Rafferty Asset Management LLC Trims Stake in World Kinect Corporation $WKC

Key Points

• Rafferty Asset Management LLC reduced its holdings in World Kinect Corporation by 40.4%, selling 35,888 shares and retaining 52,995 shares valued at approximately $1.5 million.
• Institutional investors dominate World Kinect's ownership, holding 97.06% of the company's stock, with the Teacher Retirement System of Texas increasing its position by 94.5% in the first quarter.
• World Kinect's recent earnings report showed a positive EPS of $0.59, surpassing estimates, alongside a quarterly dividend increase to $0.20, representing a 3.0% dividend yield.

Rafferty Asset Management LLC reduced its holdings in shares of World Kinect Corporation (NYSE:WKC - Free Report) by 40.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,995 shares of the company's stock after selling 35,888 shares during the period. Rafferty Asset Management LLC owned about 0.09% of World Kinect worth $1,503,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. AlphaQuest LLC grew its stake in World Kinect by 576.8% during the 1st quarter. AlphaQuest LLC now owns 6,680 shares of the company's stock worth $189,000 after purchasing an additional 5,693 shares in the last quarter. Martingale Asset Management L P acquired a new position in World Kinect during the 1st quarter worth $1,900,000. Quantbot Technologies LP grew its stake in World Kinect by 72.7% during the 1st quarter. Quantbot Technologies LP now owns 175,885 shares of the company's stock worth $4,988,000 after purchasing an additional 74,012 shares in the last quarter. Algert Global LLC acquired a new position in World Kinect during the 1st quarter worth $1,780,000. Finally, Brandywine Global Investment Management LLC increased its position in shares of World Kinect by 6.2% in the 1st quarter. Brandywine Global Investment Management LLC now owns 209,277 shares of the company's stock valued at $5,935,000 after purchasing an additional 12,161 shares during the last quarter. 97.06% of the stock is owned by institutional investors and hedge funds.

World Kinect Stock Down 0.8%

Shares of NYSE:WKC traded down $0.21 during trading hours on Friday, reaching $26.58. The stock had a trading volume of 3,300,862 shares, compared to its average volume of 551,051. World Kinect Corporation has a 1 year low of $22.70 and a 1 year high of $31.70. The firm's 50 day moving average is $27.31 and its 200-day moving average is $27.17. 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 market capitalization of $1.48 billion, a price-to-earnings ratio of -3.48, a P/E/G ratio of 1.21 and a beta of 1.38.

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Morgan Stanley dropped their price objective on shares of World Kinect from $32.00 to $26.00 and set an "underweight" rating on the stock in a research report on Wednesday, August 6th. Raymond James Financial reissued an "outperform" rating and issued a $33.00 price objective (down from $35.00) on shares of World Kinect in a research report on Friday, August 1st. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock 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.