Wolverine World Wide (NYSE:WWW) Sets New 52-Week High After Analyst Upgrade

Key Points

• Wolverine World Wide reached a new 52-week high after Stifel Nicolaus upgraded its price target from $30 to $36, confirming a buy rating on the stock.
• Institutional investors are increasing their stakes in the company, with significant purchases from Vanguard Group and Callodine Capital Management.
• The company announced a quarterly dividend of $0.10 per share, set to be paid on November 3rd, representing a 1.3% dividend yield.

Wolverine World Wide, Inc. (NYSE:WWW - Get Free Report) hit a new 52-week high during mid-day trading on Thursday after Stifel Nicolaus raised their price target on the stock from $30.00 to $36.00. Stifel Nicolaus currently has a buy rating on the stock. Wolverine World Wide traded as high as $32.59 and last traded at $31.80, with a volume of 1794218 shares traded. The stock had previously closed at $31.50.

A number of other brokerages have also commented on WWW. Wall Street Zen raised shares of Wolverine World Wide from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. UBS Group raised their target price 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. KeyCorp reaffirmed an "overweight" rating and set a $32.00 target price (up from $25.00) on shares of Wolverine World Wide in a research report on Thursday, August 7th. Telsey Advisory Group reaffirmed a "market perform" rating and set a $29.00 target price (up from $17.00) on shares of Wolverine World Wide in a research report on Wednesday, August 6th. Finally, 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 research report on Friday, May 16th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $27.50.

Hedge Funds Weigh In On Wolverine World Wide

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Wolverine World Wide by 0.5% in the first quarter. Vanguard Group Inc. now owns 9,005,788 shares of the textile maker's stock worth $125,271,000 after purchasing an additional 45,779 shares during the last quarter. Earnest Partners LLC grew its holdings in Wolverine World Wide by 0.8% in the first quarter. Earnest Partners LLC now owns 5,270,775 shares of the textile maker's stock worth $73,316,000 after purchasing an additional 41,857 shares during the last quarter. Callodine Capital Management LP grew its holdings in Wolverine World Wide by 41.0% in the second quarter. Callodine Capital Management LP now owns 4,297,586 shares of the textile maker's stock worth $77,700,000 after purchasing an additional 1,250,515 shares during the last quarter. Geode Capital Management LLC grew its holdings in Wolverine World Wide by 1.8% in the second quarter. Geode Capital Management LLC now owns 1,869,339 shares of the textile maker's stock worth $33,802,000 after purchasing an additional 32,493 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in Wolverine World Wide by 8.6% in the second quarter. Bank of America Corp DE now owns 1,772,076 shares of the textile maker's stock worth $32,039,000 after purchasing an additional 139,913 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Wolverine World Wide Stock Up 0.9%

The company's fifty day simple moving average is $23.03 and its 200-day simple moving average is $17.72. The company has a debt-to-equity ratio of 1.58, a current ratio of 1.24 and a quick ratio of 0.75. The firm has a market capitalization of $2.58 billion, a PE ratio of 31.17 and a beta of 1.74.

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

Wolverine World Wide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Wednesday, October 1st. Wolverine World Wide's payout ratio is presently 39.22%.

About Wolverine World Wide

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.

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