Wolverine World Wide (NYSE:WWW) Upgraded to Strong-Buy at Wall Street Zen

Key Points

• Wolverine World Wide has been upgraded from a "buy" to a "strong-buy" rating by Wall Street Zen, reflecting increased investor confidence.
• The company recently reported $0.35 earnings per share, exceeding analysts' expectations of $0.23, alongside a revenue of $474.20 million for the quarter.
• The stock is currently trading lower at $25.34, experiencing a 4.2% decline, despite having a 52-week high of $32.80.

Wolverine World Wide (NYSE:WWW - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Friday.

WWW has been the topic of several other reports. Piper Sandler restated an "overweight" rating and set a $25.00 price target (up from $20.00) on shares of Wolverine World Wide in a report on Tuesday, August 5th. Telsey Advisory Group restated a "market perform" rating and set a $29.00 price target (up from $17.00) on shares of Wolverine World Wide in a report on Wednesday, August 6th. Weiss Ratings restated a "hold (c)" rating on shares of Wolverine World Wide in a report on Saturday, September 27th. KeyCorp restated an "overweight" rating and set a $32.00 price target (up from $25.00) on shares of Wolverine World Wide in a report on Thursday, August 7th. Finally, UBS Group boosted their target price on shares of Wolverine World Wide from $30.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Wolverine World Wide currently has an average rating of "Moderate Buy" and a consensus price target of $28.29.

Wolverine World Wide Stock Down 4.2%

Wolverine World Wide stock traded down $1.11 during midday trading on Friday, hitting $25.34. 2,212,662 shares of the stock were exchanged, compared to its average volume of 1,731,007. Wolverine World Wide has a 52-week low of $9.58 and a 52-week high of $32.80. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 24.85 and a beta of 1.81. The business's 50-day moving average price is $28.54 and its 200-day moving average price is $20.36. The company has a quick ratio of 0.75, a current ratio of 1.24 and a debt-to-equity ratio of 1.58.

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, research analysts expect that Wolverine World Wide will post 1.23 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Nicholas T. Long sold 12,854 shares of the company's stock in a transaction that occurred 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 sale, the director directly owned 76,268 shares in the company, valued at approximately $2,428,373.12. This represents a 14.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Brenda J. Lauderback sold 12,854 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $32.14, for a total transaction of $413,127.56. Following the sale, the director owned 48,675 shares in the company, valued at $1,564,414.50. The trade was a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.28% of the company's stock.

Institutional Trading of Wolverine World Wide

A number of institutional investors have recently modified their holdings of the business. Praxis Investment Management Inc. purchased a new stake in shares of Wolverine World Wide during the 3rd quarter valued at approximately $271,000. Corient Private Wealth LLC purchased a new stake in shares of Wolverine World Wide during the 2nd quarter valued at approximately $272,000. Squarepoint Ops LLC lifted its stake in shares of Wolverine World Wide by 67.6% during the 2nd quarter. Squarepoint Ops LLC now owns 332,870 shares of the textile maker's stock valued at $6,018,000 after buying an additional 134,219 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Wolverine World Wide by 1.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 59,742 shares of the textile maker's stock valued at $1,074,000 after buying an additional 782 shares in the last quarter. Finally, Nomura Holdings Inc. bought a new stake in Wolverine World Wide during the 2nd quarter worth approximately $1,090,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.