In a report released today, Mitch Kummetz from Pivotal Research reiterated a Buy rating on Wolverine World Wide (WWW), with a price target of $31.00. The company’s shares closed last Wednesday at $24.32.
According to TipRanks.com, Kummetz is a 3-star analyst with an average return of 3.0% and a 55.3% success rate. Kummetz covers the Consumer Goods sector, focusing on stocks such as Columbia Sportswear, Deckers Outdoor, and Shoe Carnival.
Currently, the analyst consensus on Wolverine World Wide is a Strong Buy with an average price target of $27.83, which is a 12.3% upside from current levels. In a report issued on July 22, B.Riley FBR also maintained a Buy rating on the stock with a $26.00 price target.
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Based on Wolverine World Wide’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $439 million and net profit of $13 million. In comparison, last year the company earned revenue of $523 million and had a net profit of $40.5 million.
Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of WWW in relation to earlier this year.
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Wolverine World Wide, Inc. engages in the design, manufacture and sale of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel. It operates through the following segments: Wolverine Michigan Group and Wolverine Boston Group. The Wolverine Michigan Group consists of Merrell footwear and apparel, Cat footwear, Wolverine footwear and apparel, Chaco footwear, Hush Puppies footwear and apparel, Bates uniform footwear, Harley-Davidson footwear and Hytest safety footwear. The Wolverine Boston Group consists of Sperry footwear and apparel, Saucony footwear and apparel, Keds footwear and apparel, and the Kids footwear business, which includes the Stride Rite licensed business, as well as kids’ footwear offerings from Saucony, Sperry, Keds, Merrell, Hush Puppies and Cat. The company was founded by G. A. Krause in 1883 and is headquartered in Rockford, MI.