Wolverine World Wide (NYSE:WWW) Trading Down 5.3% - Time to Sell?

Key Points

• Wolverine World Wide's stock experienced a significant drop of 5.3% during trading, falling to $26.20 from a previous close of $27.66.
• Analysts have mixed opinions on the stock, with one upgrade to a "strong-buy" rating and a consensus average price target of $28.29.
• The company recently announced a quarterly $0.10 dividend, reflecting a 1.5% yield based on its current pricing, with the dividend payable on November 3rd.

Wolverine World Wide, Inc. (NYSE:WWW - Get Free Report) dropped 5.3% during trading on Friday . The stock traded as low as $26.25 and last traded at $26.20. Approximately 962,405 shares traded hands during trading, a decline of 39% from the average daily volume of 1,566,081 shares. The stock had previously closed at $27.66.

Analyst Upgrades and Downgrades

WWW has been the subject of several analyst reports. Wall Street Zen upgraded shares of Wolverine World Wide from a "buy" rating to a "strong-buy" rating in a report on Friday, October 3rd. UBS Group boosted their price target on shares of Wolverine World Wide from $30.00 to $36.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Telsey Advisory Group reiterated a "market perform" rating and set a $29.00 price target (up previously from $17.00) on shares of Wolverine World Wide in a report on Wednesday, August 6th. Weiss Ratings reiterated a "hold (c)" rating on shares of Wolverine World Wide in a report on Friday. Finally, Piper Sandler reiterated an "overweight" rating and set a $25.00 price target (up previously from $20.00) on shares of Wolverine World Wide in a report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $28.29.

Wolverine World Wide Stock Performance

The firm's fifty day moving average price is $28.74 and its 200-day moving average price is $21.57. The company has a current ratio of 1.24, a quick ratio of 0.75 and a debt-to-equity ratio of 1.58. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of 25.64 and a beta of 1.81.

Wolverine World Wide (NYSE:WWW - Get Free Report) last issued its earnings results on Wednesday, August 6th. The textile maker reported $0.35 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $447.82 million. During the same quarter in the prior year, the business posted $0.15 EPS. The company's revenue for the quarter was up 11.5% on a year-over-year basis. Analysts expect that Wolverine World Wide, Inc. will post 1.23 earnings per share for the current year.

Wolverine World Wide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 1st will be issued a $0.10 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 1.5%. Wolverine World Wide's dividend payout ratio is presently 39.22%.

Insider Buying and Selling at Wolverine World Wide

In related news, Director Brenda J. Lauderback sold 12,854 shares of the company's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $32.14, for a total value of $413,127.56. Following the completion of the sale, the director owned 48,675 shares in the company, valued at $1,564,414.50. This represents a 20.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nicholas T. Long sold 12,854 shares of the company's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $31.84, for a total transaction of $409,271.36. Following the completion of the sale, the director owned 76,268 shares of the company's stock, valued at approximately $2,428,373.12. This trade represents a 14.42% decrease in their position. The disclosure for this sale can be found here. 2.28% of the stock is owned by corporate insiders.

Institutional Trading of Wolverine World Wide

Several institutional investors and hedge funds have recently bought and sold shares of WWW. Hennessy Advisors Inc. purchased a new stake in Wolverine World Wide in the 3rd quarter valued at $36,556,000. Callodine Capital Management LP raised 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 purchasing an additional 1,250,515 shares during the last quarter. Cooper Creek Partners Management LLC purchased a new position in Wolverine World Wide during the 2nd quarter worth $10,442,000. Goldman Sachs Group Inc. raised its position in Wolverine World Wide by 55.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,504,571 shares of the textile maker's stock worth $20,929,000 after buying an additional 537,854 shares during the last quarter. Finally, WCM Investment Management LLC purchased a new position in Wolverine World Wide during the 1st quarter worth $7,164,000. Hedge funds and other institutional investors own 90.25% of the company's stock.

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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