Jacobs Levy Equity Management Inc. Sells 60,381 Shares of Wolverine World Wide, Inc. $WWW

Key Points

• Jacobs Levy Equity Management Inc. sold 60,381 shares of Wolverine World Wide, Inc., reducing its stake by 5.5% to 1,047,340 shares, valued at approximately $14.57 million.
• Director Nicholas T. Long and Director Brenda J. Lauderback both sold 12,854 shares of the firm's stock, reducing their ownership by 14.42% and 20.89%, respectively.
• Wolverine World Wide recently reported quarterly earnings of $0.35 per share, surpassing analyst expectations, while also announcing a quarterly dividend of $0.10 to be paid on November 3rd.

Jacobs Levy Equity Management Inc. trimmed its position in Wolverine World Wide, Inc. (NYSE:WWW - Free Report) by 5.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,047,340 shares of the textile maker's stock after selling 60,381 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 1.29% of Wolverine World Wide worth $14,568,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in WWW. Callodine Capital Management LP increased its holdings in shares of Wolverine World Wide by 60.2% in the first quarter. Callodine Capital Management LP now owns 3,047,071 shares of the textile maker's stock worth $42,385,000 after purchasing an additional 1,145,455 shares during the last quarter. WCM Investment Management LLC bought a new stake in shares of Wolverine World Wide in the first quarter worth about $7,164,000. Nuveen Asset Management LLC grew its position in 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 worth $13,949,000 after acquiring an additional 403,176 shares in the last quarter. Driehaus Capital Management LLC grew its position in 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 worth $13,180,000 after acquiring an additional 341,601 shares in the last quarter. Finally, Manning & Napier Advisors LLC grew its position in Wolverine World Wide by 64.6% in the first quarter. Manning & Napier Advisors LLC now owns 800,000 shares of the textile maker's stock worth $11,128,000 after acquiring an additional 313,997 shares in the last quarter. 90.25% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Nicholas T. Long sold 12,854 shares of the stock in a transaction that occurred 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 transaction, the director owned 76,268 shares of the company's stock, valued at $2,428,373.12. This represents a 14.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brenda J. Lauderback sold 12,854 shares of the 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 completion of the transaction, the director directly owned 48,675 shares in the company, valued at approximately $1,564,414.50. This trade represents a 20.89% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.28% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on WWW. UBS Group lifted their price target on Wolverine World Wide from $30.00 to $36.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Piper Sandler reiterated an "overweight" rating and issued a $25.00 price target (up previously from $20.00) on shares of Wolverine World Wide in a research report on Tuesday, August 5th. Argus upgraded Wolverine World Wide from a "hold" rating to a "buy" rating and set a $20.00 price target for the company in a research report on Friday, May 16th. Stifel Nicolaus lifted their price target on Wolverine World Wide from $30.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, August 27th. Finally, KeyCorp reiterated an "overweight" rating and issued a $32.00 price target (up previously from $25.00) on shares of Wolverine World Wide in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $27.50.

Wolverine World Wide Trading Up 0.6%

Shares of WWW traded up $0.19 during mid-day trading on Friday, reaching $30.71. 508,073 shares of the company's stock traded hands, compared to its average volume of 1,539,187. The stock has a market cap of $2.49 billion, a P/E ratio of 30.10 and a beta of 1.80. The stock's 50-day moving average is $25.96 and its two-hundred day moving average is $18.77. Wolverine World Wide, Inc. has a 12 month low of $9.58 and a 12 month high of $32.80. 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 (NYSE:WWW - Get Free Report) last released its 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 firm had revenue of $474.20 million for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.15 earnings per share. 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 firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.3%. Wolverine World Wide's dividend payout ratio is currently 39.22%.

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.