Janney Montgomery Scott LLC Takes Position in World Kinect Co. (NYSE:WKC)

Janney Montgomery Scott LLC purchased a new stake in World Kinect Co. (NYSE:WKC) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 61,038 shares of the company’s stock, valued at approximately $1,887,000. Janney Montgomery Scott LLC owned approximately 0.10% of World Kinect at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in World Kinect by 891.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,926 shares of the company’s stock worth $368,000 after acquiring an additional 12,522 shares in the last quarter. Texas Permanent School Fund Corp raised its holdings in World Kinect by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 52,688 shares of the company’s stock worth $1,394,000 after acquiring an additional 682 shares in the last quarter. Sei Investments Co. increased its position in World Kinect by 25.6% during the first quarter. Sei Investments Co. now owns 23,468 shares of the company’s stock worth $621,000 after buying an additional 4,776 shares during the last quarter. ProShare Advisors LLC increased its position in World Kinect by 7.4% during the first quarter. ProShare Advisors LLC now owns 12,062 shares of the company’s stock worth $319,000 after buying an additional 829 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in World Kinect by 2.1% during the first quarter. Vanguard Group Inc. now owns 7,056,230 shares of the company’s stock worth $186,637,000 after buying an additional 146,899 shares during the last quarter. 97.06% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other World Kinect news, CEO Michael J. Kasbar sold 58,948 shares of the company’s stock in a transaction on 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 $28,452,238.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

WKC has been the topic of a number of recent analyst reports. Stifel Nicolaus downgraded World Kinect from a “buy” rating to a “hold” rating and lowered their price target for the stock from $33.00 to $32.00 in a research report 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 on the stock. in a research report on Monday, September 16th. JPMorgan Chase & Co. upped their target price on World Kinect from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. Finally, Bank of America upped 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. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $30.20.

World Kinect Trading Down 1.0 %

Shares of NYSE:WKC opened at $27.85 on Thursday. The company has a market capitalization of $1.62 billion, a P/E ratio of 12.38, a P/E/G ratio of 1.09 and a beta of 1.26. World Kinect Co. has a 1 year low of $19.97 and a 1 year high of $31.70. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.16 and a quick ratio of 0.99. The business’s 50 day simple moving average is $29.37 and its 200 day simple moving average is $27.26.

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. The business had revenue of $10.49 billion for 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%. The firm’s quarterly revenue was down 14.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.58 earnings per share. On average, research analysts anticipate that World Kinect Co. will post 2.12 EPS for the current fiscal year.

World Kinect declared that its Board of Directors has approved a share buyback plan on Monday, September 9th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to purchase up to 11% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

World Kinect Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 16th. Shareholders of record on Monday, September 30th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.44%. The ex-dividend date was Monday, September 30th. World Kinect’s payout ratio is presently 30.22%.

World Kinect 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.