Geode Capital Management LLC Increases Stock Position in World Kinect Co. (NYSE:WKC)

Geode Capital Management LLC lifted its holdings in World Kinect Co. (NYSE:WKC - Free Report) by 1.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,370,124 shares of the company's stock after purchasing an additional 22,077 shares during the quarter. Geode Capital Management LLC owned 2.36% of World Kinect worth $42,358,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Quarry LP increased its holdings in shares of World Kinect by 3,600.0% in the 3rd quarter. Quarry LP now owns 1,073 shares of the company's stock worth $33,000 after buying an additional 1,044 shares during the last quarter. Hara Capital LLC purchased a new position in World Kinect in the third quarter worth about $76,000. Innealta Capital LLC bought a new stake in World Kinect during the second quarter worth approximately $65,000. EP Wealth Advisors LLC purchased a new stake in World Kinect during the third quarter valued at approximately $201,000. Finally, Everence Capital Management Inc. bought a new stake in shares of World Kinect in the 3rd quarter valued at approximately $210,000. Hedge funds and other institutional investors own 97.06% of the company's stock.

World Kinect Stock Up 1.6 %

WKC stock traded up $0.44 on Tuesday, hitting $27.24. 287,861 shares of the company's stock were exchanged, compared to its average volume of 686,366. The firm has a 50 day moving average price of $28.42 and a two-hundred day moving average price of $27.93. 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 Co. has a 12-month low of $21.21 and a 12-month high of $31.70. The stock has a market cap of $1.58 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 1.12 and a beta of 1.28.

World Kinect (NYSE:WKC - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.62 earnings per share (EPS) for the quarter, hitting 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 net margin of 0.30% and a return on equity of 6.29%. The business's quarterly revenue was down 14.3% on a year-over-year basis. During the same quarter last year, the company posted $0.58 earnings per share. As a group, equities research analysts expect that World Kinect Co. will post 2.12 EPS for the current fiscal year.

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

World Kinect Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Monday, December 23rd will be issued a $0.17 dividend. The ex-dividend date is Monday, December 23rd. This represents a $0.68 annualized dividend and a yield of 2.50%. World Kinect's dividend payout ratio (DPR) is presently 30.22%.

Analysts Set New Price Targets

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

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.