Weyco Group (NASDAQ: WEYS) experienced contrasting ratings changes from two different research firms this week. On Sunday, Wall Street Zen downgraded the company from a “buy” rating to a “hold” rating. In a separate development, Weiss Ratings upgraded Weyco Group from a “hold (C+)” to a “buy (B-)” rating on Monday, December 29, 2023. Currently, one analyst has assigned a “buy” rating to Weyco Group, resulting in a consensus rating of “buy,” according to data from MarketBeat.
Recent Financial Performance
Weyco Group reported its quarterly earnings on March 3, 2024, revealing earnings per share of $0.91. The company’s revenue for the quarter reached $76.8 million. Weyco Group also reported a return on equity of 9.26% and a net margin of 8.36%. The company’s financial results indicate a stable performance, even as analysts adjust their ratings.
Institutional Investor Activity
Recent activity among institutional investors reflects ongoing interest in Weyco Group. Notably, Canada Life Assurance Co. entered a new position in Weyco Group during the fourth quarter, investing approximately $30,000. Additionally, BNP Paribas Financial Markets increased its holdings in the company by 107.1% during the third quarter, now owning 1,609 shares valued at about $48,000 after acquiring an additional 832 shares.
Northwestern Mutual Wealth Management Co. also purchased a new position in Weyco Group during the fourth quarter, valued at around $55,000. Meanwhile, Tower Research Capital LLC TRC raised its holdings by 172.5% in the second quarter, now owning 1,790 shares valued at approximately $59,000. Los Angeles Capital Management LLC completed a new purchase in the fourth quarter worth about $72,000. Overall, institutional investors hold 23.59% of Weyco Group’s stock.
Weyco Group, based in Glendale, Wisconsin, is a publicly traded footwear company that designs, sources, markets, and distributes branded footwear products. The company operates through a portfolio of five consumer brands: Florsheim, Stacy Adams, Nunn Bush, BOGS, and Rafters. These brands offer a diverse range of footwear, including dress, casual, and performance styles for both men and women. The Florsheim brand, with a history dating back to 1892, is known for its classic and contemporary men’s dress shoe styles.
Investors and analysts will continue to monitor Weyco Group’s performance closely as it navigates these recent rating changes and institutional interest.
