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

Quantbot Technologies LP boosted its position in World Kinect Co. (NYSE:WKC) by 244.6% during the 3rd quarter, Holdings Channel reports. The fund owned 86,746 shares of the company’s stock after buying an additional 61,572 shares during the period. Quantbot Technologies LP’s holdings in World Kinect were worth $2,681,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in WKC. Innealta Capital LLC acquired a new position in shares of World Kinect during the second quarter worth approximately $65,000. Hara Capital LLC bought a new stake in World Kinect during the 3rd quarter valued at $76,000. Point72 Asia Singapore Pte. Ltd. raised its holdings in 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. Privium Fund Management UK Ltd bought a new position in shares of World Kinect in the second quarter valued at $208,000. Finally, Everence Capital Management Inc. acquired a new position in shares of World Kinect during the third quarter valued at about $210,000. Institutional investors and hedge funds own 97.06% of the company’s stock.

World Kinect Stock Performance

NYSE:WKC opened at $29.14 on Thursday. World Kinect Co. has a 52 week low of $20.00 and a 52 week high of $31.70. The firm has a 50-day moving average price of $29.33 and a two-hundred day moving average price of $27.55. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.99 and a current ratio of 1.16. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 12.95, a price-to-earnings-growth ratio of 1.13 and a beta of 1.26.

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

World Kinect declared that its board has approved a stock repurchase plan on Monday, September 9th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 11% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

World Kinect Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on WKC shares. Morgan Stanley cut shares of World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 price target on the stock. in a research report on Monday, September 16th. JPMorgan Chase & Co. raised their target price on World Kinect from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, September 19th. Bank of America lifted their target price on World Kinect from $24.00 to $27.00 and gave the company an “underperform” rating in a research report on Friday, September 13th. Finally, Stifel Nicolaus lowered World Kinect from a “buy” rating to a “hold” rating and lowered their price target for the company from $33.00 to $32.00 in a research report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, World Kinect has a consensus rating of “Hold” and a consensus price target of $30.20.

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.