Public Employees Retirement Association of Colorado Sells 1,714 Shares of Wolverine World Wide, Inc. (NYSE:WWW)

Public Employees Retirement Association of Colorado reduced its position in Wolverine World Wide, Inc. (NYSE:WWW) by 13.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,022 shares of the textile maker’s stock after selling 1,714 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Wolverine World Wide were worth $149,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its holdings in shares of Wolverine World Wide by 10,607.4% during the 2nd quarter. Federated Hermes Inc. now owns 540,402 shares of the textile maker’s stock worth $7,306,000 after acquiring an additional 535,355 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in Wolverine World Wide during the second quarter valued at $7,098,000. Panagora Asset Management Inc. bought a new position in Wolverine World Wide during the second quarter valued at $3,979,000. Intrinsic Edge Capital Management LLC purchased a new position in shares of Wolverine World Wide in the 4th quarter worth $2,563,000. Finally, Lumbard & Kellner LLC bought a new stake in shares of Wolverine World Wide in the 1st quarter worth about $3,211,000. 90.25% of the stock is owned by institutional investors.

Wolverine World Wide Price Performance

Wolverine World Wide stock opened at $17.51 on Monday. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -18.83 and a beta of 1.76. The firm has a 50-day moving average of $14.02 and a two-hundred day moving average of $12.70. Wolverine World Wide, Inc. has a 1 year low of $7.21 and a 1 year high of $17.57. The company has a debt-to-equity ratio of 2.14, a current ratio of 1.19 and a quick ratio of 0.74.

Wolverine World Wide (NYSE:WWW) last announced its quarterly earnings data on Wednesday, August 7th. The textile maker reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $425.40 million for the quarter, compared to analysts’ expectations of $411.20 million. During the same quarter in the prior year, the firm earned $0.19 earnings per share. Wolverine World Wide’s revenue was down 27.8% compared to the same quarter last year. On average, research analysts forecast that Wolverine World Wide, Inc. will post 0.85 earnings per share for the current year.

Wolverine World Wide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 1st will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Tuesday, October 1st. Wolverine World Wide’s dividend payout ratio (DPR) is presently -43.01%.

Analyst Upgrades and Downgrades

WWW has been the subject of several recent research reports. KeyCorp upgraded Wolverine World Wide from a “sector weight” rating to an “overweight” rating and set a $20.00 price target for the company in a research report on Thursday, August 8th. Telsey Advisory Group restated a “market perform” rating and set a $14.00 price target on shares of Wolverine World Wide in a report on Wednesday, August 7th. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective on shares of Wolverine World Wide in a research note on Friday, August 23rd. Argus raised shares of Wolverine World Wide to a “hold” rating in a research note on Friday, August 16th. Finally, UBS Group raised shares of Wolverine World Wide from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $13.00 to $20.00 in a research note on Friday, July 19th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $17.17.

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.