Quantbot Technologies LP Acquires 61,572 Shares of World Kinect Co. (NYSE:WKC)

Quantbot Technologies LP increased its holdings in shares of World Kinect Co. (NYSE:WKC) by 244.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 86,746 shares of the company’s stock after buying an additional 61,572 shares during the quarter. Quantbot Technologies LP owned 0.15% of World Kinect worth $2,681,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Hara Capital LLC bought a new position in shares of World Kinect in the third quarter worth about $76,000. Innealta Capital LLC acquired a new position in World Kinect during the 2nd quarter worth approximately $65,000. Everence Capital Management Inc. bought a new position in World Kinect in the 3rd quarter valued at approximately $210,000. Quest Partners LLC boosted its position in World Kinect by 678,100.0% in the third quarter. Quest Partners LLC now owns 6,782 shares of the company’s stock valued at $210,000 after buying an additional 6,781 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its stake in shares of World Kinect by 20.7% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,927 shares of the company’s stock worth $179,000 after buying an additional 1,189 shares during the last quarter. 97.06% of the stock is owned by institutional investors and hedge funds.

World Kinect Price Performance

Shares of WKC opened at $29.14 on Thursday. The stock’s 50-day moving average price is $29.33 and its two-hundred day moving average price is $27.55. World Kinect Co. has a 12 month low of $20.00 and a 12 month high of $31.70. The company has a market capitalization of $1.69 billion, a PE ratio of 12.95, a PEG ratio of 1.13 and a beta of 1.26. The company has a current ratio of 1.16, a quick ratio of 0.99 and a debt-to-equity ratio of 0.39.

World Kinect (NYSE:WKC) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.62 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.62. World Kinect had a net margin of 0.30% and a return on equity of 6.29%. The firm had revenue of $10.49 billion for the quarter, compared to the consensus estimate of $11.77 billion. During the same quarter in the previous year, the company earned $0.58 EPS. The company’s revenue for the quarter was down 14.3% on a year-over-year basis. On average, analysts anticipate that World Kinect Co. will post 2.12 EPS for the current year.

World Kinect declared that its Board of Directors has initiated a share repurchase plan on Monday, September 9th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 11% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

World Kinect Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 16th. Shareholders of record on Monday, September 30th were issued a dividend of $0.17 per share. The ex-dividend date was Monday, September 30th. This represents a $0.68 dividend on an annualized basis and a yield of 2.33%. World Kinect’s payout ratio is currently 30.22%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Stifel Nicolaus cut World Kinect from a “buy” rating to a “hold” rating and dropped their price target for the company from $33.00 to $32.00 in a research note on Friday, October 25th. Morgan Stanley downgraded World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 target price for the company. in a research report on Monday, September 16th. JPMorgan Chase & Co. boosted their price target on World Kinect from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. Finally, Bank of America upped their price objective on World Kinect from $24.00 to $27.00 and gave the company an “underperform” rating in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $30.20.

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.