Arizona State Retirement System purchased a new position in shares of World Kinect Co. (NYSE:WKC – Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 16,828 shares of the company’s stock, valued at approximately $383,000.
Several other hedge funds also
recently modified their holdings of WKC. Vanguard Group Inc. acquired a new
position in shares of World Kinect during the 3rd quarter worth $157,793,000.
Norges Bank acquired a new position in shares of World Kinect during the 4th
quarter worth $18,002,000. Assenagon Asset Management S.A. acquired a new
position in shares of World Kinect during the 4th quarter worth $12,990,000.
State Street Corp increased its stake in shares of World Kinect by 15.6% during
the 2nd quarter. State Street Corp now owns 3,988,560 shares of the company’s
stock worth $82,002,000 after purchasing an additional 538,300 shares during
the last quarter. Finally, Invesco Ltd. increased its stake in shares of World
Kinect by 26.3% during the 1st quarter. Invesco Ltd. now owns 1,359,957 shares
of the company’s stock worth $36,774,000 after purchasing an additional 282,839
shares during the last quarter. Institutional investors and hedge funds own
97.06% of the company’s stock.
Analyst Rating Changes
Several research firms recently issued reports on WKC. JPMorgan Chase & Co. began coverage on shares of World Kinect in a report on Wednesday, February 21st. They set a “neutral” rating and a $25.00 price objective for the company. Raymond James upped their price objective on shares of World Kinect from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Wednesday, April 3rd. Finally, Bank of America upped their price objective on shares of World Kinect from $23.00 to $26.00 and gave the stock an “underperform” rating in a report on Thursday, March 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $26.75.
In other World Kinect news,
Director Paul H. Stebbins sold 20,000 shares of the stock in a transaction on
Thursday, February 29th. The shares were sold at an average price of $24.37,
for a total value of $487,400.00. Following the completion of the sale, the
director now directly owns 75,375 shares of the company’s stock, valued at
approximately $1,836,888.75. The sale was disclosed in a legal filing with the
SEC, which is available through the SEC website. Insiders own 2.60% of the company’s stock.
World Kinect Price Performance
Shares of World Kinect
stock opened at $24.58 on Friday. The company has a
debt-to-equity ratio of 0.42, a current ratio of 1.11 and a quick ratio of
0.95. World Kinect Co. has a fifty-two-week low of $17.69 and a fifty-two-week
high of $26.83. The firm has a fifty-day moving average price of $25.06 and a
two-hundred-day moving average price of $22.74. The company has a market cap of
$1.47 billion, a PE ratio of 29.26, a price-to-earnings-growth ratio of 2.16
and a beta of 1.26.
World Kinect (NYSE:WKC – Get Free
Report) last issued its quarterly earnings results on Thursday,
February 22nd. The company reported $0.54 earnings per share for the quarter,
beating analysts’ consensus estimates of $0.50 by $0.04. World Kinect had a net
margin of 0.11% and a return on equity of 6.07%. The firm had revenue of $12
billion during the quarter, compared to the consensus estimate of $12.23
billion. During the same period in the prior year, the firm earned $0.54 EPS.
Analysts expect that World Kinect Co. will post 2.25 EPS for the current year.
World Kinect Increases Dividend
The business also recently
declared a quarterly dividend, which was paid on Tuesday, April 16th.
Shareholders of record on Monday, March 25th were issued a $0.17 dividend. The
ex-dividend date was Friday, March 22nd. This is an increase from World
Kinect’s previous quarterly dividend of $0.14. This represents a $0.68 dividend
on an annualized basis and a yield of 2.77%. World Kinect’s dividend payout
ratio is 80.95%.
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.
https://www.defenseworld.net/2024/04/21/arizona-state-retirement-system