Edgestream Partners L.P. Acquires 49,997 Shares of World Kinect Co. (NYSE:WKC)

Edgestream Partners L.P. raised its position in shares of World Kinect Co. (NYSE:WKC - Free Report) by 369.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,542 shares of the company's stock after purchasing an additional 49,997 shares during the quarter. Edgestream Partners L.P. owned 0.11% of World Kinect worth $1,964,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

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

World Kinect Stock Performance

Shares of NYSE:WKC traded down $0.12 during midday trading on Tuesday, hitting $29.22. The company's stock had a trading volume of 415,641 shares, compared to its average volume of 656,316. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 1.14 and a beta of 1.28. The stock's 50 day simple moving average is $29.16 and its 200 day simple moving average is $27.68. World Kinect Co. has a fifty-two week low of $20.00 and a fifty-two week high of $31.70. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.99 and a current ratio of 1.16.

World Kinect (NYSE:WKC - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.62 earnings per share (EPS) for the quarter, meeting 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%. The firm's revenue was down 14.3% compared to the same quarter last year. During the same period last year, the business posted $0.58 earnings per share. As a group, research analysts anticipate that World Kinect Co. will post 2.12 earnings per share for the current year.

World Kinect Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 16th. Investors of record on Monday, September 30th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date was Monday, September 30th. World Kinect's dividend payout ratio (DPR) is presently 30.22%.

World Kinect declared that its Board of Directors has approved a share repurchase program on Monday, September 9th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to buy up to 11% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

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.