WisdomTree, Inc. $WT Shares Sold by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management cut its WisdomTree stake by 19.8% in the third quarter, selling 171,168 shares; it retained 693,949 shares, valued at about $16.9 million.
• WisdomTree beat quarterly EPS estimates with $0.32 per share versus $0.30 expected, while revenue rose 42.8% year over year to $179.38 million—slightly below consensus.
• The company declared a quarterly dividend of $0.03 per share, equivalent to a 0.6% annualized yield; analysts’ consensus rating was “Moderate Buy,” with a $25.72 price target.

Kornitzer Capital Management Inc. KS reduced its position in shares of WisdomTree, Inc. (NYSE:WT - Free Report) by 19.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 693,949 shares of the company's stock after selling 171,168 shares during the quarter. Kornitzer Capital Management Inc. KS owned about 0.46% of WisdomTree worth $16,856,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of WisdomTree during the 2nd quarter valued at approximately $326,513,000. Azora Capital LP purchased a new stake in WisdomTree during the 2nd quarter valued at $104,698,000. Bank of America Corp DE bought a new stake in WisdomTree in the second quarter worth $33,743,000. Jupiter Topco LLC bought a new stake in WisdomTree in the second quarter worth $24,616,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in WisdomTree by 41.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 4,134,430 shares of the company's stock worth $60,197,000 after buying an additional 1,205,097 shares during the last quarter. 78.64% of the stock is owned by hedge funds and other institutional investors.

WisdomTree Trading Up 2.3%

WT opened at $19.46 on Friday. The company has a current ratio of 3.54, a quick ratio of 3.20 and a debt-to-equity ratio of 2.38. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 27.40 and a beta of 1.18. WisdomTree, Inc. has a 12 month low of $10.69 and a 12 month high of $25.91. The stock has a fifty day moving average price of $22.66 and a 200-day moving average price of $19.17.

WisdomTree (NYSE:WT - Get Free Report) last announced its earnings results on Friday, October 30th. The company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.02. WisdomTree had a return on equity of 40.93% and a net margin of 16.64%. The firm had revenue of $179.38 million for the quarter, compared to the consensus estimate of $180.68 million. During the same period in the previous year, the business earned $0.23 EPS. The firm's revenue for the quarter was up 42.8% on a year-over-year basis. As a group, equities research analysts anticipate that WisdomTree, Inc. will post 1.19 earnings per share for the current fiscal year.

WisdomTree Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Wednesday, November 11th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.6%. WisdomTree's payout ratio is currently 16.90%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. The Goldman Sachs Group lifted their target price on WisdomTree from $18.30 to $21.30 and gave the stock a "neutral" rating in a research report on Friday, October 2nd. Morgan Stanley cut their price target on shares of WisdomTree from $27.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, October 28th. Northland Securities raised their price target on shares of WisdomTree from $22.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 19th. Wall Street Zen downgraded shares of WisdomTree from a "buy" rating to a "hold" rating in a research note on Saturday, October 24th. Finally, Oppenheimer lifted their price objective on shares of WisdomTree from $22.00 to $27.00 and gave the company an "outperform" rating in a report on Wednesday, August 26th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $25.72.

Insiders Place Their Bets

In other WisdomTree news, COO R. Jarrett Lilien sold 30,000 shares of WisdomTree stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $24.56, for a total transaction of $736,800.00. Following the sale, the chief operating officer owned 1,080,245 shares of the company's stock, valued at $26,530,817.20. The trade was a 2.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 10.10% of the company's stock.

WisdomTree Company Profile

WisdomTree, Inc is a financial services company that sponsors and manages exchange-traded funds (ETFs) and exchange-traded products. Its offerings provide access to equities, fixed income, currencies, commodities, alternatives and other asset classes through rules-based investment strategies designed for individual and institutional investors.

The company also provides model portfolios, separately managed accounts and other investment solutions for financial professionals. In addition, WisdomTree has developed products and capabilities related to digital assets and blockchain-enabled financial services, subject to applicable regulatory requirements.

Founded in 1985 and formerly known as WisdomTree Investments, the company launched its first ETFs in 2006 and became known for dividend-focused and fundamentally weighted strategies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.