BNP Paribas Upgrades Wolverine World Wide (NYSE:WWW) to “Outperform”

Wolverine World Wide (NYSE:WWW) was upgraded by BNP Paribas from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage presently has a $22.00 price objective on the textile maker’s stock. BNP Paribas’ price objective would suggest a potential upside of 23.66% from the company’s previous close.

A number of other brokerages have also recently commented on WWW. Argus upgraded Wolverine World Wide to a “hold” rating in a research report on Friday, August 16th. Telsey Advisory Group restated a “market perform” rating and issued a $14.00 price target on shares of Wolverine World Wide in a research report on Wednesday, August 7th. Robert W. Baird upped their price objective on Wolverine World Wide from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price objective on shares of Wolverine World Wide in a research note on Friday, August 23rd. Finally, UBS Group raised Wolverine World Wide from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $13.00 to $20.00 in a research note on Friday, July 19th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Wolverine World Wide currently has an average rating of “Moderate Buy” and an average price target of $17.86.

Wolverine World Wide Stock Down 1.2 %

Wolverine World Wide stock opened at $17.79 on Thursday. The stock has a market cap of $1.42 billion, a PE ratio of -19.13 and a beta of 1.77. The company has a debt-to-equity ratio of 2.14, a quick ratio of 0.74 and a current ratio of 1.19. Wolverine World Wide has a one year low of $7.21 and a one year high of $18.51. The stock has a fifty day moving average of $14.33 and a 200 day moving average of $12.94.

Wolverine World Wide (NYSE:WWW) last posted its quarterly earnings data on Wednesday, August 7th. The textile maker reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The company had revenue of $425.40 million during the quarter, compared to analysts’ expectations of $411.20 million. Wolverine World Wide had a negative return on equity of 0.34% and a negative net margin of 4.42%. Wolverine World Wide’s revenue for the quarter was down 27.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.19 earnings per share. As a group, sell-side analysts predict that Wolverine World Wide will post 0.85 EPS for the current year.

Insider Activity

In other news, insider David A. Latchana sold 7,706 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $17.02, for a total value of $131,156.12. Following the completion of the sale, the insider now directly owns 13,889 shares of the company’s stock, valued at $236,390.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.28% of the company’s stock.

Institutional Investors Weigh In On Wolverine World Wide

Hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in shares of Wolverine World Wide by 42.5% in the first quarter. GAMMA Investing LLC now owns 4,504 shares of the textile maker’s stock worth $50,000 after buying an additional 1,343 shares during the period. Canada Pension Plan Investment Board purchased a new stake in shares of Wolverine World Wide in the second quarter worth approximately $68,000. Central Pacific Bank Trust Division purchased a new stake in shares of Wolverine World Wide in the first quarter worth approximately $81,000. Natixis purchased a new stake in shares of Wolverine World Wide in the first quarter worth approximately $112,000. Finally, XTX Topco Ltd purchased a new stake in shares of Wolverine World Wide in the second quarter worth approximately $146,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

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.