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ROCKFORD, MI—Christopher Hufnagel, President and CEO of Wolverine World Wide Inc . (NYSE:WWW), has made a significant acquisition of company stock, according to a recent SEC filing. On February 27, Hufnagel purchased 20,000 shares of common stock at a weighted average price of $14.77, totaling approximately $295,400. This transaction increases his direct ownership to 224,107 shares. The purchase comes as InvestingPro data shows the stock trading in oversold territory, with analyst price targets ranging from $17 to $27.
The shares were acquired in multiple transactions, with prices ranging from $14.75 to $14.80. Hufnagel’s purchase reflects his ongoing commitment to the company, as he continues to lead Wolverine World Wide in the competitive footwear industry. The $1.15 billion market cap company maintains a "FAIR" financial health rating according to InvestingPro, with a notable 38-year track record of consistent dividend payments. Subscribers to InvestingPro can access 8 additional key insights about WWW’s valuation and future prospects through the platform’s comprehensive Pro Research Report.
In other recent news, Wolverine World Wide reported its fourth-quarter 2024 earnings, achieving an earnings per share (EPS) of $0.42, which matched analyst expectations. The company generated revenue of $495 million, slightly surpassing the forecast of $492.12 million. Despite meeting earnings forecasts, Wolverine’s stock experienced a decline due to investor concerns over future growth prospects. UBS, Telsey Advisory Group, and Stifel all adjusted their price targets for Wolverine World Wide shares, with UBS and Stifel maintaining a Buy rating, while Telsey kept a Market Perform rating. UBS and Stifel set new price targets of $26 and $27, respectively, while Telsey reduced its target to $17. The analysts pointed to challenges such as foreign exchange headwinds and the company’s fiscal year 2025 guidance falling short of market expectations. However, they highlighted positive aspects, including growth in the Merrell brand and improved balance sheet management. Wolverine World Wide’s outlook for fiscal year 2025 projects revenue growth of 2.5-4.3%, with an adjusted EPS guidance of $1.05-$1.20. The company plans to continue investing in its brands and capabilities, focusing on innovation and new product launches.
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