Truist Financial Corp Makes New $528,000 Investment in World Kinect Co. (NYSE:WKC)

Truist Financial Corp acquired a new position in shares of World Kinect Co. (NYSE:WKC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 20,459 shares of the company’s stock, valued at approximately $528,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in World Kinect during the second quarter worth $65,000. PNC Financial Services Group Inc. bought a new position in World Kinect during the fourth quarter worth $148,000. Point72 Asia Singapore Pte. Ltd. boosted its position in World Kinect by 20.7% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,927 shares of the company’s stock worth $179,000 after purchasing an additional 1,189 shares during the period. Privium Fund Management UK Ltd bought a new stake in shares of World Kinect in the second quarter valued at about $208,000. Finally, EMC Capital Management boosted its position in shares of World Kinect by 29.2% in the first quarter. EMC Capital Management now owns 8,277 shares of the company’s stock valued at $219,000 after acquiring an additional 1,870 shares during the period. 97.06% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other World Kinect news, CEO Michael J. Kasbar sold 58,948 shares of the business’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 completion of the transaction, the chief executive officer now owns 1,019,063 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. In other World Kinect news, CEO Michael J. Kasbar sold 58,948 shares of the business’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 completion of the transaction, the chief executive officer now owns 1,019,063 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John L. Manley sold 16,000 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $28.28, for a total value of $452,480.00. Following the transaction, the director now directly owns 49,614 shares of the company’s stock, valued at approximately $1,403,083.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.

World Kinect Trading Up 1.9 %

WKC opened at $31.21 on Thursday. World Kinect Co. has a twelve month low of $17.69 and a twelve month high of $31.70. The company has a 50-day simple moving average of $29.13 and a 200 day simple moving average of $26.84. The company has a quick ratio of 0.98, a current ratio of 1.15 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 33.56, a P/E/G ratio of 1.06 and a beta of 1.25.

World Kinect (NYSE:WKC) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.48 earnings per share 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 firm had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $11.98 billion. During the same period in the prior year, the company earned $0.48 EPS. The company’s revenue for the quarter was down .1% compared to the same quarter last year. Analysts predict that World Kinect Co. will post 2.15 EPS for the current fiscal year.

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

World Kinect Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 16th. Shareholders of record on Monday, September 30th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.18%. The ex-dividend date was Monday, September 30th. World Kinect’s payout ratio is 73.12%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Bank of America boosted their target price 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. Stifel Nicolaus reduced their target price on shares of World Kinect from $35.00 to $33.00 and set a “buy” rating for the company in a research report on Friday, July 26th. Morgan Stanley cut shares of World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 target price for the company. in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. boosted their target price 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. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price 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.