Select Equity Group L.P. Sells 1,478,184 Shares of Wolverine World Wide, Inc. (NYSE:WWW)

Select Equity Group L.P. reduced its position in shares of Wolverine World Wide, Inc. (NYSE:WWW) by 65.6% in the second quarter, HoldingsChannel reports. The firm owned 776,523 shares of the textile maker’s stock after selling 1,478,184 shares during the quarter. Select Equity Group L.P.’s holdings in Wolverine World Wide were worth $10,499,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WWW. Pacer Advisors Inc. purchased a new stake in Wolverine World Wide in the 2nd quarter worth approximately $64,295,000. Federated Hermes Inc. boosted its position in shares of Wolverine World Wide by 10,607.4% in the second quarter. Federated Hermes Inc. now owns 540,402 shares of the textile maker’s stock worth $7,306,000 after purchasing an additional 535,355 shares during the period. Manning & Napier Advisors LLC purchased a new stake in shares of Wolverine World Wide in the second quarter worth $7,098,000. Panagora Asset Management Inc. bought a new stake in shares of Wolverine World Wide during the 2nd quarter valued at $3,979,000. Finally, Intrinsic Edge Capital Management LLC purchased a new position in shares of Wolverine World Wide during the 4th quarter valued at $2,563,000. Hedge funds and other institutional investors own 90.25% of the company’s stock.

Wolverine World Wide Stock Up 6.9 %

Shares of NYSE:WWW opened at $17.20 on Friday. The company has a market cap of $1.38 billion, a price-to-earnings ratio of -18.49 and a beta of 1.76. Wolverine World Wide, Inc. has a 12 month low of $7.21 and a 12 month high of $17.22. The company has a current ratio of 1.19, a quick ratio of 0.74 and a debt-to-equity ratio of 2.14. The company has a 50-day moving average price of $13.86 and a 200 day moving average price of $12.59.

Wolverine World Wide (NYSE:WWW) last announced its earnings results on Wednesday, August 7th. The textile maker reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. Wolverine World Wide had a negative return on equity of 0.34% and a negative net margin of 4.42%. The firm had revenue of $425.40 million during the quarter, compared to analysts’ expectations of $411.20 million. During the same quarter in the previous year, the business earned $0.19 EPS. The company’s quarterly revenue was down 27.8% on a year-over-year basis. As a group, equities research analysts predict that Wolverine World Wide, Inc. will post 0.85 earnings per share for the current year.

Wolverine World Wide Announces Dividend

The company 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 $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Tuesday, October 1st. Wolverine World Wide’s dividend payout ratio is currently -43.01%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on WWW shares. Piper Sandler reissued an “overweight” rating and set a $18.00 price target on shares of Wolverine World Wide in a report on Friday, August 23rd. UBS Group raised Wolverine World Wide from a “neutral” rating to a “buy” rating and lifted their target price for the company from $13.00 to $20.00 in a research note on Friday, July 19th. Robert W. Baird upped their price target on Wolverine World Wide from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. KeyCorp raised shares of Wolverine World Wide from a “sector weight” rating to an “overweight” rating and set a $20.00 price objective for the company in a report on Thursday, August 8th. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and issued a $14.00 target price on shares of Wolverine World Wide in a report on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $17.17.

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.