Wolverine World Wide, Inc. $WWW Shares Acquired by Callodine Capital Management LP

Key Points

• Callodine Capital Management LP increased its stake in Wolverine World Wide by 60.2% in Q1 2023, owning 3,047,071 shares, which comprises 7.1% of their portfolio.
• The stock reported strong earnings, with an EPS of $0.35 exceeding analysts' expectations, and revenue of $474.20 million, which was an 11.5% increase year-over-year.
• Wolverine World Wide announced a quarterly dividend of $0.10 per share, scheduled for payment on November 3rd, 2023, indicating a 1.3% dividend yield.

Callodine Capital Management LP raised its position in Wolverine World Wide, Inc. (NYSE:WWW - Free Report) by 60.2% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 3,047,071 shares of the textile maker's stock after acquiring an additional 1,145,455 shares during the period. Wolverine World Wide comprises 7.1% of Callodine Capital Management LP's portfolio, making the stock its 2nd biggest position. Callodine Capital Management LP owned about 3.76% of Wolverine World Wide worth $42,385,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its stake in shares of Wolverine World Wide by 10.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,132 shares of the textile maker's stock worth $127,000 after purchasing an additional 863 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Wolverine World Wide by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,159 shares of the textile maker's stock worth $1,003,000 after purchasing an additional 1,495 shares in the last quarter. Captrust Financial Advisors grew its holdings in shares of Wolverine World Wide by 6.6% during the 4th quarter. Captrust Financial Advisors now owns 26,834 shares of the textile maker's stock worth $596,000 after purchasing an additional 1,667 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Wolverine World Wide by 0.8% during the 1st quarter. Rhumbline Advisers now owns 226,441 shares of the textile maker's stock worth $3,150,000 after buying an additional 1,852 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its position in shares of Wolverine World Wide by 5.7% during the 4th quarter. MetLife Investment Management LLC now owns 48,582 shares of the textile maker's stock worth $1,079,000 after buying an additional 2,634 shares during the last quarter. Institutional investors own 90.25% of the company's stock.

Wolverine World Wide Price Performance

Wolverine World Wide stock opened at $31.49 on Wednesday. Wolverine World Wide, Inc. has a 52 week low of $9.58 and a 52 week high of $31.53. The business has a 50-day simple moving average of $22.75 and a 200 day simple moving average of $17.62. 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 $2.56 billion, a price-to-earnings ratio of 30.87 and a beta of 1.74.

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, topping 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 business had revenue of $474.20 million during the quarter, compared to analysts' expectations of $447.82 million. During the same period in the previous year, the business earned $0.15 earnings per share. The firm's revenue was up 11.5% on a year-over-year basis. On average, research analysts forecast that Wolverine World Wide, Inc. will post 1.23 earnings per share for the current fiscal year.

Wolverine World Wide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders 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 1.3%. Wolverine World Wide's payout ratio is 39.22%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on WWW. UBS Group increased their price target on Wolverine World Wide from $30.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. 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 note on Wednesday, August 6th. Piper Sandler restated 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. KeyCorp reiterated an "overweight" rating and set a $32.00 price target (up from $25.00) on shares of Wolverine World Wide in a report on Thursday, August 7th. Finally, Argus upgraded Wolverine World Wide from a "hold" rating to a "buy" rating and set a $20.00 target price on the stock in a research note on Friday, May 16th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $25.38.

About Wolverine World Wide

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.

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