Cornercap Investment Counsel Inc. Has $713,000 Stake in World Kinect Co. (NYSE:WKC)

Cornercap Investment Counsel Inc. lowered its stake in shares of World Kinect Co. (NYSE:WKC - Free Report) by 51.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,067 shares of the company's stock after selling 24,281 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in World Kinect were worth $713,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on WKC shares. Stifel Nicolaus downgraded World Kinect from a "buy" rating to a "hold" rating and cut their price target for the company from $33.00 to $32.00 in a report on Friday, October 25th. Bank of America raised their price objective on shares of World Kinect from $24.00 to $27.00 and gave the stock an "underperform" rating in a research note on Friday, September 13th. Morgan Stanley cut shares of World Kinect from an "equal weight" rating to an "underweight" rating and set a $28.00 price objective for the company. in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. upped their price objective on shares of World Kinect from $29.00 to $32.00 and gave the company a "neutral" rating in a research note on Thursday, September 19th. Two equities research 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. According to MarketBeat, World Kinect currently has a consensus rating of "Hold" and a consensus price target of $30.20.

World Kinect Stock Performance

WKC stock traded up $0.02 during trading on Friday, hitting $27.85. The company had a trading volume of 372,671 shares, compared to its average volume of 658,264. 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 firm has a 50-day moving average price of $29.37 and a 200-day moving average price of $27.29. World Kinect Co. has a 1-year low of $19.97 and a 1-year high of $31.70. The firm has a market cap of $1.62 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 1.08 and a beta of 1.26.

World Kinect (NYSE:WKC - Get Free Report) last posted its earnings results on Thursday, October 24th. The company reported $0.62 EPS for the quarter, hitting analysts' consensus estimates 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 quarterly revenue was down 14.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.58 earnings per share. On average, analysts expect that World Kinect Co. will post 2.12 earnings per share for the current year.

World Kinect Dividend Announcement

The firm 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 annualized dividend and a yield of 2.44%. World Kinect's dividend payout ratio is currently 30.22%.

World Kinect declared that its board has initiated a stock buyback program on Monday, September 9th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 11% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Insider Transactions at World Kinect

In other news, CEO Michael J. Kasbar sold 58,948 shares of the company's stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $27.92, for a total transaction of $1,645,828.16. Following the completion of the transaction, the chief executive officer now directly owns 1,019,063 shares of the company's stock, valued at approximately $28,452,238.96. This represents a 5.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.90% of the company's stock.

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.