World Kinect (NYSE:WKC) Shares Gap Down to $29.00

World Kinect Co. (NYSE:WKC)’s share price gapped down before the market opened on Monday . The stock had previously closed at $29.00, but opened at $28.23. World Kinect shares last traded at $28.61, with a volume of 28,215 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on WKC shares. Stifel Nicolaus dropped their price target 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 downgraded shares of World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 target price for the company. in a research report on Monday. Finally, Bank of America upped their target price on shares of World Kinect from $24.00 to $27.00 and gave the company an “underperform” rating in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, World Kinect presently has an average rating of “Hold” and an average target price of $29.00.

World Kinect Trading Up 0.9 %

The firm’s 50 day simple moving average is $27.42 and its two-hundred day simple moving average is $26.04. The company has a quick ratio of 0.98, a current ratio of 1.15 and a debt-to-equity ratio of 0.39. The stock has a market cap of $1.82 billion, a P/E ratio of 32.38, a price-to-earnings-growth ratio of 1.08 and a beta of 1.24.

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). World Kinect had a return on equity of 6.26% and a net margin of 0.29%. The business had revenue of $10.97 billion for the quarter, compared to analyst estimates of $11.98 billion. During the same quarter last year, the company earned $0.48 EPS. World Kinect’s revenue was down .1% compared to the same quarter last year. As a group, equities research analysts predict that World Kinect Co. will post 2.15 earnings per share for the current fiscal year.

World Kinect Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 16th. Investors of record on Monday, September 30th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.68 dividend on an annualized basis and a yield of 2.24%. World Kinect’s payout ratio is currently 73.12%.

Insiders Place Their Bets

In other news, Director John L. Manley sold 16,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $28.28, for a total transaction of $452,480.00. Following the completion of the transaction, the director now owns 49,614 shares of the company’s stock, valued at $1,403,083.92. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other World Kinect news, CEO Michael J. Kasbar sold 58,948 shares of World Kinect stock in a transaction on Monday, August 19th. The stock was 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 owns 1,019,063 shares of the company’s stock, valued at approximately $28,452,238.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Manley sold 16,000 shares of the 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 transaction, the director now directly owns 49,614 shares of the company’s stock, valued at approximately $1,403,083.92. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On World Kinect

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Innealta Capital LLC acquired a new stake in shares of World Kinect in the 2nd quarter worth approximately $65,000. Assetmark Inc. acquired a new stake in World Kinect in the fourth quarter worth approximately $96,000. PNC Financial Services Group Inc. bought a new position in World Kinect during the 4th quarter valued at $148,000. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of World Kinect by 20.7% in the 2nd 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 in the last quarter. Finally, Privium Fund Management UK Ltd acquired a new stake in shares of World Kinect in the second quarter valued at $208,000. Institutional investors own 97.06% of the company’s stock.

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.