Cresset Asset Management LLC Raises Position in Wolverine World Wide, Inc. $WWW

Key Points

• Cresset Asset Management LLC increased its stake in Wolverine World Wide by 964.3%, now holding approximately 133,036 shares valued at about $1.85 million.
• Wolverine World Wide reported a quarterly earnings per share of $0.35, exceeding analysts' expectations of $0.23, along with an 11.5% increase in revenue year-over-year.
• Several analysts have upgraded Wolverine World Wide's rating, with Piper Sandler setting a new price target of $25.00, and UBS Group raising theirs to $36.00.

Cresset Asset Management LLC raised its holdings in Wolverine World Wide, Inc. (NYSE:WWW - Free Report) by 964.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 133,036 shares of the textile maker's stock after buying an additional 120,536 shares during the period. Cresset Asset Management LLC owned approximately 0.16% of Wolverine World Wide worth $1,851,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WWW. Capital Research Global Investors purchased a new position in Wolverine World Wide in the 4th quarter valued at approximately $13,943,000. WCM Investment Management LLC purchased a new position in Wolverine World Wide in the 1st quarter valued at approximately $7,164,000. Nuveen Asset Management LLC boosted its position in Wolverine World Wide by 179.1% in the 4th quarter. Nuveen Asset Management LLC now owns 628,338 shares of the textile maker's stock valued at $13,949,000 after buying an additional 403,176 shares during the period. First Trust Advisors LP purchased a new position in Wolverine World Wide in the 4th quarter valued at approximately $7,862,000. Finally, Driehaus Capital Management LLC boosted its position in Wolverine World Wide by 135.5% in the 4th quarter. Driehaus Capital Management LLC now owns 593,693 shares of the textile maker's stock valued at $13,180,000 after buying an additional 341,601 shares during the period. Hedge funds and other institutional investors own 90.25% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Piper Sandler reissued an "overweight" rating and issued a $25.00 price target (up previously from $20.00) on shares of Wolverine World Wide in a research report on Tuesday, August 5th. Wall Street Zen raised shares of Wolverine World Wide from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Argus raised shares of Wolverine World Wide from a "hold" rating to a "buy" rating and set a $20.00 price objective for the company in a research report on Friday, May 16th. UBS Group lifted their price objective on shares of Wolverine World Wide from $30.00 to $36.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, KeyCorp reaffirmed an "overweight" rating and set a $32.00 price objective (up from $25.00) on shares of Wolverine World Wide in a research report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Wolverine World Wide currently has an average rating of "Buy" and an average price target of $25.38.

Wolverine World Wide Price Performance

Shares of WWW opened at $28.1890 on Wednesday. Wolverine World Wide, Inc. has a 1-year low of $9.58 and a 1-year high of $28.97. The stock has a market cap of $2.29 billion, a PE ratio of 27.64 and a beta of 1.74. The company has a debt-to-equity ratio of 1.58, a current ratio of 1.24 and a quick ratio of 0.75. The firm has a fifty day moving average price of $21.53 and a 200 day moving average price of $17.33.

Wolverine World Wide (NYSE:WWW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The textile maker reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.12. Wolverine World Wide had a net margin of 4.73% and a return on equity of 31.99%. The firm had revenue of $474.20 million during the quarter, compared to analysts' expectations of $447.82 million. During the same period in the previous year, the company earned $0.15 earnings per share. Wolverine World Wide's quarterly revenue was up 11.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Wolverine World Wide, Inc. will post 1.23 EPS for the current year.

Wolverine World Wide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 1st will be given a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 1.4%. Wolverine World Wide's payout ratio is 39.22%.

Wolverine World Wide Profile

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.

Want to see what other hedge funds are holding WWW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wolverine World Wide, Inc. (NYSE:WWW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.