Wolverine World Wide (NYSE:WWW) Updates FY 2022 Earnings Guidance

Wolverine World Wide (NYSE:WWWGet Rating) issued an update on its FY 2022 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.50-$2.65 for the period, compared to the consensus estimate of $2.58. The company issued revenue guidance of $2.77 billion-$2.85 billion, compared to the consensus revenue estimate of $2.80 billion.

NYSE:WWW opened at $21.34 on Wednesday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.61 and a current ratio of 1.11. The company has a market capitalization of $1.72 billion, a P/E ratio of 45.41 and a beta of 1.76. Wolverine World Wide has a 52 week low of $16.65 and a 52 week high of $38.07. The stock’s 50 day moving average price is $21.00 and its 200 day moving average price is $25.17.

Wolverine World Wide (NYSE:WWWGet Rating) last announced its quarterly earnings results on Wednesday, May 11th. The textile maker reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. Wolverine World Wide had a return on equity of 27.39% and a net margin of 1.57%. The company had revenue of $614.80 million during the quarter, compared to analysts’ expectations of $605.12 million. As a group, sell-side analysts forecast that Wolverine World Wide will post 2.58 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 1st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, June 30th. Wolverine World Wide’s dividend payout ratio is 85.11%.

WWW has been the subject of several research analyst reports. UBS Group cut their target price on shares of Wolverine World Wide from $29.00 to $24.00 and set a neutral rating for the company in a research note on Tuesday, March 8th. StockNews.com assumed coverage on shares of Wolverine World Wide in a research note on Thursday, March 31st. They issued a hold rating for the company. Telsey Advisory Group decreased their price target on shares of Wolverine World Wide from $32.00 to $30.00 and set a market perform rating on the stock in a research note on Thursday, February 24th. Piper Sandler dropped their price objective on shares of Wolverine World Wide from $34.00 to $28.00 and set a neutral rating for the company in a research note on Wednesday, February 23rd. Finally, B. Riley cut their target price on Wolverine World Wide from $37.00 to $35.00 in a research report on Thursday, February 24th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Wolverine World Wide presently has a consensus rating of Hold and an average price target of $34.70.

In other news, CEO Brendan Hoffman bought 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 8th. The shares were bought at an average price of $21.65 per share, with a total value of $108,250.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey M. Boromisa sold 4,788 shares of the company’s stock in a transaction that occurred on Tuesday, March 8th. The shares were sold at an average price of $22.02, for a total value of $105,431.76. The disclosure for this sale can be found here. 4.40% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of WWW. Select Equity Group L.P. bought a new stake in shares of Wolverine World Wide in the first quarter valued at approximately $16,264,000. Vanguard Group Inc. boosted its stake in shares of Wolverine World Wide by 4.2% in the first quarter. Vanguard Group Inc. now owns 9,388,933 shares of the textile maker’s stock valued at $211,815,000 after buying an additional 381,825 shares during the period. BlackRock Inc. boosted its stake in shares of Wolverine World Wide by 2.8% in the fourth quarter. BlackRock Inc. now owns 12,503,983 shares of the textile maker’s stock valued at $360,240,000 after buying an additional 336,265 shares during the period. Morgan Stanley boosted its stake in shares of Wolverine World Wide by 132.8% in the second quarter. Morgan Stanley now owns 473,595 shares of the textile maker’s stock valued at $15,930,000 after buying an additional 270,183 shares during the period. Finally, Marshall Wace LLP boosted its stake in shares of Wolverine World Wide by 2,091.2% in the fourth quarter. Marshall Wace LLP now owns 189,958 shares of the textile maker’s stock valued at $5,474,000 after buying an additional 181,289 shares during the period. Institutional investors and hedge funds own 93.90% of the company’s stock.

About Wolverine World Wide (Get Rating)

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. The company operates through two segments, Wolverine Michigan Group and Wolverine Boston Group.

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