Millennium Management LLC Trims Stock Holdings in World Kinect Co. (NYSE:WKC)

Millennium Management LLC cut its holdings in shares of World Kinect Co. (NYSE:WKC - Free Report) by 29.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 108,770 shares of the company's stock after selling 44,514 shares during the period. Millennium Management LLC owned 0.18% of World Kinect worth $2,806,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in WKC. Deprince Race & Zollo Inc. purchased a new position in shares of World Kinect during the second quarter valued at approximately $12,207,000. Nomura Holdings Inc. purchased a new position in shares of World Kinect during the fourth quarter valued at approximately $8,913,000. Boston Partners increased its stake in shares of World Kinect by 12.4% during 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. Vanguard Group Inc. increased its stake in shares of World Kinect by 2.1% during the first quarter. Vanguard Group Inc. now owns 7,056,230 shares of the company's stock valued at $186,637,000 after buying an additional 146,899 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of World Kinect by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 4,126,784 shares of the company's stock valued at $106,471,000 after buying an additional 140,314 shares during the period. 97.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John L. Manley sold 16,000 shares of the company's stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $28.28, for a total transaction of $452,480.00. Following the transaction, the director now directly owns 49,614 shares of the company's stock, valued at $1,403,083.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director John L. Manley sold 16,000 shares of the company's stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $28.28, for a total transaction of $452,480.00. Following the transaction, the director now directly owns 49,614 shares of the company's stock, valued at $1,403,083.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael J. Kasbar sold 58,948 shares of the company's stock in a transaction on Monday, August 19th. The shares were sold at an average price of $27.92, for a total value of $1,645,828.16. Following the transaction, the chief executive officer now directly owns 1,019,063 shares in the company, valued at approximately $28,452,238.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company's stock.

World Kinect Stock Down 0.1 %

World Kinect stock traded down $0.03 during mid-day trading on Tuesday, hitting $30.62. The company had a trading volume of 918,307 shares, compared to its average volume of 632,877. The company has a current ratio of 1.15, a quick ratio of 0.98 and a debt-to-equity ratio of 0.39. The stock's 50 day moving average price is $28.94 and its two-hundred day moving average price is $26.78. World Kinect Co. has a 12 month low of $17.69 and a 12 month high of $31.70. The company has a market capitalization of $1.84 billion, a PE ratio of 33.17, a price-to-earnings-growth ratio of 1.06 and a beta of 1.25.

World Kinect (NYSE:WKC - Get Free Report) last released its earnings results on Thursday, July 25th. The company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.08). World Kinect had a return on equity of 6.26% and a net margin of 0.29%. The company had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $11.98 billion. During the same period last year, the firm posted $0.48 earnings per share. The company's revenue was down .1% compared to the same quarter last year. As a group, sell-side analysts anticipate that World Kinect Co. will post 2.15 earnings per share for the current fiscal year.

World Kinect declared that its board has authorized a share repurchase plan on Monday, September 9th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 11% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

World Kinect Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 16th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Monday, September 30th. World Kinect's payout ratio is currently 73.12%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on WKC. JPMorgan Chase & Co. upped their price target on World Kinect from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Thursday, September 19th. Morgan Stanley cut World Kinect from an "equal weight" rating to an "underweight" rating and set a $28.00 price target on the stock. in a research note on Monday, September 16th. Stifel Nicolaus reduced their price target on World Kinect from $35.00 to $33.00 and set a "buy" rating on the stock in a research note on Friday, July 26th. Finally, Bank of America upped their price target on World Kinect from $24.00 to $27.00 and gave the stock an "underperform" rating in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $30.40.

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.