Mackenzie Financial Corp Cuts Stock Holdings in World Kinect Co. (NYSE:WKC)

Mackenzie Financial Corp trimmed its stake in shares of World Kinect Co. (NYSE:WKC) by 24.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,262 shares of the company’s stock after selling 6,375 shares during the quarter. Mackenzie Financial Corp’s holdings in World Kinect were worth $497,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of WKC. Vanguard Group Inc. boosted its stake in shares of World Kinect by 2.1% in the 1st 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. Dimensional Fund Advisors LP increased its position in shares of World Kinect by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,126,784 shares of the company’s stock valued at $106,471,000 after purchasing an additional 140,314 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of World Kinect by 3.4% in the 1st quarter. Principal Financial Group Inc. now owns 1,631,393 shares of the company’s stock valued at $43,150,000 after purchasing an additional 52,930 shares in the last quarter. Boston Partners lifted its position in shares of World Kinect by 12.4% during the 1st quarter. Boston Partners now owns 1,358,173 shares of the company’s stock worth $35,263,000 after purchasing an additional 149,433 shares during the last quarter. Finally, LSV Asset Management grew its stake in shares of World Kinect by 6.5% during the second quarter. LSV Asset Management now owns 1,257,381 shares of the company’s stock worth $32,440,000 after purchasing an additional 76,700 shares in the last quarter. 97.06% of the stock is owned by institutional investors and hedge funds.

World Kinect Trading Up 0.8 %

WKC opened at $31.02 on Friday. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of 33.35, a price-to-earnings-growth ratio of 1.06 and a beta of 1.25. World Kinect Co. has a 52 week low of $17.69 and a 52 week high of $31.70. The business’s 50 day moving average is $28.55 and its two-hundred day moving average is $26.59. The company has a quick ratio of 0.98, a current ratio of 1.15 and a debt-to-equity ratio of 0.39.

World Kinect (NYSE:WKC) last announced its earnings results on Thursday, July 25th. The company reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.08). World Kinect had a return on equity of 6.26% and a net margin of 0.29%. The business had revenue of $10.97 billion for the quarter, compared to analysts’ expectations of $11.98 billion. During the same quarter last year, the business posted $0.48 earnings per share. The business’s revenue was down .1% on a year-over-year basis. On average, research analysts predict that World Kinect Co. will post 2.15 EPS for the current year.

World Kinect Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 16th. Investors 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 2.19%. The ex-dividend date of this dividend is Monday, September 30th. World Kinect’s dividend payout ratio is currently 73.12%.

Insider Activity at World Kinect

In other World Kinect news, Director John L. Manley sold 16,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 49,614 shares of the company’s stock, valued at approximately $1,403,083.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Michael J. Kasbar sold 58,948 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were 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 directly owns 1,019,063 shares in the company, valued at $28,452,238.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John L. Manley sold 16,000 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. 2.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

WKC has been the topic of a number of analyst reports. Stifel Nicolaus cut 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. Morgan Stanley cut World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 target price for the company. in a research note on Monday, September 16th. JPMorgan Chase & Co. increased their price target 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. Finally, Bank of America upped their target price on shares of World Kinect from $24.00 to $27.00 and gave the company an “underperform” rating in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $30.40.

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.