75 and a debt-to-equity ratio of 1.58.

Wolverine World Wide (NYSE:WWW - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The textile maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.12. The business had revenue of $474.20 million during the quarter, compared to analysts' expectations of $447.82 million. Wolverine World Wide had a net margin of 4.73% and a return on equity of 31.99%. The firm's quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.15 EPS. On average, analysts predict that Wolverine World Wide, Inc. will post 1.23 EPS for the current fiscal year.

Wolverine World Wide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 1st will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.4%. The ex-dividend date is Wednesday, October 1st. Wolverine World Wide's dividend payout ratio is 39.22%.

Hedge Funds Weigh In On Wolverine World Wide

Several institutional investors and hedge funds have recently added to or reduced their stakes in WWW. Callodine Capital Management LP increased its position in Wolverine World Wide by 41.0% in the 2nd quarter. Callodine Capital Management LP now owns 4,297,586 shares of the textile maker's stock valued at $77,700,000 after acquiring an additional 1,250,515 shares during the period. Capital Research Global Investors acquired a new position in Wolverine World Wide in the 4th quarter valued at approximately $13,943,000. Cooper Creek Partners Management LLC acquired a new position in Wolverine World Wide in the 2nd quarter valued at approximately $10,442,000. Goldman Sachs Group Inc. increased its position in Wolverine World Wide by 55.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,504,571 shares of the textile maker's stock valued at $20,929,000 after acquiring an additional 537,854 shares during the period. Finally, WCM Investment Management LLC acquired a new position in Wolverine World Wide in the 1st quarter valued at approximately $7,164,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Wolverine World Wide Company Profile

Wolverine World Wide, Inc designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories in the United States, Europe, the Middle East, Africa, the Asia Pacific, Canada and Latin America. It operates through Active Group and Work Group segments. The company offers casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids' footwear; industrial work boots and apparel; and uniform shoes and boots.