World Kinect Co. (NYSE:WKC) Shares Sold by Assetmark Inc.

Assetmark Inc. decreased its position in World Kinect Co. (NYSE:WKC) by 23.0% during the 3rd quarter, Holdings Channel reports. The fund owned 3,266 shares of the company’s stock after selling 978 shares during the quarter. Assetmark Inc.’s holdings in World Kinect were worth $101,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Hara Capital LLC acquired a new stake in World Kinect in the third quarter valued at about $76,000. Innealta Capital LLC acquired a new stake in shares of World Kinect in the 2nd quarter valued at approximately $65,000. Everence Capital Management Inc. purchased a new stake in shares of World Kinect in the third quarter valued at approximately $210,000. Point72 Asia Singapore Pte. Ltd. grew its holdings 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 acquiring an additional 1,189 shares during the period. Finally, Highland Capital Management LLC purchased a new position in World Kinect in the third quarter worth $253,000. Hedge funds and other institutional investors own 97.06% of the company’s stock.

World Kinect Price Performance

WKC stock opened at $27.85 on Monday. The stock’s 50 day moving average price is $29.37 and its 200 day moving average price is $27.32. The firm has a market cap of $1.62 billion, a P/E ratio of 12.38, a PEG ratio of 1.08 and a beta of 1.26. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.99 and a current ratio of 1.16. World Kinect Co. has a 1 year low of $19.97 and a 1 year high of $31.70.

World Kinect (NYSE:WKC) last issued its quarterly earnings data on Thursday, October 24th. The company reported $0.62 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.62. World Kinect had a return on equity of 6.29% and a net margin of 0.30%. The business had revenue of $10.49 billion for the quarter, compared to the consensus estimate of $11.77 billion. During the same period in the prior year, the business earned $0.58 earnings per share. The business’s revenue was down 14.3% on a year-over-year basis. On average, sell-side analysts expect that World Kinect Co. will post 2.12 earnings per share for the current fiscal year.

World Kinect declared that its Board of Directors has authorized a share repurchase program on Monday, September 9th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to buy up to 11% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership 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 paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.44%. The ex-dividend date was Monday, September 30th. World Kinect’s payout ratio is 30.22%.

Analysts Set New Price Targets

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

World Kinect 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.