Raymond James & Associates Lowers Stock Holdings in World Kinect Co. (NYSE:WKC)

Raymond James & Associates trimmed its position in World Kinect Co. (NYSE:WKC) by 1.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,399 shares of the company’s stock after selling 1,448 shares during the quarter. Raymond James & Associates owned approximately 0.15% of World Kinect worth $2,281,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of WKC. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of World Kinect in the fourth quarter worth approximately $310,000. New York State Common Retirement Fund bought a new position in shares of World Kinect in the fourth quarter worth approximately $926,000. Russell Investments Group Ltd. bought a new position in shares of World Kinect in the fourth quarter worth approximately $1,634,000. Victory Capital Management Inc. bought a new position in shares of World Kinect in the fourth quarter worth approximately $10,186,000. Finally, New York Life Investment Management LLC bought a new position in shares of World Kinect in the fourth quarter worth approximately $310,000. 97.06% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at World Kinect

In other news, CEO Michael J. Kasbar sold 58,948 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $27.92, for a total value of $1,645,828.16. Following the transaction, the chief executive officer now owns 1,019,063 shares in the company, valued at $28,452,238.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director John L. Manley sold 16,000 shares of the firm’s stock in a transaction 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 owns 49,614 shares of the company’s stock, valued at $1,403,083.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Kasbar sold 58,948 shares of the firm’s stock in a transaction 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 directly owns 1,019,063 shares of the company’s stock, valued at approximately $28,452,238.96. The disclosure for this sale can be found here. Company insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

Separately, Stifel Nicolaus decreased their price objective on shares of World Kinect from $35.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $28.00.

World Kinect Stock Up 0.7 %

Shares of NYSE WKC opened at $28.79 on Tuesday. World Kinect Co. has a one year low of $17.69 and a one year high of $28.88. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.15 and a quick ratio of 0.98. The firm’s 50 day simple moving average is $26.79 and its two-hundred day simple moving average is $25.73. The stock has a market capitalization of $1.73 billion, a P/E ratio of 30.96, a PEG ratio of 1.11 and a beta of 1.24.

World Kinect (NYSE:WKC) last issued its earnings results on Thursday, July 25th. The company reported $0.48 earnings per share (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 firm had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $11.98 billion. During the same quarter in the prior year, the business posted $0.48 EPS. The firm’s revenue for the quarter was down .1% on a year-over-year basis. As a group, analysts expect that World Kinect Co. will post 2.15 EPS for the current fiscal year.

World Kinect Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 16th. Stockholders of record on Monday, June 17th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.36%. The ex-dividend date was Monday, June 17th. World Kinect’s dividend payout ratio is 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.