Wall Street Zen Upgrades Wolverine World Wide (NYSE:WWW) to "Buy"

Key Points

• Wolverine World Wide has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, indicating increased analyst confidence in the stock's performance.
• Other analysts, including Baird R W and UBS Group, have also raised their ratings and price targets for Wolverine World Wide, with consensus recommendations overwhelmingly favoring a "buy".
• The company's quarterly earnings report showed a 12% year-over-year revenue increase, with earnings per share of $0.35, surpassing analysts' expectations of $0.23.

Wall Street Zen upgraded shares of Wolverine World Wide (NYSE:WWW - Free Report) from a hold rating to a buy rating in a research report released on Saturday morning.

A number of other research firms have also recently weighed in on WWW. Argus upgraded 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 note on Friday, May 16th. UBS Group increased 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. Baird R W upgraded shares of Wolverine World Wide from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 21st. Piper Sandler reiterated an "overweight" rating and issued a $25.00 target price (up previously from $20.00) on shares of Wolverine World Wide in a research report on Tuesday, August 5th. Finally, KeyCorp reiterated an "overweight" rating and issued a $32.00 target price (up previously from $25.00) on shares of Wolverine World Wide in a research report on Thursday, August 7th. One research 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 company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $25.38.

Wolverine World Wide Stock Up 2.4%

Shares of NYSE:WWW traded up $0.66 during midday trading on Friday, hitting $28.35. 331,372 shares of the company's stock were exchanged, compared to its average volume of 1,527,446. 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 stock has a 50 day moving average price of $20.47 and a 200-day moving average price of $17.15. The company has a market cap of $2.30 billion, a PE ratio of 27.85 and a beta of 1.74. Wolverine World Wide has a 12 month low of $9.58 and a 12 month high of $28.57.

Wolverine World Wide (NYSE:WWW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The textile maker reported $0.35 earnings per share 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 for the quarter, compared to analysts' expectations of $447.82 million. During the same period in the previous year, the company earned $0.15 earnings per share. The firm's revenue for the quarter was up 11.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Wolverine World Wide will post 1.23 EPS for the current fiscal year.

Wolverine World Wide Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. LPL Financial LLC bought a new position in Wolverine World Wide during the fourth quarter valued at approximately $378,000. Franklin Resources Inc. purchased a new position in Wolverine World Wide during the fourth quarter valued at $1,032,000. Wells Fargo & Company MN grew its stake in Wolverine World Wide by 2.9% during the fourth quarter. Wells Fargo & Company MN now owns 476,068 shares of the textile maker's stock valued at $10,569,000 after acquiring an additional 13,458 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Wolverine World Wide during the fourth quarter valued at $225,000. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Wolverine World Wide by 7.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 335,666 shares of the textile maker's stock worth $7,452,000 after acquiring an additional 24,596 shares during the last quarter. 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.