SoFi CEO enters prepaid forward contract on 1.5 million shares
ROCKFORD, MI—Isabel Soriano, President of the International Group at Wolverine World Wide Inc . (NYSE:WWW), recently sold 7,687 shares of the company's common stock. The transaction comes as the company's stock has shown remarkable strength, posting a 188% return over the past year and maintaining a market capitalization of $1.8 billion. This transaction, completed on November 25, 2024, was executed at a weighted average price of $23.57 per share, totaling approximately $181,182.
Following the sale, Soriano holds 34,206 shares of Wolverine World Wide. The sale was reported in a filing with the Securities and Exchange Commission.
In other recent news, Wolverine World Wide has voluntarily reduced its revolving credit facility from $1 billion to $800 million. This decision aligns with the company's strategic financial management and is not anticipated to impact Wolverine's operations or leverage. The company has also received an upgrade from Stifel, a financial services firm, from Hold to Buy, reflecting a positive outlook on Wolverine's financial health and strategic progress.
Meanwhile, Wolverine World Wide has reported third-quarter fiscal 2024 earnings that exceeded market expectations, with revenue reaching $440 million, surpassing a forecasted $420 million. Despite a 7% decline in revenue compared to the same period last year, the company's adjusted gross margin reached a record 45.3%, prompting it to raise its financial outlook for the year.
Stifel anticipates 2025 to be a pivotal year for Wolverine, driven by strong spring orders, ongoing momentum of the Saucony brand, and expansion of distribution channels. These factors are expected to enhance the company's growth visibility into the following year and shift investor focus towards Wolverine's multi-year earnings potential. These are the recent developments for Wolverine World Wide, as the company continues to navigate the dynamic retail landscape.
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