Wolverine World Wide (NYSE:WWW) Upgraded to Buy by Seaport Res Ptn

Wolverine World Wide (NYSE:WWW) was upgraded by equities researchers at Seaport Res Ptn from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, Zacks.com reports. Seaport Res Ptn also issued estimates for Wolverine World Wide’s Q2 2024 earnings at $0.29 EPS and Q3 2024 earnings at $0.36 EPS.

Separately, Telsey Advisory Group reaffirmed a “market perform” rating and set a $10.00 target price on shares of Wolverine World Wide in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $10.63.

Wolverine World Wide Stock Performance

Wolverine World Wide stock opened at $11.42 on Monday. Wolverine World Wide has a 1-year low of $7.21 and a 1-year high of $17.85. The firm has a market cap of $912.57 million, a P/E ratio of -22.39 and a beta of 1.73. The company has a current ratio of 1.18, a quick ratio of 0.75 and a debt-to-equity ratio of 2.02. The firm has a 50-day moving average of $10.20 and a 200-day moving average of $9.24.

Wolverine World Wide (NYSE:WWW) last issued its quarterly earnings data on Wednesday, February 21st. The textile maker reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.03). The business had revenue of $526.70 million during the quarter, compared to the consensus estimate of $520.12 million. Wolverine World Wide had a positive return on equity of 1.45% and a negative net margin of 1.77%. Wolverine World Wide’s quarterly revenue was down 20.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.15) earnings per share. Sell-side analysts expect that Wolverine World Wide will post 0.77 EPS for the current year.

Hedge Funds Weigh In On Wolverine World Wide

Several large investors have recently made changes to their positions in WWW. Vanguard Group Inc. raised its stake in Wolverine World Wide by 1.2% during the third quarter. Vanguard Group Inc. now owns 9,282,319 shares of the textile maker’s stock valued at $74,815,000 after buying an additional 109,833 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Wolverine World Wide by 6.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,771,991 shares of the textile maker’s stock worth $15,753,000 after purchasing an additional 103,368 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in Wolverine World Wide by 2.1% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,542,637 shares of the textile maker’s stock worth $12,434,000 after purchasing an additional 32,100 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in Wolverine World Wide by 13.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,446,579 shares of the textile maker’s stock valued at $11,659,000 after purchasing an additional 175,039 shares during the last quarter. Finally, Callodine Capital Management LP bought a new stake in Wolverine World Wide during the 3rd quarter valued at about $8,060,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

About Wolverine World Wide

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.