PNC Financial Services Group Inc. Raises Stock Holdings in Wolverine World Wide, Inc. $WWW

PNC Financial Services Group Inc. grew its stake in Wolverine World Wide, Inc. (NYSE:WWW) by 10.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,132 shares of the textile maker’s stock after acquiring an additional 863 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Wolverine World Wide were worth $127,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in WWW. Natixis purchased a new stake in shares of Wolverine World Wide in the fourth quarter valued at $41,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Wolverine World Wide during the fourth quarter worth about $64,000. Teacher Retirement System of Texas purchased a new position in Wolverine World Wide during the first quarter worth about $163,000. Summit Investment Advisors Inc. lifted its position in Wolverine World Wide by 7.5% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,305 shares of the textile maker’s stock worth $184,000 after buying an additional 581 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in Wolverine World Wide during the fourth quarter worth about $204,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WWW has been the topic of several recent analyst reports. Wall Street Zen upgraded Wolverine World Wide from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Telsey Advisory Group reiterated a “market perform” rating and set a $29.00 target price (up from $17.00) on shares of Wolverine World Wide in a research report on Wednesday, August 6th. KeyCorp reiterated an “overweight” rating and set a $32.00 target price (up from $25.00) on shares of Wolverine World Wide in a research report on Thursday, August 7th. Robert W. Baird increased their target price on Wolverine World Wide from $15.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 6th. Finally, UBS Group increased their target price on Wolverine World Wide from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $25.38.

Wolverine World Wide Price Performance

WWW stock opened at $28.1890 on Wednesday. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.75 and a current ratio of 1.24. Wolverine World Wide, Inc. has a 1 year low of $9.58 and a 1 year high of $28.97. The firm has a market cap of $2.29 billion, a P/E ratio of 27.64 and a beta of 1.74. The stock has a 50-day simple moving average of $21.53 and a 200-day simple moving average of $17.33.

Wolverine World Wide (NYSE:WWW) last posted its earnings results on Wednesday, August 6th. The textile maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.12. Wolverine World Wide had a return on equity of 31.99% and a net margin of 4.73%.The business had revenue of $474.20 million during the quarter, compared to analyst estimates of $447.82 million. During the same quarter last year, the firm earned $0.15 earnings per share. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, equities analysts predict that Wolverine World Wide, Inc. will post 1.23 earnings per share for the current fiscal year.

Wolverine World Wide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 1st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 1.4%. Wolverine World Wide’s dividend payout ratio is currently 39.22%.

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.