KeyCorp Cuts Wolverine World Wide (NYSE:WWW) Price Target to $24.00

Wolverine World Wide (NYSE:WWW) had its price objective reduced by KeyCorp from $32.00 to $24.00 in a report issued on Thursday,Benzinga reports. KeyCorp currently has an overweight rating on the textile maker’s stock.

WWW has been the topic of several other research reports. Stifel Nicolaus lifted their target price on Wolverine World Wide from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, August 27th. UBS Group raised their price objective on Wolverine World Wide from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Telsey Advisory Group reiterated a “market perform” rating and issued a $18.00 target price (down previously from $29.00) on shares of Wolverine World Wide in a research note on Wednesday. Zacks Research downgraded shares of Wolverine World Wide from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Wolverine World Wide in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.29.

Wolverine World Wide Stock Performance

WWW opened at $15.93 on Thursday. Wolverine World Wide has a 1-year low of $9.58 and a 1-year high of $32.80. The company has a market cap of $1.29 billion, a price-to-earnings ratio of 15.61 and a beta of 1.83. The company’s fifty day moving average price is $26.87 and its two-hundred day moving average price is $22.53. The company has a current ratio of 1.24, a quick ratio of 0.75 and a debt-to-equity ratio of 1.58.

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

Wolverine World Wide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Friday, January 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 2.5%. Wolverine World Wide’s dividend payout ratio (DPR) is presently 38.46%.

Insider Activity at Wolverine World Wide

In other Wolverine World Wide news, Director Brenda J. Lauderback sold 12,854 shares of the stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $32.14, for a total transaction of $413,127.56. Following the completion of the transaction, the director directly owned 48,675 shares of the company’s stock, valued at approximately $1,564,414.50. This represents a 20.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Nicholas T. Long sold 12,854 shares of the firm’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $31.84, for a total value of $409,271.36. Following the completion of the sale, the director directly owned 76,268 shares of the company’s stock, valued at $2,428,373.12. This represents a 14.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 37,236 shares of company stock worth $1,079,704. Insiders own 2.28% of the company’s stock.

Hedge Funds Weigh In On Wolverine World Wide

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hennessy Advisors Inc. bought a new position in Wolverine World Wide during the third quarter worth about $36,556,000. Callodine Capital Management LP boosted its holdings in Wolverine World Wide by 41.0% in the 2nd quarter. Callodine Capital Management LP now owns 4,297,586 shares of the textile maker’s stock worth $77,700,000 after buying an additional 1,250,515 shares during the period. Cooper Creek Partners Management LLC bought a new position in Wolverine World Wide in the 2nd quarter worth approximately $10,442,000. Goldman Sachs Group Inc. grew its stake in Wolverine World Wide by 55.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,504,571 shares of the textile maker’s stock valued at $20,929,000 after buying an additional 537,854 shares in the last quarter. Finally, WCM Investment Management LLC raised its holdings in Wolverine World Wide by 78.2% during the 3rd quarter. WCM Investment Management LLC now owns 1,008,395 shares of the textile maker’s stock valued at $27,499,000 after acquiring an additional 442,649 shares during the period. Institutional investors own 90.25% of the company’s stock.

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.