Rhumbline Advisers Sells 25,586 Shares of World Kinect Corporation $WKC

Key Points

• Rhumbline Advisers reduced its stake in World Kinect Corporation by 12.2%, holding approximately 183,394 shares valued at $5.2 million after selling 25,586 shares.
• World Kinect's recent earnings report showed earnings per share of $0.59, surpassing expectations, despite a revenue of $9.04 billion falling short of the $9.32 billion consensus estimate.
• Analysts have mixed views on World Kinect's stock, with a current average rating of "Reduce" and a consensus target price of $29.40, while some firms have adjusted their target prices, indicating cautious sentiment.

Rhumbline Advisers lessened its stake in shares of World Kinect Corporation (NYSE:WKC - Free Report) by 12.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 183,394 shares of the company's stock after selling 25,586 shares during the period. Rhumbline Advisers owned about 0.32% of World Kinect worth $5,201,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Millennium Management LLC increased its position in shares of World Kinect by 639.9% in the fourth quarter. Millennium Management LLC now owns 508,959 shares of the company's stock worth $14,001,000 after acquiring an additional 440,168 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in World Kinect by 263.4% in the 1st quarter. Cubist Systematic Strategies LLC now owns 573,716 shares of the company's stock worth $16,271,000 after purchasing an additional 415,837 shares during the period. Two Sigma Investments LP grew its position in World Kinect by 311.1% during the 4th quarter. Two Sigma Investments LP now owns 260,864 shares of the company's stock worth $7,176,000 after purchasing an additional 384,413 shares in the last quarter. LSV Asset Management raised its stake in World Kinect by 29.0% during the 1st quarter. LSV Asset Management now owns 1,550,042 shares of the company's stock valued at $43,959,000 after purchasing an additional 348,214 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in shares of World Kinect by 118.7% in the fourth quarter. Ameriprise Financial Inc. now owns 631,698 shares of the company's stock valued at $17,378,000 after purchasing an additional 342,823 shares in the last quarter. 97.06% of the stock is currently owned by institutional investors and hedge funds.

World Kinect Stock Up 0.2%

Shares of NYSE WKC traded up $0.05 during trading hours on Monday, hitting $25.42. The stock had a trading volume of 674,501 shares, compared to its average volume of 703,154. The firm's 50-day moving average price is $26.89 and its two-hundred day moving average price is $26.98. World Kinect Corporation has a 52 week low of $22.70 and a 52 week high of $31.70. The company has a market capitalization of $1.41 billion, a P/E ratio of -3.33, a P/E/G ratio of 1.15 and a beta of 1.38. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 1.13.

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

Wall Street Analysts Forecast Growth

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

About World Kinect

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.