Pacer Advisors Inc. Sells 2,052,003 Shares of Wolverine World Wide, Inc. (NYSE:WWW)

Key Points

• Pacer Advisors Inc. significantly reduced its holdings in Wolverine World Wide by 70.1%, selling over 2 million shares and leaving it with about 873,366 shares.
• Wolverine World Wide reported earnings of $0.18 per share, exceeding expectations and reflecting a year-over-year revenue increase of 4.4%.
• The company announced a quarterly dividend of $0.10 per share, with an annualized yield of 1.72%, scheduled for payment on August 1st.

Pacer Advisors Inc. lessened its holdings in shares of Wolverine World Wide, Inc. (NYSE:WWW - Free Report) by 70.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 873,366 shares of the textile maker's stock after selling 2,052,003 shares during the period. Pacer Advisors Inc. owned 1.08% of Wolverine World Wide worth $12,149,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in WWW. Natixis bought a new stake in shares of Wolverine World Wide during the fourth quarter valued at approximately $41,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Wolverine World Wide during the fourth quarter valued at approximately $64,000. Teacher Retirement System of Texas bought a new stake in Wolverine World Wide during the first quarter worth approximately $163,000. Summit Investment Advisors Inc. raised its holdings in Wolverine World Wide by 7.5% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,305 shares of the textile maker's stock worth $184,000 after purchasing an additional 581 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in Wolverine World Wide during the fourth quarter worth approximately $204,000. Institutional investors own 90.25% of the company's stock.

Wolverine World Wide Stock Down 0.8%

Shares of NYSE:WWW traded down $0.20 during trading on Wednesday, reaching $23.20. 284,823 shares of the company traded hands, compared to its average volume of 1,446,909. The company has a quick ratio of 0.77, a current ratio of 1.26 and a debt-to-equity ratio of 1.76. Wolverine World Wide, Inc. has a 1-year low of $9.58 and a 1-year high of $24.64. The firm has a fifty day simple moving average of $18.84 and a 200 day simple moving average of $16.99. The firm has a market cap of $1.88 billion, a P/E ratio of 26.67 and a beta of 1.70.

Wolverine World Wide (NYSE:WWW - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The textile maker reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.07. Wolverine World Wide had a net margin of 4.15% and a return on equity of 28.74%. The business had revenue of $412.30 million during the quarter, compared to analyst estimates of $395.94 million. During the same quarter in the previous year, the business earned $0.11 EPS. Wolverine World Wide's quarterly revenue was up 4.4% compared to the same quarter last year. Analysts anticipate that Wolverine World Wide, Inc. will post 1.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Baird R W raised Wolverine World Wide from a "hold" rating to a "strong-buy" rating in a report on Monday, April 21st. Telsey Advisory Group reissued a "market perform" rating and set a $17.00 target price on shares of Wolverine World Wide in a report on Wednesday. UBS Group set a $30.00 price target on shares of Wolverine World Wide and gave the stock a "buy" rating in a research report on Monday. Stifel Nicolaus decreased their price target on shares of Wolverine World Wide from $27.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Finally, Argus upgraded shares of Wolverine World Wide from a "hold" rating to a "buy" rating and set a $20.00 price target on the stock in a research report on Friday, May 16th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Wolverine World Wide currently has an average rating of "Moderate Buy" and a consensus target price of $20.75.

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.