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

Wolverine World Wide (NYSE:WWW) was upgraded by investment analysts at BNP Paribas from a “neutral” rating to an “outperform” rating in a report released on Thursday, MarketBeat reports. The firm currently has a $22.00 price target on the textile maker’s stock. BNP Paribas’ price objective indicates a potential upside of 23.66% from the stock’s current price.

WWW has been the topic of several other reports. Piper Sandler reissued an “overweight” rating and set a $18.00 target price on shares of Wolverine World Wide in a research note on Friday, August 23rd. Robert W. Baird boosted their target price on Wolverine World Wide from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Argus raised Wolverine World Wide to a “hold” rating in a research note on Friday, August 16th. UBS Group raised Wolverine World Wide from a “neutral” rating to a “buy” rating and boosted their target price for the company from $13.00 to $20.00 in a research note on Friday, July 19th. Finally, KeyCorp raised Wolverine World Wide from a “sector weight” rating to an “overweight” rating and set a $20.00 target price on the stock in a research note on Thursday, August 8th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Wolverine World Wide currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.86.

Wolverine World Wide Price Performance

WWW opened at $17.79 on Thursday. The stock’s 50 day simple moving average is $14.33 and its 200 day simple moving average is $12.94. The company has a debt-to-equity ratio of 2.14, a current ratio of 1.19 and a quick ratio of 0.74. Wolverine World Wide has a 1 year low of $7.21 and a 1 year high of $18.51. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -19.13 and a beta of 1.77.

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

Insiders Place Their Bets

In other Wolverine World Wide news, insider David A. Latchana sold 7,706 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 13,889 shares of the company’s stock, valued at approximately $236,390.78. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.28% of the company’s stock.

Institutional Investors Weigh In On Wolverine World Wide

Several hedge funds have recently added to or reduced their stakes in WWW. Intrinsic Edge Capital Management LLC bought a new position in shares of Wolverine World Wide during the fourth quarter valued at $2,563,000. GAMMA Investing LLC lifted its holdings in shares of Wolverine World Wide by 42.5% during the first quarter. GAMMA Investing LLC now owns 4,504 shares of the textile maker’s stock valued at $50,000 after purchasing an additional 1,343 shares in the last quarter. J.W. Cole Advisors Inc. lifted its holdings in shares of Wolverine World Wide by 22.6% during the first quarter. J.W. Cole Advisors Inc. now owns 31,536 shares of the textile maker’s stock valued at $350,000 after purchasing an additional 5,806 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Wolverine World Wide by 52.8% during the first quarter. BNP Paribas Financial Markets now owns 65,242 shares of the textile maker’s stock valued at $731,000 after purchasing an additional 22,532 shares in the last quarter. Finally, Capstone Investment Advisors LLC bought a new position in shares of Wolverine World Wide during the first quarter valued at $1,089,000. 90.25% of the stock is owned by 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.