Pivotal Research analyst Mitch Kummetz reiterated a Hold rating on Wolverine World Wide (WWW) today and set a price target of $37. The company’s shares closed on Friday at $36.49.
Kummetz commented:
“We’re modeling 3Q in line with guidance and consensus, and, based on our observations for the quarter, there’s nothing about the retail environment or the company’s brand portfolio to suggest that performance was materially better/worse than plan, at least from a sales perspective. On the other hand, we believe 4Q is off to a strong start, and, while there’s a lot left to the quarter, we now believe that WWW’s default 4Q sales guidance is not as aggressive as we had previously surmised.”
According to TipRanks.com, Kummetz is a 3-star analyst with an average return of 2.3% and a 56.0% success rate. Kummetz covers the Services sector, focusing on stocks such as Foot Locker Inc, Shoe Carnival, and Genesco Inc.
Wolverine World Wide has an analyst consensus of Moderate Buy, with a price target consensus of $41.14.
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Based on Wolverine World Wide’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $54.1 million. In comparison, last year the company had a net profit of $22.7 million.
Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2018, Michael Jeppesen, the Pres, Gl Ops & Heritage Groups of WWW sold 49,151 shares for a total of $1,856,433.
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Wolverine World Wide, Inc. engages in the designing, manufacturing, licensing and marketing of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel. It operates through the following segments: Wolverine Outdoor & Lifestyle Group; Wolverine Boston Group; Wolverine Heritage Group; and Wolverine Multi-Brand Group. The Wolverine Outdoor & Lifestyle Group segment brands include Merrell, Cat, Hush Puppies, and Chaco. The Wolverine Boston Group segment brands include Sperry, Saucony, and Keds. The Wolverine Heritage Group segment brands include Wolverine, Bates, Harley-Davidson, and HyTest. The Wolverine Multi-Brand Group segment brands include Stride Rite and its multi-brand consumer-direct businesses. The company was founded by G. A. Krause in 1883 and is headquartered in Rockford, MI.
