Wolverine World Wide, Inc. $WWW Shares Sold by State of Wyoming

Key Points

• The State of Wyoming reduced its stake in Wolverine World Wide, Inc. by 51.2%, now holding 10,213 shares valued at $142,000.
• Recent insider activity includes substantial share sales by directors, with Brenda J. Lauderback and Nicholas T. Long both reducing their positions by over 20%.
• Wolverine World Wide has seen positive analyst sentiments, with upgrades leading to a consensus rating of "Buy" and a price target increase to around $32.00.

State of Wyoming trimmed its stake in shares of Wolverine World Wide, Inc. (NYSE:WWW - Free Report) by 51.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,213 shares of the textile maker's stock after selling 10,734 shares during the period. State of Wyoming's holdings in Wolverine World Wide were worth $142,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of WWW. Northern Trust Corp lifted its position in shares of Wolverine World Wide by 12.4% during the 4th quarter. Northern Trust Corp now owns 1,005,835 shares of the textile maker's stock valued at $22,330,000 after acquiring an additional 111,151 shares during the period. Ameriprise Financial Inc. grew its position in shares of Wolverine World Wide by 19.7% in the fourth quarter. Ameriprise Financial Inc. now owns 356,685 shares of the textile maker's stock valued at $7,918,000 after purchasing an additional 58,664 shares during the last quarter. Captrust Financial Advisors grew its position in shares of Wolverine World Wide by 6.6% in the fourth quarter. Captrust Financial Advisors now owns 26,834 shares of the textile maker's stock valued at $596,000 after purchasing an additional 1,667 shares during the last quarter. Driehaus Capital Management LLC grew its position in shares of 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 purchasing an additional 341,601 shares during the last quarter. Finally, Deutsche Bank AG grew its position in shares of Wolverine World Wide by 45.9% in the fourth quarter. Deutsche Bank AG now owns 72,859 shares of the textile maker's stock valued at $1,617,000 after purchasing an additional 22,907 shares during the last quarter. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on WWW. 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. Telsey Advisory Group reissued a "market perform" rating and issued a $29.00 price objective (up previously from $17.00) on shares of Wolverine World Wide in a research report on Wednesday, August 6th. Piper Sandler reissued an "overweight" rating and issued a $25.00 price objective (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. Finally, KeyCorp reissued an "overweight" rating and issued a $32.00 price objective (up previously 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 issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $27.50.

Wolverine World Wide Trading Down 2.0%

Shares of WWW traded down $0.65 during mid-day trading on Wednesday, hitting $30.88. The company had a trading volume of 1,148,607 shares, compared to its average volume of 1,544,204. The business's 50-day simple moving average is $25.53 and its 200-day simple moving average is $18.58. The company has a quick ratio of 0.75, a current ratio of 1.24 and a debt-to-equity ratio of 1.58. Wolverine World Wide, Inc. has a 1-year low of $9.58 and a 1-year high of $32.80. The stock has a market cap of $2.51 billion, a PE ratio of 30.28 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company's revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.15 EPS. Sell-side analysts forecast that Wolverine World Wide, Inc. will post 1.23 earnings per share for the current year.

Wolverine World Wide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 1st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Wednesday, October 1st. Wolverine World Wide's dividend payout ratio is 39.22%.

Insider Buying and Selling

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 transaction of $409,271.36. Following the transaction, the director directly owned 76,268 shares of the company's stock, valued at approximately $2,428,373.12. The trade was a 14.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Brenda J. Lauderback sold 12,854 shares of the business's stock in a transaction that occurred 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 transaction, the director directly 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 currently owned by corporate insiders.

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.