NFJ Investment Group LLC Has $11.17 Million Stock Position in World Kinect Co. (NYSE:WKC)

NFJ Investment Group LLC cut its holdings in shares of World Kinect Co. (NYSE:WKC) by 15.0% in the third quarter, Holdings Channel reports. The institutional investor owned 361,253 shares of the company’s stock after selling 63,758 shares during the quarter. NFJ Investment Group LLC’s holdings in World Kinect were worth $11,166,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of WKC. Innealta Capital LLC acquired a new stake in shares of World Kinect during the 2nd quarter worth approximately $65,000. Hara Capital LLC bought a new stake in World Kinect in the 3rd quarter valued at $76,000. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of World Kinect by 20.7% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,927 shares of the company’s stock valued at $179,000 after buying an additional 1,189 shares in the last quarter. Privium Fund Management UK Ltd bought a new position in shares of World Kinect during the 2nd quarter worth about $208,000. Finally, Everence Capital Management Inc. acquired a new stake in shares of World Kinect during the 3rd quarter valued at about $210,000. Institutional investors and hedge funds own 97.06% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on WKC shares. Morgan Stanley cut shares of World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 price target for the company. in a research note on Monday, September 16th. Stifel Nicolaus lowered World Kinect from a “buy” rating to a “hold” rating and decreased their price target for the company from $33.00 to $32.00 in a research note on Friday, October 25th. JPMorgan Chase & Co. increased 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. Finally, Bank of America boosted their target price on shares of World Kinect from $24.00 to $27.00 and gave the company an “underperform” rating in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, World Kinect currently has a consensus rating of “Hold” and an average target price of $30.20.

World Kinect Price Performance

WKC stock traded down $0.21 during midday trading on Tuesday, reaching $29.13. 41,218 shares of the company’s stock traded hands, compared to its average volume of 654,668. The company has a quick ratio of 0.99, a current ratio of 1.16 and a debt-to-equity ratio of 0.39. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 1.12 and a beta of 1.28. The company has a 50-day simple moving average of $29.20 and a two-hundred day simple moving average of $27.66. World Kinect Co. has a 1-year low of $20.00 and a 1-year high of $31.70.

World Kinect (NYSE:WKC) last released its quarterly earnings results on Thursday, October 24th. The company reported $0.62 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.62. The business had revenue of $10.49 billion during 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 for the quarter was down 14.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.58 earnings per share. On average, analysts anticipate that World Kinect Co. will post 2.12 earnings per share for the current year.

World Kinect Announces Dividend

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

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

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.