Glenmede Trust Co. NA Lowers Stock Position in World Kinect Co. (NYSE:WKC)

Glenmede Trust Co. NA reduced its position in World Kinect Co. (NYSE:WKC) by 0.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 505,748 shares of the company’s stock after selling 1,773 shares during the period. Glenmede Trust Co. NA’s holdings in World Kinect were worth $15,633,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can raised its holdings in shares of World Kinect by 6.7% in the 2nd quarter. Bank of Montreal Can now owns 527,404 shares of the company’s stock worth $13,697,000 after purchasing an additional 33,332 shares during the period. Boston Partners raised its holdings in World Kinect by 12.4% in the first quarter. Boston Partners now owns 1,358,173 shares of the company’s stock valued at $35,263,000 after buying an additional 149,433 shares during the period. Algert Global LLC lifted its position in World Kinect by 88.0% during the third quarter. Algert Global LLC now owns 138,560 shares of the company’s stock valued at $4,283,000 after buying an additional 64,867 shares in the last quarter. Renaissance Technologies LLC grew its stake in World Kinect by 76.6% during the second quarter. Renaissance Technologies LLC now owns 139,500 shares of the company’s stock worth $3,599,000 after buying an additional 60,500 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of World Kinect by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,341,484 shares of the company’s stock worth $41,465,000 after acquiring an additional 56,952 shares in the last quarter. Institutional investors and hedge funds own 97.06% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on WKC shares. Bank of America lifted 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. JPMorgan Chase & Co. upped their target price on World Kinect from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. Stifel Nicolaus lowered World Kinect from a “buy” rating to a “hold” rating and lowered their target price for the company from $33.00 to $32.00 in a research note on Friday, October 25th. Finally, Morgan Stanley lowered World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 price target on the stock. in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $30.20.

World Kinect Price Performance

Shares of World Kinect stock opened at $29.14 on Friday. World Kinect Co. has a 1-year low of $20.00 and a 1-year high of $31.70. The company has a market capitalization of $1.69 billion, a PE ratio of 12.95, a P/E/G ratio of 1.13 and a beta of 1.26. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.16 and a quick ratio of 0.99. The business has a 50-day moving average of $29.27 and a 200-day moving average of $27.57.

World Kinect (NYSE:WKC) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.62 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.62. The company had revenue of $10.49 billion for the quarter, compared to the consensus estimate of $11.77 billion. World Kinect had a return on equity of 6.29% and a net margin of 0.30%. World Kinect’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 earned $0.58 EPS. As a group, equities analysts forecast that World Kinect Co. will post 2.12 EPS for the current fiscal year.

World Kinect Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Monday, September 30th. This represents a $0.68 dividend on an annualized basis and a yield of 2.33%. World Kinect’s dividend payout ratio (DPR) is 30.22%.

World Kinect announced that its board has authorized a stock buyback program on Monday, September 9th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 11% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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.