Norges Bank Invests $9.66 Million in World Kinect Co. (NYSE:WKC)

Norges Bank purchased a new stake in shares of World Kinect Co. (NYSE:WKCFree Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 424,050 shares of the company’s stock, valued at approximately $9,660,000. Norges Bank owned about 0.70% of World Kinect at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Panagora Asset Management Inc. bought a new stake in World Kinect during the 4th quarter worth $4,100,000. Legacy Capital Group California Inc. bought a new stake in shares of World Kinect during the fourth quarter worth about $320,000. Massachusetts Financial Services Co. MA acquired a new position in shares of World Kinect in the fourth quarter valued at approximately $1,885,000. Boston Partners bought a new position in World Kinect in the 4th quarter valued at approximately $27,475,000. Finally, Principal Financial Group Inc. acquired a new stake in World Kinect during the 4th quarter worth approximately $35,957,000. 97.06% of the stock is currently owned by institutional investors and hedge funds.

World Kinect Trading Up 0.9 %

WKC opened at $26.62 on Thursday. World Kinect Co. has a twelve month low of $17.69 and a twelve month high of $26.83. The company has a quick ratio of 0.97, a current ratio of 1.14 and a debt-to-equity ratio of 0.41. The company has a fifty day moving average of $25.15 and a 200-day moving average of $23.77. The stock has a market cap of $1.60 billion, a PE ratio of 28.62, a price-to-earnings-growth ratio of 0.90 and a beta of 1.30.

World Kinect (NYSE:WKCGet Free Report) last posted its quarterly earnings data on Thursday, April 25th. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). World Kinect had a return on equity of 6.39% and a net margin of 0.12%. The firm had revenue of $10.95 billion for the quarter, compared to analyst estimates of $12.29 billion. On average, sell-side analysts predict that World Kinect Co. will post 2.2 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on WKC shares. Bank of America raised their price target on shares of World Kinect from $23.00 to $26.00 and gave the company an “underperform” rating in a research note on Thursday, March 14th. Raymond James upped their price target on World Kinect from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. began coverage on World Kinect in a research note on Wednesday, February 21st. They issued a “neutral” rating and a $25.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $26.75.

View Our Latest Analysis on WKC

Insider Transactions at World Kinect

In other news, Director Ken Bakshi sold 10,936 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $24.07, for a total transaction of $263,229.52. Following the completion of the sale, the director now directly owns 41,545 shares in the company, valued at $999,988.15. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.90% of the stock is currently owned by corporate insiders.

World Kinect Profile

(Free Report)

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.

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Institutional Ownership by Quarter for World Kinect (NYSE:WKC)

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