62,768 Shares in World Kinect Corporation $WKC Purchased by Algert Global LLC

Key Points

• Algert Global LLC acquired 62,768 shares of World Kinect Corporation, valued at approximately $1.78 million, as part of their first-quarter investment strategy.
• Institutional investors now own about 97.06% of World Kinect's stock, indicating significant institutional interest in the company's equity.
• World Kinect recently announced an increase in its quarterly dividend from $0.17 to $0.20, providing a yield of 3.1% for shareholders.

Algert Global LLC purchased a new position in shares of World Kinect Corporation (NYSE:WKC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 62,768 shares of the company's stock, valued at approximately $1,780,000. Algert Global LLC owned about 0.11% of World Kinect at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of WKC. Caitong International Asset Management Co. Ltd acquired a new stake in World Kinect during the first quarter worth about $32,000. PNC Financial Services Group Inc. increased its position in World Kinect by 86.5% during the first quarter. PNC Financial Services Group Inc. now owns 6,307 shares of the company's stock worth $179,000 after purchasing an additional 2,925 shares during the last quarter. EP Wealth Advisors LLC increased its position in World Kinect by 17.0% during the fourth quarter. EP Wealth Advisors LLC now owns 7,604 shares of the company's stock worth $209,000 after purchasing an additional 1,104 shares during the last quarter. Eukles Asset Management increased its position in World Kinect by 17.6% during the first quarter. Eukles Asset Management now owns 7,800 shares of the company's stock worth $221,000 after purchasing an additional 1,165 shares during the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in World Kinect during the fourth quarter worth about $224,000. 97.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on WKC shares. Morgan Stanley cut their price objective on shares of World Kinect from $32.00 to $26.00 and set an "underweight" rating for the company in a research report on Wednesday, August 6th. Raymond James Financial restated an "outperform" rating and set a $33.00 price objective (down from $35.00) on shares of World Kinect in a research report on Friday, August 1st. Finally, Bank of America cut their price objective on shares of World Kinect from $27.00 to $26.00 and set an "underperform" rating for the company in a research report on Friday, April 25th. One equities 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 stock. According to data from MarketBeat.com, World Kinect currently has a consensus rating of "Reduce" and an average price target of $29.40.

World Kinect Trading Down 0.1%

NYSE WKC opened at $25.7830 on Friday. The firm's 50-day moving average is $27.54 and its two-hundred day moving average is $27.27. 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 stock has a market capitalization of $1.43 billion, a P/E ratio of -3.38, a PEG ratio of 1.17 and a beta of 1.39.

World Kinect (NYSE:WKC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.59 earnings per share for the quarter, beating analysts' consensus estimates of $0.48 by $0.11. World Kinect had a positive return on equity of 7.07% and a negative net margin of 1.11%.The business had revenue of $9.04 billion during the quarter, compared to analysts' expectations of $9.32 billion. On average, sell-side analysts anticipate that World Kinect Corporation will post 2.56 earnings per share for the current year.

World Kinect Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 16th. Shareholders of record on Tuesday, June 17th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, June 17th. This represents a $0.80 annualized dividend and a yield of 3.1%. This is an increase from World Kinect's previous quarterly dividend of $0.17. World Kinect's dividend payout ratio is presently -10.48%.

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.

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