Nuveen Asset Management LLC Cuts Stock Position in World Kinect Co. (NYSE:WKC)

Nuveen Asset Management LLC trimmed its holdings in shares of World Kinect Co. (NYSE:WKC) by 1.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 463,768 shares of the company’s stock after selling 7,868 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.80% of World Kinect worth $12,758,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sei Investments Co. increased its holdings in World Kinect by 49.9% in the 4th quarter. Sei Investments Co. now owns 32,860 shares of the company’s stock worth $904,000 after acquiring an additional 10,944 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in World Kinect during the fourth quarter valued at $2,978,000. Barclays PLC grew its position in shares of World Kinect by 18.6% in the third quarter. Barclays PLC now owns 256,126 shares of the company’s stock valued at $7,918,000 after purchasing an additional 40,233 shares during the period. Verity Asset Management Inc. acquired a new stake in shares of World Kinect in the fourth quarter valued at about $266,000. Finally, State of Alaska Department of Revenue increased its stake in shares of World Kinect by 155.0% during the fourth quarter. State of Alaska Department of Revenue now owns 86,007 shares of the company’s stock worth $2,366,000 after purchasing an additional 52,284 shares in the last quarter. Hedge funds and other institutional investors own 97.06% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Michael J. Kasbar sold 21,507 shares of World Kinect stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $28.96, for a total transaction of $622,842.72. Following the transaction, the chief executive officer now owns 1,019,063 shares in the company, valued at approximately $29,512,064.48. This trade represents a 2.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

WKC has been the topic of a number of research reports. Stifel Nicolaus decreased their price target on shares of World Kinect from $32.00 to $30.00 and set a “hold” rating on the stock in a research note on Friday, February 21st. Bank of America cut their price objective on World Kinect from $27.00 to $26.00 and set an “underperform” rating for the company in a research note on Friday, April 25th.

World Kinect Trading Up 0.8%

Shares of WKC stock opened at $27.34 on Tuesday. World Kinect Co. has a fifty-two week low of $22.71 and a fifty-two week high of $31.71. 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 stock’s fifty day moving average is $26.03 and its two-hundred day moving average is $27.46. The firm has a market capitalization of $1.55 billion, a P/E ratio of 25.79, a PEG ratio of 0.89 and a beta of 1.34.

World Kinect (NYSE:WKC) last issued its earnings results on Thursday, April 24th. The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.03. The business had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $10.47 billion. World Kinect had a net margin of 0.16% and a return on equity of 6.43%. The company’s quarterly revenue was down 13.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.47 earnings per share. Research analysts expect that World Kinect Co. will post 2.56 earnings per share for the current fiscal year.

World Kinect Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 16th. Shareholders of record on Monday, March 31st were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date was Monday, March 31st. World Kinect’s dividend payout ratio (DPR) is 283.33%.

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.