ROCKFORD, MI—Amy M. Klimek, Chief Human Resources Officer at Wolverine World Wide Inc . (NYSE:WWW), recently executed a series of stock transactions, according to a recent SEC filing. On November 7, Klimek sold 10,214 shares of Wolverine common stock at a weighted average price ranging from $19.66 to $20.56, amounting to a total of $205,403. Additionally, on November 12, she sold 24,000 shares at a price of $22.07, totaling $529,680.
These transactions were conducted under a pre-established trading plan, as noted in the filing. Following these sales, Klimek retains direct ownership of 19,093 shares and indirect ownership of 20,238 shares through a family trust.
In other recent news, Wolverine Worldwide reported Q3 revenue of $440 million, surpassing market expectations and outperforming the forecast of $420 million. Despite a 7% decline compared to the same period last year, the company's adjusted gross margin reached a record 45.3%. As a result, Wolverine Worldwide has raised its full-year revenue guidance to between $1.73 billion and $1.745 billion, indicating confidence in its strategic initiatives and operational efficiencies.
While the Merrell brand saw a revenue increase of 1.4% and Sweaty Betty's revenue grew by 3%, the company's work group segment experienced an 11% decline due to supply chain issues. Additionally, the Saucony brand reported a revenue drop of 10%. Despite these challenges, Wolverine Worldwide anticipates Q4 revenue to be between $475 million and $490 million.
Looking ahead, the company plans to launch new products, including Merrell's Speed Arc Collection, and is establishing an innovation hub in Boston as part of its growth initiatives. These recent developments reflect Wolverine Worldwide's optimism for growth into 2025, with a focus on brand building and operational capabilities.
InvestingPro Insights
Wolverine World Wide Inc. (NYSE:WWW) has been experiencing significant stock price movements recently, which aligns with the insider selling activity reported. According to InvestingPro data, WWW has seen a remarkable 37.76% price return in just the past week, and a 33.84% return over the last month. This surge has brought the stock to trade near its 52-week high, with the current price at 97.83% of that peak.
The recent insider sales by Amy M. Klimek come at a time when the stock's momentum is strong, but there are mixed signals regarding the company's financial health. InvestingPro Tips indicate that while WWW's net income is expected to grow this year, analysts anticipate a sales decline in the current year. This contradiction suggests a complex financial landscape that investors should monitor closely.
It's worth noting that WWW has maintained dividend payments for 37 consecutive years, which may be attractive to income-focused investors. However, the company's current P/E ratio of 56.09 (adjusted for the last twelve months as of Q3 2024) indicates a relatively high valuation compared to earnings.
For readers interested in a deeper analysis, InvestingPro offers 15 additional tips for Wolverine World Wide Inc., providing a more comprehensive view of the company's financial position and market performance.
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