Wolverine World Wide (NYSE:WWW) Upgraded to Buy by Argus

Argus upgraded shares of Wolverine World Wide (NYSE:WWW) from a hold rating to a buy rating in a report published on Monday, Briefing.com Automated Import reports. They currently have $39.00 price target on the textile maker’s stock.

Several other research analysts have also recently commented on the stock. DA Davidson reiterated a buy rating on shares of Wolverine World Wide in a report on Monday, November 4th. Telsey Advisory Group reiterated a market perform rating and set a $34.00 price target (down previously from $38.00) on shares of Wolverine World Wide in a report on Monday, August 5th. Stifel Nicolaus upped their target price on shares of Wolverine World Wide from $36.00 to $37.00 and gave the company a buy rating in a report on Friday, November 8th. ValuEngine upgraded shares of Wolverine World Wide from a sell rating to a hold rating in a report on Wednesday, October 2nd. Finally, Pivotal Research upped their target price on shares of Wolverine World Wide from $30.00 to $32.00 and gave the company a hold rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $38.00.

NYSE WWW traded down $0.66 on Monday, hitting $32.81. 513,020 shares of the stock were exchanged, compared to its average volume of 779,092. The company has a quick ratio of 0.64, a current ratio of 1.14 and a debt-to-equity ratio of 0.73. Wolverine World Wide has a fifty-two week low of $23.05 and a fifty-two week high of $39.72. The company has a market cap of $2.69 billion, a PE ratio of 15.12 and a beta of 1.06. The company has a 50-day moving average price of $29.65 and a 200-day moving average price of $28.37.

Wolverine World Wide (NYSE:WWW) last posted its quarterly earnings results on Thursday, November 7th. The textile maker reported $0.68 EPS for the quarter, topping the consensus estimate of $0.63 by $0.05. Wolverine World Wide had a net margin of 7.51% and a return on equity of 22.50%. The company had revenue of $574.30 million during the quarter, compared to analysts’ expectations of $575.97 million. During the same quarter in the previous year, the business posted $0.62 EPS. The firm’s revenue was up 2.8% on a year-over-year basis. As a group, equities research analysts predict that Wolverine World Wide will post 2.25 EPS for the current fiscal year.

Wolverine World Wide declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 11th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the textile maker to buy up to 17.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Thursday, January 2nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Tuesday, December 31st. Wolverine World Wide’s payout ratio is 18.43%.

Several institutional investors have recently modified their holdings of WWW. Tower Research Capital LLC TRC boosted its holdings in shares of Wolverine World Wide by 719.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,639 shares of the textile maker’s stock valued at $45,000 after buying an additional 1,439 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Wolverine World Wide by 147.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 4,060 shares of the textile maker’s stock valued at $115,000 after buying an additional 2,421 shares in the last quarter. CIBC Asset Management Inc acquired a new position in shares of Wolverine World Wide in the 3rd quarter valued at $203,000. M&T Bank Corp boosted its holdings in shares of Wolverine World Wide by 14.9% in the 2nd quarter. M&T Bank Corp now owns 8,924 shares of the textile maker’s stock valued at $245,000 after buying an additional 1,160 shares in the last quarter. Finally, Palouse Capital Management Inc. acquired a new position in shares of Wolverine World Wide in the 3rd quarter valued at $268,000. Institutional investors and hedge funds own 97.72% of the company’s stock.

About Wolverine World Wide

Wolverine World Wide, Inc designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories. The company operates through three segments: Wolverine Outdoor & Lifestyle Group, Wolverine Boston Group, and Wolverine Heritage Group. It offers casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids' footwear; industrial work boots and apparel; and uniform shoes and boots.

Further Reading: Outstanding Shares and The Effect on Share Price

Analyst Recommendations for Wolverine World Wide (NYSE:WWW)

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