Cubist Systematic Strategies LLC Sells 178,636 Shares of World Kinect Co. (NYSE:WKC)

Cubist Systematic Strategies LLC cut its position in World Kinect Co. (NYSE:WKC) by 74.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,945 shares of the company’s stock after selling 178,636 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.10% of World Kinect worth $1,598,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of World Kinect during the 4th quarter valued at $9,660,000. Hsbc Holdings PLC bought a new stake in shares of World Kinect during the 4th quarter valued at $1,016,000. Allianz Asset Management GmbH bought a new stake in shares of World Kinect during the 4th quarter valued at $8,008,000. Alberta Investment Management Corp bought a new stake in shares of World Kinect during the 4th quarter valued at $706,000. Finally, Campbell & CO Investment Adviser LLC bought a new stake in shares of World Kinect during the 4th quarter valued at $468,000. 97.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

WKC has been the topic of a number of analyst reports. Morgan Stanley lowered World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 price objective on the stock. in a research note on Monday, September 16th. JPMorgan Chase & Co. upped their target price on World Kinect from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. Stifel Nicolaus decreased their target price on World Kinect from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, July 26th. Finally, Bank of America upped their target price on World Kinect from $24.00 to $27.00 and gave the stock an “underperform” rating in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $30.40.

Insider Transactions at World Kinect

In other news, Director John L. Manley sold 16,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $28.28, for a total value of $452,480.00. Following the completion of the transaction, the director now directly owns 49,614 shares in the company, valued at approximately $1,403,083.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Michael J. Kasbar sold 58,948 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $27.92, for a total transaction of $1,645,828.16. Following the completion of the sale, the chief executive officer now directly owns 1,019,063 shares in the company, valued at approximately $28,452,238.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Manley sold 16,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $28.28, for a total value of $452,480.00. Following the sale, the director now owns 49,614 shares of the company’s stock, valued at $1,403,083.92. The disclosure for this sale can be found here. Company insiders own 2.90% of the company’s stock.

World Kinect Price Performance

Shares of NYSE WKC opened at $30.79 on Wednesday. The stock’s 50-day simple moving average is $28.22 and its two-hundred day simple moving average is $26.44. World Kinect Co. has a twelve month low of $17.69 and a twelve month high of $31.70. The company has a quick ratio of 0.98, a current ratio of 1.15 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $1.85 billion, a P/E ratio of 33.24, a P/E/G ratio of 1.06 and a beta of 1.24.

World Kinect (NYSE:WKC) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.08). World Kinect had a return on equity of 6.26% and a net margin of 0.29%. The firm had revenue of $10.97 billion during the quarter, compared to analysts’ expectations of $11.98 billion. During the same quarter in the previous year, the company posted $0.48 earnings per share. World Kinect’s revenue for the quarter was down .1% compared to the same quarter last year. As a group, equities analysts anticipate that World Kinect Co. will post 2.15 EPS for the current fiscal year.

World Kinect Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 16th. Stockholders of record on Monday, September 30th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Monday, September 30th. World Kinect’s payout ratio is currently 73.12%.

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.