Pinnacle Associates Ltd. Acquires Shares of 49,286 World Kinect Co. (NYSE:WKC)

Pinnacle Associates Ltd. bought a new stake in World Kinect Co. (NYSE:WKC - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 49,286 shares of the company's stock, valued at approximately $1,523,000. Pinnacle Associates Ltd. owned 0.08% of World Kinect as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Highland Capital Management LLC acquired a new position in World Kinect during the third quarter worth $253,000. Everence Capital Management Inc. acquired a new stake in shares of World Kinect in the third quarter valued at $210,000. Exchange Traded Concepts LLC acquired a new stake in shares of World Kinect in the third quarter valued at $1,073,000. SG Americas Securities LLC raised its stake in shares of World Kinect by 28.6% in the third quarter. SG Americas Securities LLC now owns 63,341 shares of the company's stock valued at $1,958,000 after acquiring an additional 14,068 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in shares of 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 in the last quarter. 97.06% of the stock is currently owned by institutional investors and hedge funds.

World Kinect Stock Up 0.5 %

World Kinect stock traded up $0.13 during midday trading on Friday, reaching $26.28. The company's stock had a trading volume of 785,015 shares, compared to its average volume of 660,773. World Kinect Co. has a fifty-two week low of $18.96 and a fifty-two week high of $31.70. 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 company has a market cap of $1.53 billion, a P/E ratio of 11.68, a P/E/G ratio of 1.03 and a beta of 1.25. The business has a 50-day simple moving average of $29.48 and a 200-day simple moving average of $27.06.

World Kinect (NYSE:WKC - Get Free Report) last issued 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 analyst estimates of $11.77 billion. World Kinect had a return on equity of 6.29% and a net margin of 0.30%. The business's quarterly revenue was down 14.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.58 earnings per share. On average, research analysts expect that World Kinect Co. will post 2.12 earnings per share for the current fiscal year.

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

World Kinect Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 16th. Shareholders of record on Monday, September 30th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.59%. The ex-dividend date was Monday, September 30th. World Kinect's payout ratio is 30.22%.

Insiders Place Their Bets

In other World Kinect news, CEO Michael J. Kasbar sold 58,948 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer now owns 1,019,063 shares of the company's stock, valued at approximately $28,452,238.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

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