Driehaus Capital Management LLC Boosts Holdings in Wolverine World Wide, Inc. $WWW

Key Points

• Driehaus Capital Management LLC increased its stake in Wolverine World Wide, Inc. by 25.8%, purchasing an additional 153,173 shares, bringing its total ownership to 746,866 shares valued at approximately $10.39 million.
• The company's latest earnings report indicates a significant earnings per share of $0.35, surpassing estimates, along with an 11.5% year-over-year increase in revenue.
• Wolverine World Wide announced a quarterly dividend of $0.10 per share, representing a yield of 1.2%, with payments commencing on November 3rd.

Driehaus Capital Management LLC lifted its holdings in Wolverine World Wide, Inc. (NYSE:WWW - Free Report) by 25.8% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 746,866 shares of the textile maker's stock after acquiring an additional 153,173 shares during the quarter. Driehaus Capital Management LLC owned 0.92% of Wolverine World Wide worth $10,389,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. PNC Financial Services Group Inc. boosted its position in Wolverine World Wide by 10.4% during the first quarter. PNC Financial Services Group Inc. now owns 9,132 shares of the textile maker's stock valued at $127,000 after buying an additional 863 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Wolverine World Wide by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,159 shares of the textile maker's stock worth $1,003,000 after acquiring an additional 1,495 shares during the last quarter. Captrust Financial Advisors increased its stake in Wolverine World Wide by 6.6% in the 4th quarter. Captrust Financial Advisors now owns 26,834 shares of the textile maker's stock worth $596,000 after purchasing an additional 1,667 shares during the period. Rhumbline Advisers lifted its position in Wolverine World Wide by 0.8% in the first quarter. Rhumbline Advisers now owns 226,441 shares of the textile maker's stock valued at $3,150,000 after purchasing an additional 1,852 shares during the last quarter. Finally, Ancora Advisors LLC boosted its stake in shares of Wolverine World Wide by 0.9% during the fourth quarter. Ancora Advisors LLC now owns 296,610 shares of the textile maker's stock valued at $6,585,000 after purchasing an additional 2,700 shares during the period. Institutional investors own 90.25% of the company's stock.

Insider Activity

In other Wolverine World Wide news, Director Nicholas T. Long sold 12,854 shares of the stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $31.84, for a total value of $409,271.36. Following the transaction, the director directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 value of $413,127.56. Following the transaction, the director owned 48,675 shares in the company, valued at $1,564,414.50. This trade represents a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.28% of the stock is owned by corporate insiders.

Wolverine World Wide Stock Up 2.0%

WWW stock traded up $0.62 on Thursday, reaching $32.01. 1,509,184 shares of the company traded hands, compared to its average volume of 1,544,757. 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 simple moving average of $24.47 and a 200-day simple moving average of $18.14. Wolverine World Wide, Inc. has a one year low of $9.58 and a one year high of $32.59. The company has a market cap of $2.60 billion, a P/E ratio of 31.38 and a beta of 1.80.

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

Wolverine World Wide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 1st will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, October 1st. Wolverine World Wide's dividend payout ratio (DPR) is presently 39.22%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Stifel Nicolaus boosted their price objective on shares of Wolverine World Wide from $30.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, August 27th. Piper Sandler reaffirmed an "overweight" rating and issued a $25.00 price target (up previously from $20.00) on shares of Wolverine World Wide in a research note on Tuesday, August 5th. Telsey Advisory Group reissued a "market perform" rating and set a $29.00 price objective (up from $17.00) on shares of Wolverine World Wide in a research report on Wednesday, August 6th. KeyCorp reaffirmed an "overweight" rating and issued a $32.00 target price (up from $25.00) on shares of Wolverine World Wide in a research report on Thursday, August 7th. Finally, Argus raised shares of Wolverine World Wide from a "hold" rating to a "buy" rating and set a $20.00 price target for the company in a research note on Friday, May 16th. 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. According to MarketBeat, Wolverine World Wide currently has an average rating of "Buy" and a consensus target price of $27.50.

Wolverine World Wide Company 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.