Oppenheimer Asset Management Inc. Sells 88,014 Shares of Wolverine World Wide, Inc. $WWW

Oppenheimer Asset Management Inc. reduced its stake in shares of Wolverine World Wide, Inc. (NYSE:WWW) by 58.9% in the third quarter, HoldingsChannel.com reports. The fund owned 61,442 shares of the textile maker’s stock after selling 88,014 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Wolverine World Wide were worth $1,686,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Hennessy Advisors Inc. purchased a new stake in Wolverine World Wide during the third quarter valued at about $36,556,000. Callodine Capital Management LP increased its position in shares of Wolverine World Wide by 41.0% during the 2nd quarter. Callodine Capital Management LP now owns 4,297,586 shares of the textile maker’s stock valued at $77,700,000 after purchasing an additional 1,250,515 shares during the last quarter. Cooper Creek Partners Management LLC purchased a new position in shares of Wolverine World Wide during the 2nd quarter valued at about $10,442,000. Goldman Sachs Group Inc. lifted its position in Wolverine World Wide by 55.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,504,571 shares of the textile maker’s stock worth $20,929,000 after buying an additional 537,854 shares during the last quarter. Finally, WCM Investment Management LLC boosted its stake in Wolverine World Wide by 78.2% in the third quarter. WCM Investment Management LLC now owns 1,008,395 shares of the textile maker’s stock worth $27,499,000 after buying an additional 442,649 shares in the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Wolverine World Wide Stock Performance

NYSE:WWW opened at $17.62 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.34 and a debt-to-equity ratio of 1.40. The firm’s fifty day simple moving average is $18.22 and its 200 day simple moving average is $22.48. The stock has a market cap of $1.44 billion, a P/E ratio of 16.94 and a beta of 1.91. Wolverine World Wide, Inc. has a twelve month low of $9.58 and a twelve month high of $32.80.

Wolverine World Wide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.3%. Wolverine World Wide’s payout ratio is presently 38.46%.

Analysts Set New Price Targets

Several research analysts have commented on WWW shares. Piper Sandler downgraded shares of Wolverine World Wide from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $22.00 to $16.00 in a research note on Wednesday, January 7th. Telsey Advisory Group reaffirmed a “market perform” rating and set a $18.00 target price (down previously from $29.00) on shares of Wolverine World Wide in a report on Wednesday, November 5th. Wall Street Zen upgraded shares of Wolverine World Wide from a “hold” rating to a “buy” rating in a research report on Saturday. Argus restated a “hold” rating on shares of Wolverine World Wide in a research report on Friday, January 23rd. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Wolverine World Wide in a research note on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $21.38.

Wolverine World Wide Company Profile

Wolverine World Wide, Inc (NYSE: WWW) is a global footwear and apparel company headquartered in Rockford, Michigan. The company designs, manufactures and markets a diversified portfolio of casual, active and performance lifestyle brands. Wolverine World Wide’s offerings span multiple price points and consumer segments, with products that include outdoor and trail footwear, running shoes, casual sneakers, boat shoes, work boots and related apparel and accessories.

Key brands in Wolverine World Wide’s portfolio include Merrell, an outdoor performance footwear brand; Saucony, known for running shoes and athletic gear; Sperry, which popularized boat shoes; Hush Puppies, a casual and comfort‐oriented line; and Keds, a heritage sneaker label.