Wolverine World Wide (NYSE:WWW) Shares Gap Up - Here's What Happened

Wolverine World Wide, Inc. (NYSE:WWW - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $10.79, but opened at $11.42. Wolverine World Wide shares last traded at $11.46, with a volume of 167,596 shares changing hands.

Analysts Set New Price Targets

WWW has been the topic of a number of recent analyst reports. Piper Sandler dropped their price objective on Wolverine World Wide from $27.00 to $18.00 and set an "overweight" rating on the stock in a research note on Friday, April 11th. Baird R W raised Wolverine World Wide from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 21st. StockNews.com cut Wolverine World Wide from a "buy" rating to a "hold" rating in a report on Tuesday, February 11th. UBS Group lifted their price objective on shares of Wolverine World Wide from $17.00 to $18.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Telsey Advisory Group reissued a "market perform" rating and set a $23.00 target price on shares of Wolverine World Wide in a research note on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.88.

Wolverine World Wide Stock Performance

The company's fifty day simple moving average is $13.18 and its 200 day simple moving average is $18.30. The stock has a market capitalization of $1.03 billion, a P/E ratio of 23.15 and a beta of 1.74. The company has a current ratio of 1.29, a quick ratio of 0.77 and a debt-to-equity ratio of 1.79.

Wolverine World Wide (NYSE:WWW - Get Free Report) last announced its earnings results on Wednesday, February 19th. The textile maker reported $0.42 earnings per share for the quarter, meeting analysts' consensus estimates of $0.42. Wolverine World Wide had a net margin of 2.73% and a return on equity of 26.81%. The business had revenue of $494.70 million for the quarter, compared to the consensus estimate of $485.74 million. During the same period last year, the firm posted ($0.30) earnings per share. Wolverine World Wide's quarterly revenue was down 6.1% on a year-over-year basis. As a group, sell-side analysts forecast that Wolverine World Wide, Inc. will post 1.23 earnings per share for the current fiscal year.

Wolverine World Wide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Tuesday, April 1st. Wolverine World Wide's payout ratio is 72.73%.

Hedge Funds Weigh In On Wolverine World Wide

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. bought a new position in Wolverine World Wide in the 4th quarter worth $25,000. Signaturefd LLC raised its stake in Wolverine World Wide by 88.8% in the fourth quarter. Signaturefd LLC now owns 1,450 shares of the textile maker's stock worth $32,000 after buying an additional 682 shares in the last quarter. Natixis purchased a new stake in Wolverine World Wide in the fourth quarter worth about $41,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Wolverine World Wide during the 4th quarter valued at approximately $64,000. Finally, KBC Group NV grew its holdings in shares of Wolverine World Wide by 43.8% during the 4th quarter. KBC Group NV now owns 4,303 shares of the textile maker's stock worth $96,000 after acquiring an additional 1,311 shares during the period. Institutional investors own 90.25% of the company's stock.

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.