Jacobs Levy Equity Management Inc. Decreases Stock Position in World Kinect Corporation $WKC

Key Points

• Jacobs Levy Equity Management Inc. has reduced its stake in World Kinect Corporation ($WKC) by 2.5%, selling 27,699 shares and retaining 1,092,051 shares valued at approximately $30.97 million.
• Other institutional investors have also modified their holdings, with a significant increase in stakes from firms like PNC Financial Services Group and AlphaQuest LLC, indicating strong institutional interest in the stock.
• World Kinect's recent quarterly earnings of $0.59 per share surpassed expectations, despite a negative net margin of 1.11% and lower revenue than projected, with analysts now anticipating an average EPS of 2.56 for the year.

Jacobs Levy Equity Management Inc. lessened its stake in shares of World Kinect Corporation (NYSE:WKC - Free Report) by 2.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,092,051 shares of the company's stock after selling 27,699 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 1.93% of World Kinect worth $30,971,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. LSV Asset Management lifted its position in World Kinect by 29.0% in the 1st quarter. LSV Asset Management now owns 1,550,042 shares of the company's stock worth $43,959,000 after buying an additional 348,214 shares during the last quarter. Northern Trust Corp increased its stake in World Kinect by 6.2% in the 4th quarter. Northern Trust Corp now owns 702,751 shares of the company's stock worth $19,333,000 after purchasing an additional 41,227 shares during the period. Ameriprise Financial Inc. increased its stake in World Kinect by 118.7% in the 4th quarter. Ameriprise Financial Inc. now owns 631,698 shares of the company's stock worth $17,378,000 after purchasing an additional 342,823 shares during the period. Bridgeway Capital Management LLC increased its stake in shares of World Kinect by 1.1% during the first quarter. Bridgeway Capital Management LLC now owns 575,621 shares of the company's stock valued at $16,325,000 after buying an additional 6,518 shares during the period. Finally, Cubist Systematic Strategies LLC increased its stake in shares of World Kinect by 263.4% during the first quarter. Cubist Systematic Strategies LLC now owns 573,716 shares of the company's stock valued at $16,271,000 after buying an additional 415,837 shares during the period. Hedge funds and other institutional investors own 97.06% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on WKC shares. Raymond James Financial reaffirmed an "outperform" rating and issued a $33.00 price target (down from $35.00) on shares of World Kinect in a research note on Friday, August 1st. Morgan Stanley lowered their target price on World Kinect from $32.00 to $26.00 and set an "underweight" rating on the stock in a report on Wednesday, August 6th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, World Kinect has a consensus rating of "Reduce" and a consensus price target of $29.40.

World Kinect Trading Up 0.5%

Shares of World Kinect stock traded up $0.12 on Thursday, reaching $25.54. The company had a trading volume of 124,257 shares, compared to its average volume of 710,585. The firm's 50-day moving average price is $27.13 and its two-hundred day moving average price is $27.12. World Kinect Corporation has a 1 year low of $22.70 and a 1 year high of $31.70. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.13 and a quick ratio of 0.98. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -3.34, a P/E/G ratio of 1.18 and a beta of 1.38.

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

World Kinect Company 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.