Wolverine World Wide (WWW) Downgraded by Pivotal Research

Wolverine World Wide (NYSE:WWW) was downgraded by equities research analysts at Pivotal Research from a “buy” rating to a “hold” rating in a research note issued on Friday, MarketBeat.com reports. They currently have a $33.00 price target on the textile maker’s stock. Pivotal Research’s target price would indicate a potential upside of 10.66% from the stock’s previous close.

The analysts wrote, “We’re surprised that WWW’s 4Q sales are coming in at the lower end of plan. So far this earnings season, from our coverage list, DECK and COLM both reported better-than- expected sales, driven by strong full-price selling and reorders. We were expecting the same from WWW, but this, apparently, did not happen.””

WWW has been the subject of several other research reports. Zacks Investment Research cut shares of Wolverine World Wide from a “buy” rating to a “hold” rating in a research report on Saturday, January 6th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $25.00 price objective on shares of Wolverine World Wide in a research report on Wednesday, November 1st. TheStreet cut shares of Wolverine World Wide from a “b” rating to a “c+” rating in a research report on Wednesday, November 8th. Telsey Advisory Group upped their price objective on shares of Wolverine World Wide from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Thursday, November 9th. Finally, Stifel Nicolaus set a $34.00 price objective on shares of Wolverine World Wide and gave the stock a “buy” rating in a research report on Saturday, December 16th. Ten investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $27.25.

Wolverine World Wide (NYSE:WWW) traded down $0.82 on Friday, reaching $29.82. 2,547,461 shares of the company traded hands, compared to its average volume of 848,456. Wolverine World Wide has a 1-year low of $23.34 and a 1-year high of $33.82. The company has a debt-to-equity ratio of 0.74, a current ratio of 3.09 and a quick ratio of 2.06. The company has a market capitalization of $3,047.43, a PE ratio of 49.72, a price-to-earnings-growth ratio of 1.32 and a beta of 0.92.

Wolverine World Wide (NYSE:WWW) last posted its quarterly earnings data on Wednesday, November 8th. The textile maker reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.06. Wolverine World Wide had a net margin of 2.35% and a return on equity of 15.25%. The business had revenue of $581.30 million during the quarter, compared to analysts’ expectations of $552.36 million. During the same quarter in the prior year, the business posted $0.49 earnings per share. Wolverine World Wide’s revenue was down 3.7% compared to the same quarter last year. sell-side analysts anticipate that Wolverine World Wide will post 1.64 EPS for the current fiscal year.

In other news, insider Michael Jeppesen sold 11,807 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $27.97, for a total value of $330,241.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph R. Gromek sold 18,928 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $29.14, for a total value of $551,561.92. The disclosure for this sale can be found here. 5.65% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. American International Group Inc. increased its stake in shares of Wolverine World Wide by 5.7% in the third quarter. American International Group Inc. now owns 75,023 shares of the textile maker’s stock valued at $2,164,000 after buying an additional 4,014 shares during the period. Shelton Capital Management acquired a new position in shares of Wolverine World Wide in the second quarter valued at approximately $265,000. JPMorgan Chase & Co. increased its stake in shares of Wolverine World Wide by 12.8% in the third quarter. JPMorgan Chase & Co. now owns 1,686,193 shares of the textile maker’s stock valued at $48,799,000 after buying an additional 191,771 shares during the period. Piedmont Investment Advisors LLC acquired a new position in shares of Wolverine World Wide in the second quarter valued at approximately $587,000. Finally, PEAK6 Investments L.P. increased its stake in shares of Wolverine World Wide by 396.4% in the third quarter. PEAK6 Investments L.P. now owns 13,189 shares of the textile maker’s stock valued at $381,000 after buying an additional 10,532 shares during the period. 92.26% of the stock is owned by institutional investors.

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Wolverine World Wide Company Profile

Wolverine World Wide, Inc is a designer, manufacturer and marketer of a range of casual footwear and apparel, outdoor and athletic footwear and apparel, children’s footwear, industrial work boots and apparel, and uniform shoes and boots. It operates in four segments: Wolverine Outdoor & Lifestyle Group, which offers Merrell footwear and apparel, Cat footwear, Hush Puppies footwear and apparel, and Chaco footwear; Wolverine Boston Group, which offers Sperry footwear and apparel, Saucony footwear and apparel, and Keds footwear and apparel; Wolverine Heritage Group, which offers Wolverine footwear and apparel, Bates uniform footwear, Harley-Davidson footwear and HyTest safety footwear, and Wolverine Multi-Brand Group, which offers Stride Rite footwear and apparel, and its multi-brand consumer-direct businesses.

Analyst Recommendations for Wolverine World Wide (NYSE:WWW)

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