Strs Ohio Takes Position in Wolverine World Wide, Inc. $WWW

Key Points

• Strs Ohio acquired a new position in Wolverine World Wide, Inc. (NYSE:WWW) during the first quarter, purchasing 47,900 shares valued at approximately $666,000.
• Wolverine World Wide reported a quarterly earnings per share (EPS) of $0.35, exceeding estimates by $0.12, with revenues of $474.20 million representing an 11.5% increase year-over-year.
• The company declared a quarterly dividend of $0.10 per share to be paid on November 3rd, translating to an annualized dividend yield of 1.3%.

Strs Ohio bought a new position in shares of Wolverine World Wide, Inc. (NYSE:WWW - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 47,900 shares of the textile maker's stock, valued at approximately $666,000. Strs Ohio owned approximately 0.06% of Wolverine World Wide as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Wolverine World Wide in the first quarter valued at approximately $608,000. Illinois Municipal Retirement Fund grew its position in shares of Wolverine World Wide by 8.4% in the first quarter. Illinois Municipal Retirement Fund now owns 44,317 shares of the textile maker's stock valued at $616,000 after purchasing an additional 3,441 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in shares of Wolverine World Wide in the first quarter valued at approximately $3,440,000. Nuveen Asset Management LLC grew its position in shares of 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 purchasing an additional 403,176 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in shares of Wolverine World Wide during the first quarter valued at approximately $1,367,000. Hedge funds and other institutional investors own 90.25% of the company's stock.

Insider Activity

In related news, Director Brenda J. Lauderback sold 12,854 shares of the firm's stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $32.14, for a total transaction of $413,127.56. Following the completion of the transaction, the director owned 48,675 shares of the company's stock, valued at $1,564,414.50. This trade represents a 20.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Nicholas T. Long sold 12,854 shares of the firm's stock in a transaction dated 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 represents a 14.42% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Telsey Advisory Group reaffirmed a "market perform" rating and set a $29.00 price target (up previously from $17.00) on shares of Wolverine World Wide in a research report on Wednesday, August 6th. Piper Sandler reiterated an "overweight" rating and set a $25.00 price objective (up from $20.00) on shares of Wolverine World Wide in a research note on Tuesday, August 5th. Stifel Nicolaus boosted their target price on shares of Wolverine World Wide from $30.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, August 27th. KeyCorp reissued an "overweight" rating and set a $32.00 target price (up from $25.00) on shares of Wolverine World Wide in a research report on Thursday, August 7th. Finally, UBS Group lifted their price target on shares of Wolverine World Wide from $30.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. One 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 stock. According to MarketBeat.com, Wolverine World Wide has a consensus rating of "Buy" and a consensus target price of $27.50.

Wolverine World Wide Stock Performance

Shares of WWW traded up $0.22 during trading hours on Tuesday, reaching $29.32. 114,415 shares of the company's stock traded hands, compared to its average volume of 1,548,775. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of 28.72 and a beta of 1.80. The company has a debt-to-equity ratio of 1.58, a current ratio of 1.24 and a quick ratio of 0.75. Wolverine World Wide, Inc. has a twelve month low of $9.58 and a twelve month high of $32.80. The business's fifty day simple moving average is $27.45 and its two-hundred day simple moving average is $19.59.

Wolverine World Wide (NYSE:WWW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The textile maker reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.12. The company had revenue of $474.20 million for 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%.The company's quarterly revenue was up 11.5% compared to the same quarter last year. During the same period last year, the company earned $0.15 earnings per share. Analysts predict 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. Investors of record on Wednesday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $0.40 annualized dividend and a yield of 1.4%. Wolverine World Wide's dividend payout ratio (DPR) is currently 39.22%.

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.