Wedbush reiterated their outperform rating on shares of Wolverine World Wide (NYSE:WWW) in a research report released on Tuesday, 24/7 WallStreet reports.
A number of other brokerages also recently issued reports on WWW. Stifel Nicolaus set a $36.00 price objective on Wolverine World Wide and gave the company a buy rating in a research note on Monday, September 9th. Telsey Advisory Group reiterated a market perform rating and set a $34.00 price objective (down from $38.00) on shares of Wolverine World Wide in a research note on Monday, August 5th. Finally, Pivotal Research reiterated a hold rating and set a $30.00 price objective (down from $34.00) on shares of Wolverine World Wide in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $36.80.
Shares of NYSE:WWW opened at $27.14 on Tuesday. The stock has a 50 day moving average of $26.66 and a 200 day moving average of $29.73. The company has a market cap of $2.39 billion, a PE ratio of 12.51 and a beta of 1.07. The company has a current ratio of 1.25, a quick ratio of 0.70 and a debt-to-equity ratio of 0.68. Wolverine World Wide has a 12-month low of $23.05 and a 12-month high of $39.72.
Wolverine World Wide declared that its board has approved a share buyback program on Wednesday, September 11th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the textile maker to repurchase up to 17.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 1st will be issued a $0.10 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.40 dividend on an annualized basis and a yield of 1.47%. Wolverine World Wide’s dividend payout ratio is presently 18.43%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAM Holding AG acquired a new position in Wolverine World Wide during the 2nd quarter worth $897,000. Champlain Investment Partners LLC grew its stake in shares of Wolverine World Wide by 3.3% during the 1st quarter. Champlain Investment Partners LLC now owns 1,924,285 shares of the textile maker’s stock valued at $68,755,000 after purchasing an additional 61,915 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Wolverine World Wide during the 2nd quarter valued at about $4,414,000. Pinebridge Investments L.P. grew its stake in shares of Wolverine World Wide by 20.2% during the 2nd quarter. Pinebridge Investments L.P. now owns 67,795 shares of the textile maker’s stock valued at $1,867,000 after purchasing an additional 11,398 shares during the period. Finally, Keybank National Association OH grew its stake in shares of Wolverine World Wide by 27.7% during the 2nd quarter. Keybank National Association OH now owns 52,845 shares of the textile maker’s stock valued at $1,455,000 after purchasing an additional 11,475 shares during the period. 92.68% of the stock is currently owned by institutional investors.
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.
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