BlackRock Fund Advisors recently announced the acquisition of new stake in Wolverine World Wide Inc. (NYSE:WWW). The institutional investor has increased its shareholding in the Consumer Cyclical company by 1.89% to 11.87 million shares with purchase of 0.22 million shares. This fresh investment now brings its stake to 15.04% valued currently at $198.78 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.14 million to 9.06 million shares. And SSgA Funds Management, Inc. has lifted its position by 7.37% or 0.2 million shares – to 2.98 million shares.
With over 1.73 million Wolverine World Wide Inc. (WWW) shares trading Monday and a closing price of $16.05 on the day, the dollar volume was approximately $27.79 million. The shares have shown a negative half year performance of -18.90% and its price on 03/13/23 gained nearly 1.07%. Currently, there are 78.80M common shares owned by the public and among those 76.67M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for WWW have a consensus price objective of $17.50. The analysts have set the share’s price value over the next 12 months at a high of $23.00 and a low of $13.00. The average price target is 3.95% above its recent price level and a downside to the estimated low will see the stock lose -23.46% over that period. But an upside of 30.22% will see the stock hit the forecast high price target while median target price for the stock is $17.50.
Insiders at the company have transacted a total of 47 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 27 of these insider trades were purchases, accounting for 324,774 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 104,683 shares.
The top 3 mutual fund holders in Wolverine World Wide Inc. are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. iShares Core S&P Small Cap ETF owns 5.98 million shares of the company’s stock, all valued at over $100.13 million. The company bought an additional 14352.0 shares recently to bring their total holdings to about 7.57% of the shares outstanding. Vanguard Total Stock Market Index bought 43871.0 shares to see its total holdings expand to 2.41 million shares valued at over $40.29 million and representing 3.05% of the shares outstanding. Vanguard Small Cap Index Fund bought 11122.0 shares to bring its total holdings to over 2.04 million shares at a value of $34.18 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.59% of the shares outstanding.
Shares of Wolverine World Wide Inc. (NYSE: WWW) opened at $16.035, up $0.15 from a prior closing price of $15.88. However, the script later moved the day high at 16.26, up 1.07%. The company’s stock has a 5-day price change of -2.73% and 56.43% over the past three months. WWW shares are trading 46.84% year to date (YTD), with the 12-month market performance down to -28.03% lower. It has a 12-month low price of $9.60 and touched a high of $24.95 over the same period. WWW has an average intraday trading volume of 1.52 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -0.45%, 9.82%, and -5.49% respectively.
Institutional ownership of Wolverine World Wide Inc. (NYSE: WWW) shares accounts for 91.94% of the company’s 78.80M shares outstanding. Mutual fund holders own 49.64%, while other institutional holders and individual stakeholders account for 8.46% and 40.51% respectively.
It has a market capitalization of $1.30B and a beta (3y monthly) value of 1.68. The earnings-per-share (ttm) stands at -$2.42. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.41% over the week and 4.00% over the month.
Analysts forecast that Wolverine World Wide Inc. (WWW) will achieve an EPS of -$0.14 for the current quarter, $0.16 for the next quarter and $1.63 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.15 while analysts give the company a high EPS estimate of -$0.08. Comparatively, EPS for the current quarter was $0.41 a year ago. Earnings per share for the fiscal year are expected to decrease by -392.50%, and 38.45% over the next financial year. EPS should grow at an annualized rate of 5.00% over the next five years, compared to 1.43% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate Wolverine World Wide Inc. (WWW) as a “Moderate Buy” at a consensus score of 2.80. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 6 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the WWW, a number of firms have released research notes about the stock. Seaport Research Partners stated their Buy rating for the stock in a research note on March 13, 2023, with the firm’s price target at $23. Piper Sandler coverage for the Wolverine World Wide Inc. (WWW) stock in a research note released on January 05, 2023 offered a Neutral rating with a price target of $13. Argus was of a view on August 18, 2022 that the stock is Hold, while Piper Sandler gave the stock Overweight rating on July 26, 2022, issuing a price target of $30. Stifel on their part issued Hold rating on July 20, 2022.
