Geode Capital Management LLC Reduces Stake in World Kinect Corporation $WKC

Geode Capital Management LLC cut its holdings in shares of World Kinect Corporation (NYSE:WKC) by 0.9% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,391,937 shares of the company’s stock after selling 13,202 shares during the quarter. Geode Capital Management LLC’s holdings in World Kinect were worth $39,468,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Boston Partners boosted its holdings in World Kinect by 1.4% in the second quarter. Boston Partners now owns 1,492,314 shares of the company’s stock valued at $41,367,000 after acquiring an additional 20,046 shares in the last quarter. Campbell & CO Investment Adviser LLC lifted its position in shares of World Kinect by 149.2% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 99,340 shares of the company’s stock worth $2,816,000 after purchasing an additional 59,476 shares during the period. Parkside Financial Bank & Trust boosted its stake in shares of World Kinect by 14.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 3,976 shares of the company’s stock valued at $113,000 after purchasing an additional 503 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of World Kinect by 188.4% during the second quarter. First Horizon Advisors Inc. now owns 998 shares of the company’s stock valued at $28,000 after buying an additional 652 shares during the period. Finally, Corton Capital Inc. bought a new position in World Kinect in the second quarter worth about $315,000. Hedge funds and other institutional investors own 97.06% of the company’s stock.

Analysts Set New Price Targets

WKC has been the topic of a number of research analyst reports. Zacks Research downgraded World Kinect from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. Raymond James Financial reaffirmed an “outperform” rating and issued a $33.00 price target (down from $35.00) on shares of World Kinect in a research note on Friday, August 1st. Weiss Ratings reaffirmed a “sell (d)” rating on shares of World Kinect in a research report on Monday. Finally, Morgan Stanley lowered their price target on shares of World Kinect from $32.00 to $26.00 and set an “underweight” rating for the company in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, World Kinect has an average rating of “Reduce” and an average target price of $28.75.

World Kinect Stock Performance

Shares of WKC stock opened at $23.73 on Thursday. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -3.07, a price-to-earnings-growth ratio of 1.31 and a beta of 1.32. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 1.15. World Kinect Corporation has a one year low of $22.70 and a one year high of $31.54. The company’s 50-day moving average is $25.38 and its 200 day moving average is $26.65.

World Kinect (NYSE:WKC) last issued its earnings results on Thursday, October 23rd. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.07). The firm had revenue of $9.39 billion during the quarter, compared to the consensus estimate of $9.38 billion. World Kinect had a positive return on equity of 7.11% and a negative net margin of 1.16%.The company’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.62 EPS. Sell-side analysts expect that World Kinect Corporation will post 2.56 EPS for the current fiscal year.

World Kinect Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 16th. Shareholders of record on Tuesday, September 30th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.4%. World Kinect’s dividend payout ratio (DPR) is presently -10.34%.

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.