World Kinect Co. (NYSE:WKC) Stake Lowered by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC decreased its position in shares of World Kinect Co. (NYSE:WKC) by 9.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,888 shares of the company’s stock after selling 964 shares during the quarter. Mutual of America Capital Management LLC’s holdings in World Kinect were worth $275,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Innealta Capital LLC bought a new position in World Kinect in the 2nd quarter worth about $65,000. Hara Capital LLC bought a new stake in World Kinect during the 3rd quarter valued at $76,000. Point72 Asia Singapore Pte. Ltd. boosted its position in World Kinect by 20.7% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,927 shares of the company’s stock worth $179,000 after acquiring an additional 1,189 shares during the period. Privium Fund Management UK Ltd bought a new position in shares of World Kinect in the second quarter worth $208,000. Finally, Everence Capital Management Inc. bought a new stake in shares of World Kinect during the third quarter valued at about $210,000. Institutional investors own 97.06% of the company’s stock.

World Kinect Stock Performance

NYSE:WKC opened at $29.14 on Friday. World Kinect Co. has a 1-year low of $20.00 and a 1-year high of $31.70. The stock has a fifty day simple moving average of $29.27 and a 200 day simple moving average of $27.57. 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 firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of 12.95, a price-to-earnings-growth ratio of 1.13 and a beta of 1.26.

World Kinect (NYSE:WKC) last released its earnings results on Thursday, October 24th. The company reported $0.62 earnings per share for the quarter, meeting the consensus estimate of $0.62. The company had revenue of $10.49 billion for the quarter, compared to analysts’ expectations of $11.77 billion. World Kinect had a return on equity of 6.29% and a net margin of 0.30%. The business’s revenue for the quarter was down 14.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.58 EPS. Sell-side analysts forecast that World Kinect Co. will post 2.12 earnings per share for the current year.

World Kinect Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 16th. Stockholders 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 2.33%. The ex-dividend date of this dividend was Monday, September 30th. World Kinect’s dividend payout ratio is currently 30.22%.

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

Analyst Upgrades and Downgrades

WKC has been the topic of several research analyst reports. Bank of America raised their target price on shares of World Kinect from $24.00 to $27.00 and gave the company an “underperform” rating in a research note on Friday, September 13th. Morgan Stanley downgraded 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. Stifel Nicolaus downgraded World Kinect from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $33.00 to $32.00 in a research note on Friday, October 25th. Finally, JPMorgan Chase & Co. raised their target price on World Kinect from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $30.20.

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.