Weyco Group, Inc. (NASDAQ:WEYS) Sees Significant Drop in Short Interest

Weyco Group, Inc. (NASDAQ:WEYS) was the recipient of a large drop in short interest during the month of November. As of November 30th, there was short interest totalling 40,300 shares, a drop of 21.3% from the November 15th total of 51,200 shares. Approximately 0.7% of the shares of the company are short sold. Based on an average daily volume of 13,100 shares, the days-to-cover ratio is presently 3.1 days.

Insider Activity

In related news, insider Damian Walton sold 1,000 shares of Weyco Group stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $38.21, for a total value of $38,210.00. Following the completion of the sale, the insider now owns 6,030 shares of the company’s stock, valued at approximately $230,406.30. This trade represents a 14.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Allison Woss sold 1,463 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $37.81, for a total transaction of $55,316.03. Following the transaction, the vice president now owns 7,623 shares of the company’s stock, valued at $288,225.63. This represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,685 shares of company stock valued at $214,730 in the last ninety days. 38.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. State Street Corp boosted its stake in Weyco Group by 0.4% during the third quarter. State Street Corp now owns 90,832 shares of the textile maker’s stock valued at $3,092,000 after buying an additional 375 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Weyco Group by 34.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,010 shares of the textile maker’s stock valued at $68,000 after acquiring an additional 511 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Weyco Group by 3.3% during the 3rd quarter. Janney Montgomery Scott LLC now owns 23,432 shares of the textile maker’s stock valued at $798,000 after acquiring an additional 757 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Weyco Group during the second quarter worth about $25,000. Finally, First Business Financial Services Inc. increased its position in shares of Weyco Group by 8.3% in the third quarter. First Business Financial Services Inc. now owns 13,096 shares of the textile maker’s stock worth $446,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 23.59% of the company’s stock.

Weyco Group Trading Up 1.7 %

WEYS stock opened at $36.10 on Friday. The firm has a 50 day moving average of $35.20 and a 200-day moving average of $33.07. The firm has a market capitalization of $345.12 million, a P/E ratio of 11.95 and a beta of 0.73. Weyco Group has a 12 month low of $27.05 and a 12 month high of $41.05.

Weyco Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, November 18th will be issued a $2.26 dividend. This represents a $9.04 annualized dividend and a yield of 25.04%. This is an increase from Weyco Group’s previous quarterly dividend of $0.26. The ex-dividend date is Monday, November 18th. Weyco Group’s dividend payout ratio (DPR) is presently 34.44%.

Analysts Set New Price Targets

Separately, StockNews.com raised Weyco Group from a “buy” rating to a “strong-buy” rating in a report on Friday, November 15th.

Weyco Group Company Profile

Weyco Group, Inc designs and distributes footwear for men, women, and children. It operates in two segments, North American Wholesale Operations and North American Retail Operations. The company offers mid-priced leather dress shoes and casual footwear of man-made materials and leather; and outdoor boots, shoes, and sandals under the Florsheim, Nunn Bush, Stacy Adams, BOGS, Rafters, and Forsake brands.