KeyCorp Issues Pessimistic Forecast for Wolverine World Wide (NYSE:WWW) Stock Price

Wolverine World Wide (NYSE:WWW) had its price target reduced by equities researchers at KeyCorp from $32.00 to $24.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the textile maker’s stock. KeyCorp’s price objective points to a potential upside of 50.71% from the stock’s previous close.

Several other analysts have also recently issued reports on the company. Zacks Research lowered shares of Wolverine World Wide from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Weiss Ratings restated a “hold (c)” rating on shares of Wolverine World Wide in a research report on Wednesday, October 8th. Piper Sandler reaffirmed an “overweight” rating and issued a $25.00 target price (up from $20.00) on shares of Wolverine World Wide in a report on Tuesday, August 5th. Stifel Nicolaus increased their price target on Wolverine World Wide from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, August 27th. Finally, Telsey Advisory Group restated a “market perform” rating and set a $18.00 price target (down previously from $29.00) on shares of Wolverine World Wide in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Wolverine World Wide presently has an average rating of “Moderate Buy” and a consensus target price of $23.29.

Wolverine World Wide Stock Up 2.0%

Shares of WWW traded up $0.31 on Thursday, reaching $15.93. The stock had a trading volume of 3,053,382 shares, compared to its average volume of 1,657,948. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.75 and a current ratio of 1.24. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 15.61 and a beta of 1.83. The company has a 50-day simple moving average of $26.87 and a 200-day simple moving average of $22.46. Wolverine World Wide has a 12-month low of $9.58 and a 12-month high of $32.80.

Wolverine World Wide (NYSE:WWW) last issued its earnings results on Wednesday, November 5th. The textile maker reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. The firm had revenue of $470.30 million for the quarter, compared to the consensus estimate of $461.46 million. Wolverine World Wide had a net margin of 4.73% and a return on equity of 31.99%. The business’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.28 earnings per share. Wolverine World Wide has set its FY 2025 guidance at 1.290-1.340 EPS. Sell-side analysts predict that Wolverine World Wide will post 1.23 EPS for the current year.

Insider Buying and Selling at Wolverine World Wide

In related news, Director Nicholas T. Long sold 12,854 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $31.84, for a total transaction of $409,271.36. Following the completion of the sale, the director directly owned 76,268 shares in the company, valued at approximately $2,428,373.12. The trade was a 14.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Amy M. Klimek sold 11,528 shares of Wolverine World Wide stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $22.32, for a total transaction of $257,304.96. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 37,236 shares of company stock valued at $1,079,704. Company insiders own 2.28% of the company’s stock.

Institutional Trading of Wolverine World Wide

Hedge funds have recently made changes to their positions in the company. M&G PLC acquired a new stake in Wolverine World Wide during the 3rd quarter worth approximately $10,618,000. PNC Financial Services Group Inc. increased its position in shares of Wolverine World Wide by 38.7% during the third quarter. PNC Financial Services Group Inc. now owns 11,942 shares of the textile maker’s stock worth $328,000 after acquiring an additional 3,334 shares during the period. Public Sector Pension Investment Board raised its stake in shares of Wolverine World Wide by 2.8% in the third quarter. Public Sector Pension Investment Board now owns 316,966 shares of the textile maker’s stock valued at $8,698,000 after acquiring an additional 8,605 shares in the last quarter. Illinois Municipal Retirement Fund raised its stake in shares of Wolverine World Wide by 8.6% in the third quarter. Illinois Municipal Retirement Fund now owns 43,853 shares of the textile maker’s stock valued at $1,203,000 after acquiring an additional 3,456 shares in the last quarter. Finally, LSV Asset Management purchased a new position in Wolverine World Wide in the third quarter valued at $93,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Wolverine World Wide Company Profile

Wolverine World Wide, Inc designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories in the United States, Europe, the Middle East, Africa, the Asia Pacific, Canada and Latin America. It operates through Active Group and Work Group segments. The company offers casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids' footwear; industrial work boots and apparel; and uniform shoes and boots.