Wolverine World Wide (WWW) Lowered to Hold at Pivotal Research
Pivotal Research cut shares of Wolverine World Wide (NYSE:WWW) from a buy rating to a hold rating in a report published on Friday morning, MarketBeat Ratings reports. They currently have $33.00 price objective on the textile maker’s stock.
“We’re surprised that WWW’s 4Q sales are coming in at the lower end of plan. So far this earnings season, from our coverage list, DECK and COLM both reported better-than- expected sales, driven by strong full-price selling and reorders. We were expecting the same from WWW, but this, apparently, did not happen.”,” Pivotal Research’s analyst commented.
Several other research analysts have also commented on WWW. Piper Jaffray Companies reaffirmed a hold rating and issued a $25.00 price target on shares of Wolverine World Wide in a report on Wednesday, November 1st. Telsey Advisory Group lifted their price target on shares of Wolverine World Wide from $29.00 to $30.00 and gave the company a market perform rating in a report on Thursday, November 9th. Buckingham Research boosted their target price on shares of Wolverine World Wide from $24.00 to $28.00 and gave the company a neutral rating in a research note on Thursday, November 9th. TheStreet lowered shares of Wolverine World Wide from a b rating to a c+ rating in a research note on Wednesday, November 8th. Finally, Stifel Nicolaus set a $34.00 target price on shares of Wolverine World Wide and gave the company a buy rating in a research note on Saturday, December 16th. Ten investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Wolverine World Wide presently has a consensus rating of Hold and a consensus price target of $27.25.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Shareholders of record on Monday, April 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.07%. This is a positive change from Wolverine World Wide’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, March 29th. Wolverine World Wide’s payout ratio is presently 40.00%.
In other Wolverine World Wide news, Director Joseph R. Gromek sold 18,928 shares of the business’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $29.14, for a total transaction of $551,561.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Jeppesen sold 11,807 shares of the business’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $27.97, for a total transaction of $330,241.79. The disclosure for this sale can be found here. Insiders own 5.65% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Wolverine World Wide by 50.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,883 shares of the textile maker’s stock worth $156,000 after buying an additional 1,646 shares in the last quarter. Public Employees Retirement Association of Colorado bought a new stake in shares of Wolverine World Wide during the 4th quarter worth about $171,000. Community Financial Services Group LLC bought a new stake in shares of Wolverine World Wide during the 4th quarter worth about $212,000. Advisory Services Network LLC raised its position in shares of Wolverine World Wide by 5.3% during the 2nd quarter. Advisory Services Network LLC now owns 8,336 shares of the textile maker’s stock worth $234,000 after buying an additional 421 shares in the last quarter. Finally, Shelton Capital Management bought a new stake in shares of Wolverine World Wide during the 2nd quarter worth about $265,000. Institutional investors own 92.26% of the company’s stock.
About Wolverine World Wide
Wolverine World Wide, Inc is a designer, manufacturer and marketer of a range of casual footwear and apparel, outdoor and athletic footwear and apparel, children’s footwear, industrial work boots and apparel, and uniform shoes and boots. It operates in four segments: Wolverine Outdoor & Lifestyle Group, which offers Merrell footwear and apparel, Cat footwear, Hush Puppies footwear and apparel, and Chaco footwear; Wolverine Boston Group, which offers Sperry footwear and apparel, Saucony footwear and apparel, and Keds footwear and apparel; Wolverine Heritage Group, which offers Wolverine footwear and apparel, Bates uniform footwear, Harley-Davidson footwear and HyTest safety footwear, and Wolverine Multi-Brand Group, which offers Stride Rite footwear and apparel, and its multi-brand consumer-direct businesses.
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