State of Alaska Department of Revenue Sells 1,468 Shares of World Kinect Co. (NYSE:WKC)

State of Alaska Department of Revenue decreased its position in World Kinect Co. (NYSE:WKC) by 4.2% during the 3rd quarter, Holdings Channel reports. The firm owned 33,723 shares of the company’s stock after selling 1,468 shares during the period. State of Alaska Department of Revenue’s holdings in World Kinect were worth $1,042,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Deprince Race & Zollo Inc. bought a new stake in World Kinect in the 2nd quarter worth $12,207,000. Brandes Investment Partners LP increased its holdings in World Kinect by 10.6% during the 2nd quarter. Brandes Investment Partners LP now owns 2,972,932 shares of the company’s stock valued at $76,714,000 after purchasing an additional 284,560 shares during the period. Boston Partners raised its position in World Kinect by 12.4% during the 1st quarter. Boston Partners now owns 1,358,173 shares of the company’s stock valued at $35,263,000 after purchasing an additional 149,433 shares during the last quarter. Vanguard Group Inc. lifted its holdings in World Kinect by 2.1% in the 1st 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 period. Finally, Dimensional Fund Advisors LP increased its stake in shares of World Kinect by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 4,126,784 shares of the company’s stock valued at $106,471,000 after buying an additional 140,314 shares during the period. 97.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Morgan Stanley lowered World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 price target for the company. in a research note on Monday, September 16th. JPMorgan Chase & Co. lifted their target price on shares of World Kinect from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Bank of America increased their price target on shares of World Kinect from $24.00 to $27.00 and gave the stock an “underperform” rating in a research note on Friday, September 13th. Finally, Stifel Nicolaus cut World Kinect from a “buy” rating to a “hold” rating and cut their price objective for the company from $33.00 to $32.00 in a research report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $30.20.

World Kinect Stock Up 0.3 %

Shares of World Kinect stock opened at $26.37 on Tuesday. World Kinect Co. has a 1 year low of $19.72 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 company has a 50-day moving average of $29.44 and a 200 day moving average of $27.11. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 11.72, a PEG ratio of 1.02 and a beta of 1.26.

World Kinect (NYSE:WKC) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.62 EPS for the quarter, hitting analysts’ consensus estimates of $0.62. World Kinect had a return on equity of 6.29% and a net margin of 0.30%. The firm had revenue of $10.49 billion for the quarter, compared to analysts’ expectations of $11.77 billion. During the same period in the previous year, the firm posted $0.58 EPS. The business’s revenue for the quarter was down 14.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that World Kinect Co. will post 2.12 earnings per share for the current fiscal year.

World Kinect Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 16th. Stockholders of record on Monday, September 30th were issued a dividend of $0.17 per share. The ex-dividend date was Monday, September 30th. This represents a $0.68 annualized dividend and a dividend yield of 2.58%. World Kinect’s payout ratio is presently 30.22%.

World Kinect announced that its board has approved a share buyback plan on Monday, September 9th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 11% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at World Kinect

In related news, CEO Michael J. Kasbar sold 58,948 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $27.92, for a total transaction of $1,645,828.16. Following 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.90% of the stock is owned by insiders.

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.