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

A number of other large investors have also recently made changes to their positions in the business. AlphaQuest LLC boosted its stake in shares of World Kinect by 576.8% during the 1st quarter. AlphaQuest LLC now owns 6,680 shares of the company's stock valued at $189,000 after purchasing an additional 5,693 shares in the last quarter. Martingale Asset Management L P bought a new stake in World Kinect during the 1st quarter valued at approximately $1,900,000. Quantbot Technologies LP boosted its position in World Kinect by 72.7% during the 1st quarter. Quantbot Technologies LP now owns 175,885 shares of the company's stock valued at $4,988,000 after acquiring an additional 74,012 shares in the last quarter. Algert Global LLC bought a new stake in World Kinect during the 1st quarter valued at approximately $1,780,000. Finally, Brandywine Global Investment Management LLC boosted its position in shares of World Kinect by 6.2% during the first 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 in the last quarter. 97.06% of the stock is currently owned by institutional investors.

World Kinect Stock Down 1.9%

Shares of NYSE WKC traded down $0.53 during midday trading on Thursday, hitting $26.78. The stock had a trading volume of 586,884 shares, compared to its average volume of 697,993. The company has a market cap of $1.49 billion, a P/E ratio of -3.51, a PEG ratio of 1.21 and a beta of 1.38. World Kinect Corporation has a 52 week low of $22.70 and a 52 week high of $31.70. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 0.48. The business's 50 day moving average is $27.37 and its 200-day moving average is $27.18.

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

Analysts Set New Price Targets

Several research firms recently weighed in on WKC. Morgan Stanley dropped their price target on 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 set a $33.00 price objective (down previously from $35.00) on shares of World Kinect in a research note on Friday, August 1st. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, World Kinect currently has a consensus 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.