Earnest Partners LLC boosted its holdings in Wolverine World Wide, Inc. (NYSE:WWW) by 1.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,657,377 shares of the textile maker’s stock after purchasing an additional 39,993 shares during the quarter. Earnest Partners LLC’s holdings in Wolverine World Wide were worth $73,184,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. JPMorgan Chase & Co. grew its position in Wolverine World Wide by 12.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,427,186 shares of the textile maker’s stock valued at $66,359,000 after purchasing an additional 259,811 shares during the period. Champlain Investment Partners LLC grew its position in Wolverine World Wide by 3.3% in the 1st quarter. Champlain Investment Partners LLC now owns 1,924,285 shares of the textile maker’s stock valued at $68,755,000 after purchasing an additional 61,915 shares during the period. Northern Trust Corp grew its position in Wolverine World Wide by 4.4% in the 2nd quarter. Northern Trust Corp now owns 1,514,530 shares of the textile maker’s stock valued at $41,710,000 after purchasing an additional 64,230 shares during the period. Royce & Associates LP grew its position in Wolverine World Wide by 3.4% in the 1st quarter. Royce & Associates LP now owns 1,386,645 shares of the textile maker’s stock valued at $49,545,000 after purchasing an additional 45,600 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Wolverine World Wide by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,191,777 shares of the textile maker’s stock valued at $32,823,000 after purchasing an additional 10,674 shares during the period. 92.80% of the stock is owned by institutional investors and hedge funds.
Several research firms recently issued reports on WWW. Argus downgraded shares of Wolverine World Wide from a “buy” rating to a “hold” rating and set a $29.19 price target for the company. in a research report on Friday, May 17th. Stifel Nicolaus set a $36.00 price objective on shares of Wolverine World Wide and gave the stock a “buy” rating in a report on Monday. Telsey Advisory Group reaffirmed a “market perform” rating and set a $34.00 price objective (down from $38.00) on shares of Wolverine World Wide in a report on Monday, August 5th. Pivotal Research reaffirmed a “hold” rating and set a $30.00 price objective (down from $34.00) on shares of Wolverine World Wide in a report on Friday, August 2nd. Finally, ValuEngine downgraded shares of Wolverine World Wide from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $36.80.
NYSE WWW opened at $30.47 on Friday. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 0.84 and a beta of 1.07. Wolverine World Wide, Inc. has a one year low of $23.05 and a one year high of $39.77. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.25 and a quick ratio of 0.70. The business’s fifty day moving average is $25.94 and its 200-day moving average is $30.49.
Wolverine World Wide (NYSE:WWW) last released its earnings results on Wednesday, August 7th. The textile maker reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.02. The company had revenue of $568.60 million for the quarter, compared to analysts’ expectations of $575.24 million. Wolverine World Wide had a return on equity of 21.21% and a net margin of 8.02%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.54 EPS. Research analysts expect that Wolverine World Wide, Inc. will post 2.28 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend is Monday, September 30th. Wolverine World Wide’s payout ratio is 18.43%.
Wolverine World Wide announced that its board has approved a share buyback program on Wednesday, September 11th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the textile maker to purchase up to 17.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Wolverine World Wide Profile
Wolverine World Wide, Inc designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories. The company operates through three segments: Wolverine Outdoor & Lifestyle Group, Wolverine Boston Group, and Wolverine Heritage Group. It 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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