Geode Capital Management LLC Purchases 22,077 Shares of World Kinect Co. (NYSE:WKC)

Geode Capital Management LLC lifted its position in World Kinect Co. (NYSE:WKC) by 1.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,370,124 shares of the company’s stock after buying an additional 22,077 shares during the period. Geode Capital Management LLC owned about 2.36% of World Kinect worth $42,358,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in WKC. Louisiana State Employees Retirement System increased its holdings in shares of World Kinect by 1.3% in the second quarter. Louisiana State Employees Retirement System now owns 30,200 shares of the company’s stock worth $779,000 after acquiring an additional 400 shares in the last quarter. Bank of New York Mellon Corp increased its stake in World Kinect by 2.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 754,761 shares of the company’s stock worth $19,473,000 after purchasing an additional 14,754 shares in the last quarter. Innealta Capital LLC acquired a new stake in World Kinect during the 2nd quarter worth approximately $65,000. Versor Investments LP bought a new position in World Kinect in the second quarter valued at approximately $228,000. Finally, Privium Fund Management UK Ltd acquired a new position in shares of World Kinect in the second quarter valued at approximately $208,000. Institutional investors and hedge funds own 97.06% of the company’s stock.

Analyst Ratings Changes

WKC has been the topic of a number of research analyst reports. Morgan Stanley lowered shares of World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 price objective on the stock. in a report on Monday, September 16th. Stifel Nicolaus lowered World Kinect from a “buy” rating to a “hold” rating and cut their price target for the company from $33.00 to $32.00 in a report on Friday, October 25th. Bank of America increased their price objective on World Kinect from $24.00 to $27.00 and gave the stock an “underperform” rating in a report on Friday, September 13th. Finally, JPMorgan Chase & Co. boosted 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 investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given 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 Price Performance

Shares of NYSE WKC opened at $26.80 on Tuesday. World Kinect Co. has a fifty-two week low of $21.21 and a fifty-two week high of $31.70. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.12 and a beta of 1.28. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.16 and a quick ratio of 0.99. The business has a 50-day moving average of $28.42 and a 200-day moving average of $27.93.

World Kinect (NYSE:WKC) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.62 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.62. World Kinect had a return on equity of 6.29% and a net margin of 0.30%. The firm had revenue of $10.49 billion during the quarter, compared to the consensus estimate of $11.77 billion. During the same period last year, the company earned $0.58 earnings per share. The business’s revenue was down 14.3% compared to the same quarter last year. As a group, sell-side analysts predict that World Kinect Co. will post 2.12 earnings per share for the current fiscal year.

World Kinect Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Monday, December 23rd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.54%. The ex-dividend date is Monday, December 23rd. World Kinect’s dividend payout ratio (DPR) is currently 30.22%.

World Kinect declared that its Board of Directors has approved a share repurchase 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 generally an indication that the company’s board of directors believes its stock is undervalued.

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.