PNC Financial Services Group Inc. Takes Position in World Kinect Co. (NYSE:WKC)

PNC Financial Services Group Inc. bought a new position in World Kinect Co. (NYSE:WKC) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 6,505 shares of the company’s stock, valued at approximately $148,000.

A number of other hedge funds also recently made changes to their positions in the company. Nordea Investment Management AB bought a new stake in World Kinect in the 4th quarter worth approximately $3,843,000. Nisa Investment Advisors LLC bought a new stake in World Kinect in the fourth quarter worth $1,421,000. Trexquant Investment LP purchased a new stake in World Kinect during the fourth quarter valued at $1,262,000. Panagora Asset Management Inc. bought a new position in World Kinect during the fourth quarter valued at $4,100,000. Finally, Semanteon Capital Management LP purchased a new position in shares of World Kinect in the 4th quarter worth $1,248,000. 97.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at World Kinect

In other news, Director Ken Bakshi sold 10,936 shares of World Kinect stock in a transaction on Monday, May 6th. The stock was 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 can be accessed through the SEC website. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Raymond James upped their target price on shares of World Kinect from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Wednesday, April 3rd. Bank of America upped their price objective on World Kinect from $23.00 to $26.00 and gave the company an “underperform” rating in a research report on Thursday, March 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $26.75.

World Kinect Price Performance

WKC stock opened at $25.74 on Friday. The stock has a market cap of $1.54 billion, a PE ratio of 27.68, a P/E/G ratio of 0.82 and a beta of 1.24. World Kinect Co. has a 12 month low of $17.69 and a 12 month high of $26.83. The company has a 50-day moving average price of $25.26 and a 200 day moving average price of $24.44. The company has a current ratio of 1.14, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41.

World Kinect (NYSE:WKC) last announced its earnings results on Thursday, April 25th. The company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.02). The business had revenue of $10.95 billion for the quarter, compared to analysts’ expectations of $12.29 billion. World Kinect had a net margin of 0.12% and a return on equity of 6.39%. Equities research analysts anticipate that World Kinect Co. will post 2.3 earnings per share for the current year.

World Kinect Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 16th. Investors of record on Monday, June 17th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend is Monday, June 17th. World Kinect’s payout ratio is currently 73.12%.

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.