World Kinect Co. (NYSE:WKC) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lessened its stake in shares of World Kinect Co. (NYSE:WKC) by 2.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 83,413 shares of the company’s stock after selling 2,021 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in World Kinect were worth $2,578,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Innealta Capital LLC acquired a new position in shares of World Kinect during the second quarter worth about $65,000. Hara Capital LLC acquired a new position in shares of World Kinect during the third quarter worth about $76,000. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of 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 purchasing an additional 1,189 shares in the last quarter. Privium Fund Management UK Ltd acquired a new position in shares of World Kinect during the second quarter worth about $208,000. Finally, Everence Capital Management Inc. acquired a new position in shares of World Kinect during the third quarter worth about $210,000. Institutional investors and hedge funds own 97.06% of the company’s stock.

World Kinect Stock Up 0.6 %

NYSE:WKC opened at $29.14 on Wednesday. World Kinect Co. has a 52 week low of $20.00 and a 52 week high of $31.70. The company has a current ratio of 1.16, a quick ratio of 0.99 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $1.69 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 1.12 and a beta of 1.26. The stock has a 50 day moving average of $29.35 and a 200-day moving average of $27.51.

World Kinect (NYSE:WKC) last posted its earnings results on Thursday, October 24th. The company reported $0.62 EPS for the quarter, meeting the consensus estimate of $0.62. The firm had revenue of $10.49 billion for the quarter, compared to analysts’ expectations of $11.77 billion. World Kinect had a return on equity of 6.29% and a net margin of 0.30%. The firm’s revenue was down 14.3% compared to the same quarter last year. During the same period last year, the firm earned $0.58 EPS. Analysts predict that World Kinect Co. will post 2.12 EPS for the current year.

World Kinect Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 16th. Shareholders of record on Monday, September 30th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date was Monday, September 30th. World Kinect’s payout ratio is currently 30.22%.

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

Analyst Ratings Changes

A number of brokerages have commented on WKC. JPMorgan Chase & Co. boosted their price objective on World Kinect from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. Stifel Nicolaus cut World Kinect from a “buy” rating to a “hold” rating and cut their price target for the stock from $33.00 to $32.00 in a research note on Friday, October 25th. Morgan Stanley cut 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. Finally, 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. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target 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.