Several institutional investors and hedge funds have recently bought shares of Wolverine World Wide (NYSE: WWW). Pacer Advisors Inc. invested about $64.3 million in the second quarter. Federated Hermes Inc. increased its stake by over 10,600%, owning 540,402 shares worth $7.3 million after acquiring 535,355 shares. Manning & Napier Advisors LLC and Panagora Asset Management also made new investments of around $7.1 million and $4 million, respectively. Hedge funds now control 90.25% of the company’s stock.
Wolverine World Wide Stock Performance
Wolverine World Wide stock opened at $17.23, down 3.1% on Tuesday. The company has a market cap of $1.38 billion and reported a price-to-earnings ratio of -18.53. Its 1-year low is $7.21 and high is $18.51, with averages of $14.39 and $13.02 for the last 50 and 200 days, respectively.
Recent Earnings Report
On August 7, Wolverine World Wide announced earnings of $0.15 per share, beating expectations of $0.10. The company’s revenue was $425.40 million, surpassing estimates of $411.20 million. However, this was a 27.8% decline compared to last year.
Dividend Announcement
The company will pay a quarterly dividend of $0.10 on November 1, with a yield of 2.32%. To qualify, investors must be on record by October 1.
Insider Trading Activity
Insider David A. Latchana sold 7,706 shares for about $131,156 on September 26, now holding 13,889 shares valued at around $236,391. Company insiders own 2.28% of the stock.
Analyst Ratings
Analysts remain optimistic about the stock. Piper Sandler set a target price of $18, while Telsey Advisory Group aimed for $14. UBS raised its rating from “neutral” to “buy” with a target of $20. The overall rating is “Moderate Buy” with an average target of $17.86.
About Wolverine World Wide
Wolverine World Wide designs and distributes footwear and apparel globally, operating in segments for active and work-related products.
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