Millennium Management LLC lowered its stake in shares of World Kinect Co. (NYSE:WKC – Free Report) by 29.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 108,770 shares of the company’s stock after selling 44,514 shares during the quarter. Millennium Management LLC owned about 0.18% of World Kinect worth $2,806,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of WKC. Bank of Montreal Can increased its position in World Kinect by 6.7% during the 2nd quarter. Bank of Montreal Can now owns 527,404 shares of the company’s stock worth $13,697,000 after purchasing an additional 33,332 shares in the last quarter. Boston Partners grew its position in World Kinect by 12.4% in the first quarter. Boston Partners now owns 1,358,173 shares of the company’s stock valued at $35,263,000 after acquiring an additional 149,433 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in World Kinect in the fourth quarter valued at approximately $8,913,000. Texas Permanent School Fund Corp grew its position in World Kinect by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 52,688 shares of the company’s stock valued at $1,394,000 after acquiring an additional 682 shares in the last quarter. Finally, Caxton Associates LP grew its position in World Kinect by 77.5% in the first quarter. Caxton Associates LP now owns 44,599 shares of the company’s stock valued at $1,180,000 after acquiring an additional 19,467 shares in the last quarter. Institutional investors and hedge funds own 97.06% of the company’s stock.
Analyst Upgrades and Downgrades
WKC has been the subject of several recent research reports. Stifel Nicolaus lowered their price objective on shares of World Kinect from $35.00 to $33.00 and set a “buy” rating for the company in a research report on Friday, July 26th. JPMorgan Chase & Co. lifted their price objective on shares of World Kinect from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. Morgan Stanley downgraded shares of World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 price objective for the company. in a report on Monday, September 16th. Finally, Bank of America lifted their price objective on shares of World Kinect from $24.00 to $27.00 and gave the stock an “underperform” rating in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $30.40.
World Kinect Price Performance
Shares of NYSE WKC opened at $30.64 on Tuesday. 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’s 50-day simple moving average is $28.84 and its 200 day simple moving average is $26.75. World Kinect Co. has a fifty-two week low of $17.69 and a fifty-two week high of $31.70. The stock has a market cap of $1.84 billion, a P/E ratio of 33.37, a P/E/G ratio of 1.06 and a beta of 1.25.
World Kinect (NYSE:WKC – Get Free Report) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.08). World Kinect had a return on equity of 6.26% and a net margin of 0.29%. The business had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $11.98 billion. During the same quarter last year, the firm posted $0.48 earnings per share. World Kinect’s revenue was down .1% compared to the same quarter last year. Equities analysts expect that World Kinect Co. will post 2.15 EPS for the current year.
World Kinect Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 16th. Investors of record on Monday, September 30th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.68 dividend on an annualized basis and a yield of 2.22%. World Kinect’s dividend payout ratio is currently 73.12%.
World Kinect declared that its Board of Directors has approved a share repurchase program on Monday, September 9th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to repurchase up to 11% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Insider Buying and Selling at World Kinect
In other World Kinect news, Director John L. Manley sold 16,000 shares of World Kinect stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $28.28, for a total transaction of $452,480.00. Following the transaction, the director now owns 49,614 shares of the company’s stock, valued at $1,403,083.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director John L. Manley sold 16,000 shares of the business’s stock in a transaction that occurred on 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 sale, the director now directly owns 49,614 shares in the company, valued at approximately $1,403,083.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Kasbar sold 58,948 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $27.92, for a total value of $1,645,828.16. Following the completion of the sale, the chief executive officer now owns 1,019,063 shares of the company’s stock, valued at approximately $28,452,238.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.90% of the company’s stock.
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.
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