Earnest Partners LLC Buys 41,857 Shares of Wolverine World Wide, Inc. $WWW

Key Points

• Earnest Partners LLC expanded its stake in Wolverine World Wide by 0.8%, now holding approximately 6.50% of the company valued at about $73.3 million.
• Wolverine World Wide reported earnings of $0.35 per share for its last quarter, exceeding analysts' estimates, with revenues up 11.5% year-over-year at $474.2 million.
• The company declared a quarterly dividend of $0.10 per share, with a dividend yield of 1.3%, payable on November 3rd to investors of record on October 1st.

Earnest Partners LLC grew its stake in shares of Wolverine World Wide, Inc. (NYSE:WWW - Free Report) by 0.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,270,775 shares of the textile maker's stock after buying an additional 41,857 shares during the period. Earnest Partners LLC owned 6.50% of Wolverine World Wide worth $73,316,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. WCM Investment Management LLC acquired a new stake in shares of Wolverine World Wide during the first quarter worth $7,164,000. Nuveen Asset Management LLC boosted its holdings in Wolverine World Wide by 179.1% in the fourth quarter. Nuveen Asset Management LLC now owns 628,338 shares of the textile maker's stock valued at $13,949,000 after acquiring an additional 403,176 shares during the last quarter. First Trust Advisors LP acquired a new position in Wolverine World Wide in the fourth quarter valued at $7,862,000. Driehaus Capital Management LLC boosted its holdings in Wolverine World Wide by 135.5% in the fourth quarter. Driehaus Capital Management LLC now owns 593,693 shares of the textile maker's stock valued at $13,180,000 after acquiring an additional 341,601 shares during the last quarter. Finally, Manning & Napier Advisors LLC boosted its holdings in Wolverine World Wide by 64.6% in the first quarter. Manning & Napier Advisors LLC now owns 800,000 shares of the textile maker's stock valued at $11,128,000 after acquiring an additional 313,997 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on WWW shares. UBS Group boosted their price target on Wolverine World Wide from $30.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded Wolverine World Wide from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Piper Sandler reaffirmed an "overweight" rating and issued a $25.00 price target (up from $20.00) on shares of Wolverine World Wide in a research note on Tuesday, August 5th. Stifel Nicolaus raised their price target on Wolverine World Wide from $30.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, August 27th. Finally, Argus upgraded 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 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 stock. Based on data from MarketBeat.com, Wolverine World Wide currently has a consensus rating of "Buy" and an average target price of $27.50.

Wolverine World Wide Stock Down 1.2%

Shares of Wolverine World Wide stock traded down $0.39 during trading hours on Monday, reaching $32.01. 1,389,188 shares of the company's stock were exchanged, compared to its average volume of 2,145,693. The company has a 50 day moving average of $23.62 and a two-hundred day moving average of $17.87. Wolverine World Wide, Inc. has a fifty-two week low of $9.58 and a fifty-two week high of $32.59. The company has a current ratio of 1.24, a quick ratio of 0.75 and a debt-to-equity ratio of 1.58. The stock 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 issued its quarterly earnings data 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 the consensus estimate of $447.82 million. Wolverine World Wide had a net margin of 4.73% and a return on equity of 31.99%. The business's revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period last year, the business posted $0.15 earnings per share. On average, sell-side analysts forecast that Wolverine World Wide, Inc. will post 1.23 EPS for the current fiscal year.

Wolverine World Wide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 1st will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis 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 39.22%.

Insider Buying and Selling

In related news, Director Nicholas T. Long sold 12,854 shares of Wolverine World Wide 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 of the company's stock, valued at $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 SEC, which is available through this link. Also, Director Brenda J. Lauderback sold 12,854 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 48,675 shares in the company, valued at $1,564,414.50. This represents a 20.89% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.28% of the company's stock.

About Wolverine World Wide

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.