Wolverine World Wide, Inc. (NYSE:WWW) saw a significant decline in short interest during the month of November. As of November 29th, there was short interest totalling 5,820,000 shares, a decline of 13.8% from the November 14th total of 6,750,000 shares. Approximately 7.4% of the company’s shares are short sold. Based on an average trading volume of 727,100 shares, the days-to-cover ratio is currently 8.0 days.
Shares of WWW stock traded down $0.05 on Friday, reaching $33.17. 386,824 shares of the stock were exchanged, compared to its average volume of 541,538. The stock has a market cap of $2.64 billion, a PE ratio of 14.77, a P/E/G ratio of 0.97 and a beta of 1.05. Wolverine World Wide has a one year low of $23.05 and a one year 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. The stock has a 50 day moving average price of $31.87 and a 200 day moving average price of $28.42.
Wolverine World Wide (NYSE:WWW) last posted its earnings results on Thursday, November 7th. The textile maker reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.05. Wolverine World Wide had a return on equity of 22.50% and a net margin of 7.51%. The firm had revenue of $574.30 million during the quarter, compared to analysts’ expectations of $575.97 million. During the same period in the previous year, the firm earned $0.62 earnings per share. The company’s revenue was up 2.8% on a year-over-year basis. On average, research analysts expect that Wolverine World Wide will post 2.25 earnings per share for the current fiscal year.
Wolverine World Wide announced that its board has initiated a stock repurchase program on Wednesday, September 11th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the textile maker to buy up to 17.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Thursday, January 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.40 annualized dividend and a yield of 1.21%. Wolverine World Wide’s payout ratio is presently 18.43%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in WWW. Amundi Pioneer Asset Management Inc. bought a new stake in Wolverine World Wide during the first quarter worth about $3,282,000. First Trust Advisors LP bought a new stake in Wolverine World Wide in the second quarter valued at approximately $1,216,000. Dupont Capital Management Corp raised its stake in Wolverine World Wide by 330.9% in the second quarter. Dupont Capital Management Corp now owns 45,217 shares of the textile maker’s stock valued at $1,245,000 after buying an additional 34,723 shares during the period. KBC Group NV raised its stake in Wolverine World Wide by 140.6% in the second quarter. KBC Group NV now owns 59,841 shares of the textile maker’s stock valued at $1,648,000 after buying an additional 34,971 shares during the period. Finally, Municipal Employees Retirement System of Michigan raised its stake in Wolverine World Wide by 18.9% in the second quarter. Municipal Employees Retirement System of Michigan now owns 31,980 shares of the textile maker’s stock valued at $881,000 after buying an additional 5,080 shares during the period. Institutional investors and hedge funds own 97.92% of the company’s stock.
WWW has been the subject of a number of recent research reports. Argus upgraded Wolverine World Wide from a “hold” rating to a “buy” rating in a research report on Wednesday, November 27th. ValuEngine upgraded Wolverine World Wide from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. DA Davidson restated a “buy” rating on shares of Wolverine World Wide in a research report on Monday, November 4th. Wedbush restated an “outperform” rating on shares of Wolverine World Wide in a research report on Tuesday, October 1st. Finally, Pivotal Research boosted their target price on Wolverine World Wide from $30.00 to $32.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $37.86.
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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