Wolverine World Wide (NYSE:WWW) Shares Down 4.5% – Here’s What Happened

Wolverine World Wide, Inc. (NYSE:WWW) fell 4.5% on Friday . The company traded as low as $15.60 and last traded at $15.59. 128,492 shares changed hands during trading, a decline of 90% from the average session volume of 1,330,866 shares. The stock had previously closed at $16.32.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on WWW shares. Baird R W raised shares of Wolverine World Wide from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 21st. StockNews.com lowered shares of Wolverine World Wide from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Piper Sandler cut their target price on Wolverine World Wide from $27.00 to $18.00 and set an “overweight” rating for the company in a research report on Friday, April 11th. UBS Group lifted their price target on Wolverine World Wide from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Friday. Finally, Stifel Nicolaus cut their price objective on Wolverine World Wide from $27.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wolverine World Wide currently has an average rating of “Moderate Buy” and a consensus target price of $19.71.

Wolverine World Wide Stock Performance

The company has a quick ratio of 0.77, a current ratio of 1.29 and a debt-to-equity ratio of 1.79. The firm has a market capitalization of $1.24 billion, a PE ratio of 27.80 and a beta of 1.62. The firm’s 50-day moving average price is $13.01 and its two-hundred day moving average price is $18.15.

Wolverine World Wide (NYSE:WWW) last announced its earnings results on Thursday, May 8th. The textile maker reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.07. The company had revenue of $412.30 million for the quarter, compared to the consensus estimate of $395.94 million. Wolverine World Wide had a net margin of 2.73% and a return on equity of 26.81%. The company’s revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.11 EPS. As a group, research analysts predict that Wolverine World Wide, Inc. will post 1.23 earnings per share for the current fiscal year.

Wolverine World Wide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 1st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.62%. Wolverine World Wide’s dividend payout ratio is 72.73%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Deutsche Bank AG boosted its stake in shares of Wolverine World Wide by 5.6% during the 1st quarter. Deutsche Bank AG now owns 76,915 shares of the textile maker’s stock valued at $1,070,000 after buying an additional 4,056 shares during the period. Vanguard Group Inc. boosted its position in Wolverine World Wide by 0.5% during the first quarter. Vanguard Group Inc. now owns 9,005,788 shares of the textile maker’s stock valued at $125,271,000 after purchasing an additional 45,779 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Wolverine World Wide by 10.4% in the first quarter. PNC Financial Services Group Inc. now owns 9,132 shares of the textile maker’s stock valued at $127,000 after purchasing an additional 863 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new position in Wolverine World Wide in the 1st quarter worth about $3,440,000. Finally, Blueshift Asset Management LLC purchased a new stake in shares of Wolverine World Wide during the 1st quarter worth about $419,000. 90.25% of the stock is 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.