WCM Investment Management LLC Boosts Position in Wolverine World Wide, Inc. $WWW

Key Points

• WCM Investment Management LLC increased its stake in Wolverine World Wide, Inc. by 8.6% during the second quarter, owning approximately 0.70% of the company valued at $10.48 million.
• This quarter, Wolverine World Wide reported earnings of $0.35 per share, surpassing analysts' expectations and demonstrating an 11.5% year-over-year revenue increase.
• The company declared a quarterly dividend of $0.10 per share, indicating a 1.5% yield, with the payment scheduled for November 3rd.

WCM Investment Management LLC increased its holdings in shares of Wolverine World Wide, Inc. (NYSE:WWW - Free Report) by 8.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 565,746 shares of the textile maker's stock after purchasing an additional 44,720 shares during the quarter. WCM Investment Management LLC owned approximately 0.70% of Wolverine World Wide worth $10,483,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Maryland State Retirement & Pension System lifted its stake in Wolverine World Wide by 1.9% in the second quarter. Maryland State Retirement & Pension System now owns 23,818 shares of the textile maker's stock valued at $431,000 after buying an additional 453 shares during the last quarter. Sheets Smith Wealth Management lifted its stake in Wolverine World Wide by 5.1% in the second quarter. Sheets Smith Wealth Management now owns 13,032 shares of the textile maker's stock valued at $236,000 after buying an additional 628 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in 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 buying an additional 863 shares during the last quarter. Rhumbline Advisers lifted its stake in Wolverine World Wide by 0.8% in the first quarter. Rhumbline Advisers now owns 226,441 shares of the textile maker's stock valued at $3,150,000 after buying an additional 1,852 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Wolverine World Wide by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,480 shares of the textile maker's stock valued at $660,000 after buying an additional 2,321 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company's stock.

Wolverine World Wide Trading Down 0.2%

Shares of WWW stock opened at $26.33 on Friday. The business's fifty day moving average price is $28.83 and its 200 day moving average price is $21.08. Wolverine World Wide, Inc. has a 1-year low of $9.58 and a 1-year high of $32.80. The firm has a market capitalization of $2.14 billion, a PE ratio of 25.81 and a beta of 1.81. 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 (NYSE:WWW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The textile maker reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $474.20 million for the quarter, compared to analyst estimates of $447.82 million. During the same quarter in the prior year, the company posted $0.15 earnings per share. Wolverine World Wide's quarterly revenue was up 11.5% on a year-over-year basis. As a group, 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 firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 1st. Wolverine World Wide's dividend payout ratio is currently 39.22%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Weiss Ratings reissued a "hold (c)" rating on shares of Wolverine World Wide in a report on Wednesday, October 8th. KeyCorp reissued an "overweight" rating and issued a $32.00 target price (up previously from $25.00) on shares of Wolverine World Wide in a report on Thursday, August 7th. UBS Group boosted their target price on Wolverine World Wide from $30.00 to $36.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Piper Sandler reissued an "overweight" rating and issued a $25.00 target price (up previously from $20.00) on shares of Wolverine World Wide in a report on Tuesday, August 5th. Finally, Telsey Advisory Group reissued a "market perform" rating and issued a $29.00 target price (up previously from $17.00) on shares of Wolverine World Wide in a report on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $28.29.

Insiders Place Their Bets

In related news, 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 transaction of $413,127.56. Following the transaction, the director owned 48,675 shares of the company's stock, valued at $1,564,414.50. This represents a 20.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Nicholas T. Long sold 12,854 shares of the business's stock in a transaction 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 sale, the director 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 disclosure for this sale can be found here. Corporate insiders own 2.28% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.