Bayforest Capital Ltd bought a new position in Wolverine World Wide, Inc. (NYSE:WWW - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 20,842 shares of the textile maker's stock, valued at approximately $290,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in WWW. Point72 Asia Singapore Pte. Ltd. bought a new position in Wolverine World Wide in the fourth quarter worth approximately $64,000. PNC Financial Services Group Inc. raised its stake in Wolverine World Wide by 10.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,132 shares of the textile maker's stock worth $127,000 after acquiring an additional 863 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Wolverine World Wide in the 4th quarter worth $204,000. Teza Capital Management LLC purchased a new position in Wolverine World Wide in the 4th quarter worth $255,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Wolverine World Wide during the 1st quarter valued at about $163,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Wolverine World Wide
In related news, Director Nicholas T. Long sold 12,854 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $31.84, for a total transaction of $409,271.36. Following the sale, the director owned 76,268 shares in the company, valued at approximately $2,428,373.12. This trade represents a 14.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brenda J. Lauderback sold 12,854 shares of Wolverine World Wide stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $32.14, for a total transaction of $413,127.56. Following the completion of the transaction, the director owned 48,675 shares in the company, valued at approximately $1,564,414.50. This trade represents a 20.89% decrease in their position. The disclosure for this sale can be found here. 2.28% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
WWW has been the subject of several recent analyst reports. KeyCorp restated an "overweight" rating and issued a $32.00 price target (up previously from $25.00) on shares of Wolverine World Wide in a research note on Thursday, August 7th. Stifel Nicolaus lifted their price objective on Wolverine World Wide from $30.00 to $36.00 and gave the stock a "buy" rating in a report on Wednesday, August 27th. Wall Street Zen upgraded Wolverine World Wide from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Piper Sandler restated an "overweight" rating and set a $25.00 target price (up from $20.00) on shares of Wolverine World Wide in a report on Tuesday, August 5th. Finally, UBS Group boosted their target price on Wolverine World Wide from $30.00 to $36.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $27.50.
Get Our Latest Analysis on Wolverine World Wide
Wolverine World Wide Stock Performance
NYSE WWW traded down $0.26 during trading hours on Tuesday, hitting $29.93. 440,984 shares of the stock were exchanged, compared to its average volume of 1,541,059. Wolverine World Wide, Inc. has a 12-month low of $9.58 and a 12-month high of $32.80. The company has a quick ratio of 0.75, a current ratio of 1.24 and a debt-to-equity ratio of 1.58. The company has a market cap of $2.43 billion, a price-to-earnings ratio of 29.31 and a beta of 1.80. The stock has a 50-day moving average of $26.39 and a 200 day moving average of $19.03.
Wolverine World Wide (NYSE:WWW - Get Free Report) last issued its earnings results on Wednesday, August 6th. The textile maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.12. The company had revenue of $474.20 million during the quarter, compared to analysts' expectations of $447.82 million. Wolverine World Wide had a net margin of 4.73% and a return on equity of 31.99%. The firm's quarterly revenue was up 11.5% compared to the same quarter last year. During the same period last year, the company posted $0.15 earnings per share. As a group, equities research analysts forecast that Wolverine World Wide, Inc. will post 1.23 earnings per share for the current year.
Wolverine World Wide Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 1st will be given a $0.10 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 1.3%. Wolverine World Wide's dividend payout ratio is currently 39.22%.
About Wolverine World Wide
(
Free Report)
Wolverine World Wide, Inc designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories in the United States, Europe, the Middle East, Africa, the Asia Pacific, Canada and Latin America. It operates through Active Group and Work Group segments. The company offers casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids' footwear; industrial work boots and apparel; and uniform shoes and boots.
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