Nuveen LLC Buys Shares of 275,924 World Kinect Corporation $WKC

Key Points

• Nuveen LLC acquired 275,924 shares of World Kinect Corporation (NYSE:WKC), valued at approximately $7.8 million, representing about 0.49% ownership at the end of the first quarter.
• Analysts have mixed ratings on World Kinect, with a current average rating of "Reduce" and a revised price target of $29.40, down from previous estimates.
• World Kinect increased its quarterly dividend to $0.20 per share, up from $0.17, indicating a dividend yield of 3.0% and a payout ratio of -10.48%.

Nuveen LLC purchased a new position in shares of World Kinect Corporation (NYSE:WKC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 275,924 shares of the company's stock, valued at approximately $7,825,000. Nuveen LLC owned about 0.49% of World Kinect at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of WKC. Millennium Management LLC grew its holdings in World Kinect by 639.9% during the fourth quarter. Millennium Management LLC now owns 508,959 shares of the company's stock worth $14,001,000 after acquiring an additional 440,168 shares during the period. Two Sigma Investments LP lifted its position in World Kinect by 311.1% during the fourth quarter. Two Sigma Investments LP now owns 260,864 shares of the company's stock worth $7,176,000 after buying an additional 384,413 shares during the period. LSV Asset Management lifted its position in World Kinect by 29.0% during the first quarter. LSV Asset Management now owns 1,550,042 shares of the company's stock worth $43,959,000 after buying an additional 348,214 shares during the period. Ameriprise Financial Inc. lifted its position in World Kinect by 118.7% during the fourth quarter. Ameriprise Financial Inc. now owns 631,698 shares of the company's stock worth $17,378,000 after buying an additional 342,823 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its position in World Kinect by 24.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,119,750 shares of the company's stock worth $30,804,000 after buying an additional 216,903 shares during the period. Institutional investors and hedge funds own 97.06% of the company's stock.

World Kinect Stock Performance

Shares of NYSE WKC traded down $0.18 during mid-day trading on Friday, hitting $26.64. The company had a trading volume of 130,711 shares, compared to its average volume of 697,209. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of -3.49, a PEG ratio of 1.23 and a beta of 1.39. World Kinect Corporation has a 12 month low of $22.70 and a 12 month high of $31.70. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.13 and a quick ratio of 0.98. The firm's 50 day simple moving average is $27.41 and its two-hundred day simple moving average is $27.21.

World Kinect (NYSE:WKC - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.11. The business had revenue of $9.04 billion for the quarter, compared to the consensus estimate of $9.32 billion. World Kinect had a positive return on equity of 7.07% and a negative net margin of 1.11%. As a group, equities research analysts forecast that World Kinect Corporation will post 2.56 earnings per share for the current year.

World Kinect Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 16th. Shareholders of record on Tuesday, June 17th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, June 17th. This is an increase from World Kinect's previous quarterly dividend of $0.17. World Kinect's dividend payout ratio (DPR) is presently -10.48%.

Wall Street Analysts Forecast Growth

WKC has been the topic of a number of research reports. Raymond James Financial restated an "outperform" rating and issued a $33.00 price objective (down from $35.00) on shares of World Kinect in a report on Friday, August 1st. Morgan Stanley decreased their target price on World Kinect from $32.00 to $26.00 and set an "underweight" rating for the company in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $29.40.

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.