Edgestream Partners L.P. Takes Position in World Kinect Co. (NYSE:WKC)

Edgestream Partners L.P. acquired a new stake in shares of World Kinect Co. (NYSE:WKC) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 13,545 shares of the company’s stock, valued at approximately $349,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Renaissance Technologies LLC raised its position in shares of World Kinect by 76.6% during the 2nd quarter. Renaissance Technologies LLC now owns 139,500 shares of the company’s stock valued at $3,599,000 after buying an additional 60,500 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of World Kinect by 3.5% during the 2nd 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 in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of World Kinect by 3.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 85,434 shares of the company’s stock valued at $2,204,000 after buying an additional 2,865 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of World Kinect by 1.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 70,091 shares of the company’s stock valued at $1,808,000 after purchasing an additional 773 shares during the last quarter. Finally, Johnson Investment Counsel Inc. grew its holdings in shares of World Kinect by 19.6% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 109,300 shares of the company’s stock valued at $2,820,000 after purchasing an additional 17,900 shares during the last quarter. Hedge funds and other institutional investors own 97.06% of the company’s stock.

Insider Activity

In other news, Director John L. Manley sold 16,000 shares of World Kinect stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $28.28, for a total transaction of $452,480.00. Following the sale, the director now owns 49,614 shares of the company’s stock, valued at approximately $1,403,083.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Michael J. Kasbar sold 58,948 shares of World Kinect 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 completion of the transaction, the chief executive officer now directly owns 1,019,063 shares of the company’s stock, valued at approximately $28,452,238.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John L. Manley sold 16,000 shares of World Kinect stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $28.28, for a total transaction of $452,480.00. Following the transaction, the director now directly owns 49,614 shares of the company’s stock, valued at $1,403,083.92. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on WKC. Stifel Nicolaus reduced their target price on shares of World Kinect from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, July 26th. JPMorgan Chase & Co. increased their target price on shares of World Kinect from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday. Bank of America increased their target price on shares of World Kinect from $24.00 to $27.00 and gave the company an “underperform” rating in a report on Friday, September 13th. Finally, Morgan Stanley lowered shares of World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 target price on the stock. in a report on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $30.40.

World Kinect Price Performance

Shares of World Kinect stock opened at $31.40 on Monday. The firm has a market cap of $1.88 billion, a PE ratio of 33.76, a price-to-earnings-growth ratio of 1.08 and a beta of 1.24. World Kinect Co. has a 12-month low of $17.69 and a 12-month high of $31.70. 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 company’s fifty day simple moving average is $27.73 and its two-hundred day simple moving average is $26.17.

World Kinect (NYSE:WKC) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 6.26% and a net margin of 0.29%. World Kinect’s revenue was down .1% on a year-over-year basis. During the same period last year, the business earned $0.48 EPS. As a group, equities analysts expect that World Kinect Co. will post 2.15 EPS for the current year.

World Kinect Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 16th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Monday, September 30th. World Kinect’s payout ratio is 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.