The Manufacturers Life Insurance Company Purchases 1,570 Shares of World Kinect Co. (NYSE:WKC)

The Manufacturers Life Insurance Company boosted its position in shares of World Kinect Co. (NYSE:WKC) by 5.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,255 shares of the company’s stock after acquiring an additional 1,570 shares during the period. The Manufacturers Life Insurance Company’s holdings in World Kinect were worth $781,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WKC. Innealta Capital LLC purchased a new position in shares of World Kinect in the second quarter valued at $65,000. PNC Financial Services Group Inc. purchased a new position in World Kinect during the fourth quarter worth $148,000. Point72 Asia Singapore Pte. Ltd. boosted its stake in World Kinect by 20.7% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,927 shares of the company’s stock worth $179,000 after buying an additional 1,189 shares during the period. Privium Fund Management UK Ltd purchased a new position in World Kinect during the second quarter worth $208,000. Finally, EMC Capital Management boosted its stake in World Kinect by 29.2% during the first quarter. EMC Capital Management now owns 8,277 shares of the company’s stock worth $219,000 after buying an additional 1,870 shares during the period. Institutional investors own 97.06% of the company’s stock.

Insider Activity at World Kinect

In other World Kinect news, CEO Michael J. Kasbar sold 58,948 shares of World Kinect stock in a transaction dated 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 transaction, the chief executive officer now owns 1,019,063 shares in the company, valued at $28,452,238.96. The trade was 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. In related news, Director John L. Manley sold 16,000 shares of the company’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 sale, the director now owns 49,614 shares in the company, valued at $1,403,083.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Kasbar sold 58,948 shares of the company’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 completion of the sale, the chief executive officer now owns 1,019,063 shares in the company, valued at approximately $28,452,238.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

WKC has been the subject of several recent analyst reports. 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 research note on Thursday, September 19th. Stifel Nicolaus dropped 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 note on Friday, July 26th. Morgan Stanley lowered 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 research note on Monday, September 16th. Finally, Bank of America lifted their target price on World Kinect from $24.00 to $27.00 and gave the stock an “underperform” rating in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, World Kinect presently has an average rating of “Hold” and a consensus target price of $30.40.

World Kinect Stock Down 0.4 %

NYSE:WKC opened at $30.64 on Tuesday. World Kinect Co. has a twelve month low of $17.69 and a twelve month high of $31.70. The company has a market cap of $1.84 billion, a price-to-earnings ratio of 32.95, a price-to-earnings-growth ratio of 1.06 and a beta of 1.25. The stock has a fifty day simple moving average of $28.84 and a 200-day simple moving average of $26.75. The company has a current ratio of 1.15, a quick ratio of 0.98 and a debt-to-equity ratio of 0.39.

World Kinect (NYSE:WKC) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.08). The firm had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $11.98 billion. World Kinect had a net margin of 0.29% and a return on equity of 6.26%. The business’s revenue was down .1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.48 earnings per share. Analysts anticipate that World Kinect Co. will post 2.15 EPS for the current year.

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

World Kinect Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 16th. Investors of record on Monday, September 30th will be issued a $0.17 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.68 annualized dividend and a dividend yield of 2.22%. 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.