Wolverine World Wide (NYSE:WWW) Shares Gap Down – Here’s Why

Wolverine World Wide, Inc. (NYSE:WWW)’s share price gapped down prior to trading on Friday . The stock had previously closed at $23.98, but opened at $23.50. Wolverine World Wide shares last traded at $23.03, with a volume of 78,568 shares changing hands.

Analyst Ratings Changes

Several research firms have recently weighed in on WWW. StockNews.com upgraded Wolverine World Wide from a “hold” rating to a “buy” rating in a research report on Wednesday, January 22nd. BNP Paribas upgraded shares of Wolverine World Wide from a “neutral” rating to an “outperform” rating and set a $22.00 price objective for the company in a report on Thursday, October 3rd. Telsey Advisory Group reissued a “market perform” rating and issued a $15.00 price objective on shares of Wolverine World Wide in a research report on Thursday, November 7th. Finally, Stifel Nicolaus raised shares of Wolverine World Wide from a “hold” rating to a “buy” rating and raised their target price for the stock from $21.00 to $29.00 in a research report on Wednesday, December 11th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.38.

Wolverine World Wide Trading Down 3.8 %

The company has a current ratio of 1.23, a quick ratio of 0.77 and a debt-to-equity ratio of 1.91. The stock has a market capitalization of $1.85 billion, a P/E ratio of -25.94 and a beta of 1.88. The company has a 50-day moving average price of $22.97 and a 200 day moving average price of $18.18.

Insiders Place Their Bets

In other Wolverine World Wide news, insider Isabel Soriano sold 7,687 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $23.57, for a total value of $181,182.59. Following the completion of the sale, the insider now owns 34,206 shares of the company’s stock, valued at approximately $806,235.42. This trade represents a 18.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Amy M. Klimek sold 10,214 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $20.11, for a total transaction of $205,403.54. Following the transaction, the insider now owns 19,093 shares in the company, valued at approximately $383,960.23. This trade represents a 34.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,901 shares of company stock worth $916,266. 2.28% of the stock is owned by corporate insiders.

Institutional Trading of Wolverine World Wide

Several large investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. increased its position in shares of Wolverine World Wide by 6.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 293,030 shares of the textile maker’s stock valued at $3,962,000 after acquiring an additional 17,711 shares during the period. Hsbc Holdings PLC increased its holdings in shares of Wolverine World Wide by 9.3% in the second quarter. Hsbc Holdings PLC now owns 11,425 shares of the textile maker’s stock valued at $153,000 after purchasing an additional 973 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Wolverine World Wide by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 30,512 shares of the textile maker’s stock worth $413,000 after purchasing an additional 2,138 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Wolverine World Wide during the second quarter worth about $160,000. Finally, GAMMA Investing LLC boosted its position in Wolverine World Wide by 15.9% in the third quarter. GAMMA Investing LLC now owns 4,494 shares of the textile maker’s stock valued at $78,000 after buying an additional 616 shares during the last quarter. Hedge funds and other 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.