Jennison Associates LLC Makes New Investment in Wolverine World Wide, Inc. (NYSE:WWW)

Jennison Associates LLC acquired a new stake in Wolverine World Wide, Inc. (NYSE:WWW) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 629,950 shares of the textile maker’s stock, valued at approximately $10,974,000. Jennison Associates LLC owned 0.79% of Wolverine World Wide at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. ProShare Advisors LLC grew its position in Wolverine World Wide by 7.5% during the first quarter. ProShare Advisors LLC now owns 15,708 shares of the textile maker’s stock valued at $176,000 after buying an additional 1,090 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in Wolverine World Wide by 66.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 36,861 shares of the textile maker’s stock valued at $413,000 after purchasing an additional 14,670 shares during the last quarter. Natixis bought a new position in Wolverine World Wide during the first quarter worth about $112,000. Price T Rowe Associates Inc. MD increased its stake in shares of Wolverine World Wide by 5.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 56,307 shares of the textile maker’s stock worth $632,000 after purchasing an additional 2,907 shares in the last quarter. Finally, Lumbard & Kellner LLC bought a new stake in shares of Wolverine World Wide in the first quarter valued at approximately $3,211,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Amy M. Klimek sold 24,000 shares of Wolverine World Wide stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $22.07, for a total transaction of $529,680.00. Following the completion of the transaction, the insider now directly owns 20,238 shares of the company’s stock, valued at $446,652.66. This trade represents a 54.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David A. Latchana sold 7,706 shares of the company’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $17.02, for a total transaction of $131,156.12. Following the completion of the sale, the insider now owns 13,889 shares in the company, valued at approximately $236,390.78. This trade represents a 35.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 41,920 shares of company stock worth $866,240 in the last quarter. 2.28% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on WWW shares. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $15.00 price objective on shares of Wolverine World Wide in a report on Thursday, November 7th. Argus upgraded shares of Wolverine World Wide to a “hold” rating in a research report on Friday, August 16th. Piper Sandler reissued an “overweight” rating and issued a $18.00 price target on shares of Wolverine World Wide in a report on Friday, August 23rd. Robert W. Baird lifted their price objective on shares of Wolverine World Wide from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Finally, BNP Paribas raised Wolverine World Wide from a “neutral” rating to an “outperform” rating and set a $22.00 target price on the stock in a research note on Thursday, October 3rd. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Wolverine World Wide currently has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Wolverine World Wide Price Performance

Shares of NYSE WWW opened at $23.40 on Friday. Wolverine World Wide, Inc. has a 1 year low of $7.58 and a 1 year high of $23.73. The stock has a market capitalization of $1.87 billion, a P/E ratio of -25.79 and a beta of 1.78. The company’s 50-day moving average is $17.49 and its 200 day moving average is $14.79. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.23 and a quick ratio of 0.77.

Wolverine World Wide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Thursday, January 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Thursday, January 2nd. Wolverine World Wide’s payout ratio is presently -44.94%.

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.