Cubist Systematic Strategies LLC Increases Stake in World Kinect Corporation $WKC

Key Points

• Cubist Systematic Strategies LLC increased its position in World Kinect Corporation by 263.4% during Q1, acquiring 415,837 additional shares and reaching ownership of about 1.01% of the company, valued at $16.27 million.
• World Kinect recently declared a quarterly dividend of $0.20, representing an increase from its previous dividend of $0.17, with an annualized yield of 3.0%.
• Analysts have mixed ratings on World Kinect, with one Buy, two Hold, and two Sell ratings, while the average price target has been set at $29.40.

Cubist Systematic Strategies LLC lifted its stake in shares of World Kinect Corporation (NYSE:WKC - Free Report) by 263.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 573,716 shares of the company's stock after acquiring an additional 415,837 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 1.01% of World Kinect worth $16,271,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in WKC. Royal Bank of Canada boosted its stake in World Kinect by 2.2% in the 1st quarter. Royal Bank of Canada now owns 68,228 shares of the company's stock worth $1,934,000 after purchasing an additional 1,481 shares during the period. Quarry LP bought a new position in World Kinect in the 1st quarter worth approximately $38,000. State of Wyoming boosted its stake in World Kinect by 41.6% in the 1st quarter. State of Wyoming now owns 7,969 shares of the company's stock worth $226,000 after purchasing an additional 2,342 shares during the period. Trexquant Investment LP bought a new position in World Kinect in the 1st quarter worth approximately $920,000. Finally, Eisler Capital Management Ltd. bought a new position in World Kinect in the 1st quarter worth approximately $232,000. 97.06% of the stock is currently owned by institutional investors.

World Kinect Trading Down 1.9%

WKC stock traded down $0.53 during midday trading on Thursday, reaching $26.78. The company's stock had a trading volume of 586,884 shares, compared to its average volume of 697,993. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 1.13. The stock has a fifty day simple moving average of $27.37 and a two-hundred day simple moving average of $27.18. World Kinect Corporation has a 1 year low of $22.70 and a 1 year high of $31.70. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -3.51, a PEG ratio of 1.21 and a beta of 1.38.

World Kinect (NYSE:WKC - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.48 by $0.11. The firm had revenue of $9.04 billion for the quarter, compared to analyst estimates of $9.32 billion. World Kinect had a positive return on equity of 7.07% and a negative net margin of 1.11%. On average, equities research analysts predict that World Kinect Corporation will post 2.56 EPS for the current year.

Wall Street Analyst Weigh In

WKC has been the subject of a number of research reports. Morgan Stanley lowered their target price on World Kinect from $32.00 to $26.00 and set an "underweight" rating for the company in a research report on Wednesday, August 6th. Raymond James Financial reiterated an "outperform" rating and set a $33.00 target price (down from $35.00) on shares of World Kinect in a research report on Friday, August 1st. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $29.40.

World Kinect Profile

World Kinect Corporation operates as an energy management company in the United States, the Americas, Europe, the Middle East, Africa, and the Asia Pacific. This segment also offers fuel management, price risk management, ground handling, dispatch services, and trip planning services, such as flight planning and scheduling, weather reports and overflight permits; payment and processing services; and operates a web-based marketplace platform.