Legacy Capital Group California Inc. Has $395,000 Stock Holdings in World Kinect Co. (NYSE:WKC)

Legacy Capital Group California Inc. lessened its position in shares of World Kinect Co. (NYSE:WKC) by 6.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 12,793 shares of the company’s stock after selling 880 shares during the quarter. Legacy Capital Group California Inc.’s holdings in World Kinect were worth $395,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Innealta Capital LLC acquired a new position in shares of World Kinect during the second quarter valued at $65,000. PNC Financial Services Group Inc. acquired a new position in World Kinect in the fourth quarter valued at about $148,000. Point72 Asia Singapore Pte. Ltd. lifted its stake in World Kinect by 20.7% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,927 shares of the company’s stock valued at $179,000 after buying an additional 1,189 shares during the period. Privium Fund Management UK Ltd acquired a new position in World Kinect in the second quarter valued at about $208,000. Finally, Everence Capital Management Inc. acquired a new position in World Kinect in the third quarter valued at about $210,000. Institutional investors and hedge funds own 97.06% of the company’s stock.

Insider Buying and Selling

In related news, Director John L. Manley sold 16,000 shares of the stock in a transaction dated Wednesday, July 31st. The stock was 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 directly owns 49,614 shares in the company, valued at approximately $1,403,083.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director John L. Manley sold 16,000 shares of the stock in a transaction dated Wednesday, July 31st. The stock was 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 directly owns 49,614 shares in the company, valued at approximately $1,403,083.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael J. Kasbar sold 58,948 shares of the 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 of the company’s stock, valued at approximately $28,452,238.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

World Kinect Stock Down 15.8 %

Shares of World Kinect stock opened at $26.39 on Friday. World Kinect Co. has a 1 year low of $17.69 and a 1 year high of $31.70. The business has a 50-day moving average of $29.63 and a two-hundred day moving average of $27.03. The company has a market capitalization of $1.56 billion, a P/E ratio of 11.68, a price-to-earnings-growth ratio of 1.08 and a beta of 1.25. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.15 and a quick ratio of 0.98.

World Kinect (NYSE:WKC) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.62 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.62. World Kinect had a return on equity of 6.26% and a net margin of 0.29%. The company had revenue of $10.49 billion during the quarter, compared to the consensus estimate of $11.77 billion. During the same period in the prior year, the company earned $0.58 earnings per share. The company’s revenue for the quarter was down 14.3% compared to the same quarter last year. As a group, equities analysts predict that World Kinect Co. will post 2.15 EPS for the current year.

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

World Kinect Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 16th. Investors 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 dividend on an annualized basis and a dividend yield of 2.58%. World Kinect’s payout ratio is presently 30.09%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on WKC shares. Stifel Nicolaus lowered World Kinect from a “buy” rating to a “hold” rating and cut their target price for the company from $33.00 to $32.00 in a research note on Friday. JPMorgan Chase & Co. increased their target price on 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 target price on World Kinect from $24.00 to $27.00 and gave the company an “underperform” rating in a research note on Friday, September 13th. Finally, Morgan Stanley lowered World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 target price on the stock. in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $30.20.

World Kinect Company Profile

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.