Bank of New York Mellon Corp Sells 27,433 Shares of Wolverine World Wide, Inc. (NYSE:WWW)

Bank of New York Mellon Corp lowered its position in Wolverine World Wide, Inc. (NYSE:WWW) by 4.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 632,412 shares of the textile maker’s stock after selling 27,433 shares during the quarter. Bank of New York Mellon Corp owned 0.78% of Wolverine World Wide worth $8,797,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Signaturefd LLC boosted its stake in Wolverine World Wide by 88.8% in the 4th quarter. Signaturefd LLC now owns 1,450 shares of the textile maker’s stock valued at $32,000 after buying an additional 682 shares in the last quarter. Natixis bought a new position in Wolverine World Wide in the 4th quarter valued at $41,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Wolverine World Wide in the 4th quarter valued at $64,000. Teacher Retirement System of Texas bought a new position in Wolverine World Wide in the 1st quarter valued at $163,000. Finally, Summit Investment Advisors Inc. raised its position in Wolverine World Wide by 7.5% in the 4th quarter. Summit Investment Advisors Inc. now owns 8,305 shares of the textile maker’s stock valued at $184,000 after purchasing an additional 581 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.

Wolverine World Wide Stock Up 2.4%

NYSE:WWW opened at $20.91 on Tuesday. 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 cap of $1.69 billion, a PE ratio of 19.64 and a beta of 1.70. Wolverine World Wide, Inc. has a 52-week low of $9.58 and a 52-week high of $24.64. The stock has a 50-day simple moving average of $18.00 and a 200 day simple moving average of $16.94.

Wolverine World Wide (NYSE:WWW) last issued its quarterly earnings results on Thursday, May 8th. The textile maker reported $0.18 EPS for the quarter, beating the consensus estimate of $0.11 by $0.07. Wolverine World Wide had a return on equity of 28.74% and a net margin of 4.15%. The firm had revenue of $412.30 million during the quarter, compared to analysts’ expectations of $395.94 million. During the same period in the prior year, the firm posted $0.11 earnings per share. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. On average, sell-side analysts expect that Wolverine World Wide, Inc. will post 1.23 EPS for the current fiscal year.

Wolverine World Wide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 1st will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, July 1st. This represents a $0.40 annualized dividend and a yield of 1.91%. Wolverine World Wide’s payout ratio is currently 45.98%.

Wall Street Analyst Weigh In

WWW has been the subject of several research analyst reports. Argus upgraded Wolverine World Wide from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Friday, May 16th. Piper Sandler cut their price objective on Wolverine World Wide from $27.00 to $18.00 and set an “overweight” rating for the company in a research report on Friday, April 11th. Baird R W upgraded Wolverine World Wide from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 21st. Robert W. Baird lifted their price objective on Wolverine World Wide from $15.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, May 6th. Finally, UBS Group lifted their price objective on Wolverine World Wide from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.75.

Wolverine World Wide 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.