Kingdon Capital Management L.L.C. Acquires 282,000 Shares of Wolverine World Wide, Inc. $WWW

Key Points

• Kingdon Capital Management L.L.C. increased its stake in Wolverine World Wide by 82.3%, owning approximately 0.77% of the company, worth $8.69 million.
• Wolverine World Wide reported a quarterly earnings per share of $0.35, surpassing analysts' expectations of $0.23, with revenue of $474.20 million.
• The company will distribute a quarterly dividend of $0.10 on November 3rd, reflecting a 1.2% yield and a payout ratio of 39.22%.

Kingdon Capital Management L.L.C. increased its stake in shares of Wolverine World Wide, Inc. (NYSE:WWW - Free Report) by 82.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 624,700 shares of the textile maker's stock after purchasing an additional 282,000 shares during the period. Kingdon Capital Management L.L.C. owned approximately 0.77% of Wolverine World Wide worth $8,690,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Wolverine World Wide during the fourth quarter worth about $64,000. PNC Financial Services Group Inc. lifted its holdings in shares of Wolverine World Wide by 10.4% in the first quarter. PNC Financial Services Group Inc. now owns 9,132 shares of the textile maker's stock valued at $127,000 after purchasing an additional 863 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Wolverine World Wide in the fourth quarter valued at about $204,000. Teza Capital Management LLC bought a new stake in shares of Wolverine World Wide in the fourth quarter valued at about $255,000. Finally, Teacher Retirement System of Texas bought a new stake in shares of Wolverine World Wide in the first quarter valued at about $163,000. 90.25% of the stock is currently owned by institutional investors.

Wolverine World Wide Stock Performance

Shares of Wolverine World Wide stock traded up $0.03 on Wednesday, hitting $31.37. The stock had a trading volume of 1,824,736 shares, compared to its average volume of 1,545,162. Wolverine World Wide, Inc. has a twelve month low of $9.58 and a twelve month high of $32.59. The business's 50 day moving average is $24.20 and its two-hundred day moving average is $18.05. 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 stock has a market cap of $2.55 billion, a price-to-earnings ratio of 30.75 and a beta of 1.80.

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

Wolverine World Wide Announces Dividend

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 paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Wednesday, October 1st. Wolverine World Wide's payout ratio is 39.22%.

Insider Activity at Wolverine World Wide

In related news, Director Nicholas T. Long sold 12,854 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $31.84, for a total value of $409,271.36. Following the completion of the sale, the director directly owned 76,268 shares in the company, valued at approximately $2,428,373.12. The trade was a 14.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Brenda J. Lauderback sold 12,854 shares of the company's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $32.14, for a total value of $413,127.56. Following the sale, the director owned 48,675 shares of the company's stock, valued at $1,564,414.50. The trade was a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.28% of the company's stock.

Wall Street Analyst Weigh In

WWW has been the topic of a number of research reports. Stifel Nicolaus boosted their price target on Wolverine World Wide from $30.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Piper Sandler restated an "overweight" rating and issued a $25.00 price target (up from $20.00) on shares of Wolverine World Wide in a report on Tuesday, August 5th. Telsey Advisory Group restated a "market perform" rating and issued a $29.00 price target (up from $17.00) on shares of Wolverine World Wide in a report on Wednesday, August 6th. Wall Street Zen upgraded Wolverine World Wide from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, KeyCorp reiterated an "overweight" rating and set a $32.00 target price (up previously from $25.00) on shares of Wolverine World Wide in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target 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.