Principal Financial Group Inc. Purchases 9,029 Shares of Wolverine World Wide, Inc. (NYSE:WWW)

Principal Financial Group Inc. raised its position in shares of Wolverine World Wide, Inc. (NYSE:WWW) by 2.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 399,738 shares of the textile maker’s stock after purchasing an additional 9,029 shares during the quarter. Principal Financial Group Inc. owned 0.49% of Wolverine World Wide worth $5,560,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of WWW. JPMorgan Chase & Co. grew its stake in shares of Wolverine World Wide by 70.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,425,858 shares of the textile maker’s stock worth $53,854,000 after acquiring an additional 998,916 shares during the period. Capital Research Global Investors bought a new stake in shares of Wolverine World Wide in the fourth quarter worth approximately $13,943,000. WCM Investment Management LLC bought a new stake in Wolverine World Wide during the first quarter valued at approximately $7,164,000. Nuveen Asset Management LLC grew its position in Wolverine World Wide by 179.1% during the fourth quarter. Nuveen Asset Management LLC now owns 628,338 shares of the textile maker’s stock valued at $13,949,000 after buying an additional 403,176 shares during the period. Finally, First Trust Advisors LP bought a new stake in Wolverine World Wide during the fourth quarter valued at approximately $7,862,000. 90.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Argus upgraded shares of Wolverine World Wide from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Friday, May 16th. Telsey Advisory Group reaffirmed a “market perform” rating and set a $17.00 price target on shares of Wolverine World Wide in a report on Friday, May 9th. Piper Sandler lowered their price target on shares of Wolverine World Wide from $27.00 to $18.00 and set an “overweight” rating on the stock in a report on Friday, April 11th. Stifel Nicolaus lowered their price target on shares of Wolverine World Wide from $27.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Finally, UBS Group lifted their price target on shares of Wolverine World Wide from $18.00 to $22.00 and gave the company a “buy” rating in a report on Friday, May 9th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.75.

Wolverine World Wide Price Performance

WWW stock opened at $19.48 on Thursday. Wolverine World Wide, Inc. has a one year low of $9.58 and a one year high of $24.64. The company’s fifty day moving average price is $17.82 and its 200-day moving average price is $17.04. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.77 and a current ratio of 1.26. The company has a market capitalization of $1.58 billion, a PE ratio of 22.39 and a beta of 1.70.

Wolverine World Wide (NYSE:WWW) last released its earnings results on Thursday, May 8th. The textile maker reported $0.18 EPS for the quarter, topping the consensus estimate of $0.11 by $0.07. Wolverine World Wide had a net margin of 4.15% and a return on equity of 28.74%. The firm had revenue of $412.30 million for the quarter, compared to the consensus estimate of $395.94 million. During the same quarter in the previous year, the firm earned $0.11 earnings per share. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. On average, equities analysts anticipate that Wolverine World Wide, Inc. will post 1.23 EPS for the current fiscal year.

Wolverine World Wide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.05%. Wolverine World Wide’s payout ratio is currently 45.98%.

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.