QRG Capital Management Inc. Lowers Stake in World Kinect Corporation $WKC

QRG Capital Management Inc. lowered its stake in shares of World Kinect Corporation (NYSE:WKC) by 4.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,350 shares of the company’s stock after selling 632 shares during the period. QRG Capital Management Inc.’s holdings in World Kinect were worth $435,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Cubist Systematic Strategies LLC grew its stake in World Kinect by 263.4% during the 1st quarter. Cubist Systematic Strategies LLC now owns 573,716 shares of the company’s stock worth $16,271,000 after buying an additional 415,837 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in World Kinect during the 2nd quarter worth $11,250,000. LSV Asset Management grew its stake in World Kinect by 29.0% during the 1st quarter. LSV Asset Management now owns 1,550,042 shares of the company’s stock worth $43,959,000 after buying an additional 348,214 shares during the last quarter. Nuveen LLC purchased a new position in World Kinect during the 1st quarter worth $7,825,000. Finally, Edgestream Partners L.P. grew its stake in World Kinect by 2,373.0% during the 1st quarter. Edgestream Partners L.P. now owns 189,405 shares of the company’s stock worth $5,372,000 after buying an additional 181,746 shares during the last quarter. Hedge funds and other institutional investors own 97.06% of the company’s stock.

World Kinect Price Performance

Shares of WKC opened at $24.78 on Friday. World Kinect Corporation has a fifty-two week low of $22.70 and a fifty-two week high of $31.64. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 1.13. The company has a market capitalization of $1.38 billion, a P/E ratio of -3.25, a P/E/G ratio of 1.14 and a beta of 1.31. The business’s 50-day moving average is $26.01 and its two-hundred day moving average is $26.70.

World Kinect (NYSE:WKC) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.11. World Kinect had a positive return on equity of 7.07% and a negative net margin of 1.11%.The firm had revenue of $9.04 billion during the quarter, compared to analyst estimates of $9.32 billion. Research analysts predict that World Kinect Corporation will post 2.56 earnings per share for the current year.

World Kinect Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 16th. Investors of record on Tuesday, September 30th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 30th. World Kinect’s payout ratio is currently -10.48%.

Wall Street Analysts Forecast Growth

WKC has been the topic of several research analyst reports. Weiss Ratings restated a “sell (d+)” rating on shares of World Kinect in a research note on Wednesday. Morgan Stanley reduced their target price on World Kinect from $32.00 to $26.00 and set an “underweight” rating for the company in a research note on Wednesday, August 6th. Raymond James Financial restated an “outperform” rating and issued a $33.00 target price (down previously from $35.00) on shares of World Kinect in a research note on Friday, August 1st. Finally, Zacks Research upgraded World Kinect from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $28.75.

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.