Wolverine World Wide, Inc. (NYSE:WWW) saw a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 7,620,000 shares, a growth of 7.6% from the September 30th total of 7,080,000 shares. Approximately 9.7% of the company’s shares are sold short. Based on an average trading volume of 840,000 shares, the days-to-cover ratio is currently 9.1 days.
WWW has been the topic of several analyst reports. Argus raised Wolverine World Wide from a “hold” rating to a “buy” rating in a research note on Monday. Stifel Nicolaus upped their target price on Wolverine World Wide from $36.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, November 8th. ValuEngine raised Wolverine World Wide from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. DA Davidson reaffirmed a “buy” rating on shares of Wolverine World Wide in a research note on Monday, November 4th. Finally, Wedbush reaffirmed an “outperform” rating on shares of Wolverine World Wide in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $36.60.
Several institutional investors and hedge funds have recently added to or reduced their stakes in WWW. Victory Capital Management Inc. grew its stake in Wolverine World Wide by 30.9% in the second quarter. Victory Capital Management Inc. now owns 2,996,053 shares of the textile maker’s stock worth $82,511,000 after purchasing an additional 707,375 shares in the last quarter. Earnest Partners LLC grew its stake in Wolverine World Wide by 1.5% in the second quarter. Earnest Partners LLC now owns 2,657,377 shares of the textile maker’s stock worth $73,184,000 after purchasing an additional 39,993 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Wolverine World Wide by 12.0% in the second quarter. JPMorgan Chase & Co. now owns 2,427,186 shares of the textile maker’s stock worth $66,359,000 after purchasing an additional 259,811 shares in the last quarter. Invesco Ltd. grew its stake in Wolverine World Wide by 1.5% in the second quarter. Invesco Ltd. now owns 1,958,208 shares of the textile maker’s stock worth $53,930,000 after purchasing an additional 28,609 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Wolverine World Wide by 4.4% in the second quarter. Northern Trust Corp now owns 1,514,530 shares of the textile maker’s stock worth $41,710,000 after purchasing an additional 64,230 shares in the last quarter. 97.72% of the stock is currently owned by hedge funds and other institutional investors.
Shares of WWW traded up $0.13 during mid-day trading on Monday, reaching $33.43. 102,799 shares of the company’s stock traded hands, compared to its average volume of 801,392. The stock has a market cap of $2.68 billion, a P/E ratio of 15.41 and a beta of 1.06. The stock’s 50-day moving average is $29.35 and its two-hundred day moving average is $28.42. Wolverine World Wide has a 12 month low of $23.05 and a 12 month high of $39.72. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.14 and a quick ratio of 0.64.
Wolverine World Wide (NYSE:WWW) last released its earnings results on Thursday, November 7th. The textile maker reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.05. The firm had revenue of $574.30 million for the quarter, compared to analysts’ expectations of $575.97 million. Wolverine World Wide had a return on equity of 22.50% and a net margin of 7.51%. The company’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Research analysts predict that Wolverine World Wide will post 2.25 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Thursday, January 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.20%. Wolverine World Wide’s dividend payout ratio is 18.43%.
Wolverine World Wide declared that its board has approved a share repurchase plan on Wednesday, September 11th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the textile maker to reacquire up to 17.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
Wolverine World Wide Company Profile
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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