Acadian Asset Management LLC Takes $1.95 Million Position in World Kinect Corporation $WKC

Key Points

• Acadian Asset Management LLC invested approximately $1.95 million in World Kinect Corporation, acquiring 68,755 shares during the first quarter.
• World Kinect recently declared a quarterly dividend of $0.20 per share, representing a 3.1% yield for shareholders.
• The company reported $9.04 billion in revenue for its last quarter, surpassing the consensus estimate but reflecting a negative net margin of 1.11%.

Acadian Asset Management LLC purchased a new position in shares of World Kinect Corporation (NYSE:WKC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 68,755 shares of the company's stock, valued at approximately $1,946,000. Acadian Asset Management LLC owned 0.12% of World Kinect as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of World Kinect in the 1st quarter worth $32,000. Quarry LP acquired a new stake in World Kinect during the 1st quarter worth approximately $38,000. PNC Financial Services Group Inc. raised its holdings in World Kinect by 86.5% in the first quarter. PNC Financial Services Group Inc. now owns 6,307 shares of the company's stock valued at $179,000 after buying an additional 2,925 shares during the period. AlphaQuest LLC raised its holdings in World Kinect by 576.8% in the first quarter. AlphaQuest LLC now owns 6,680 shares of the company's stock valued at $189,000 after buying an additional 5,693 shares during the period. Finally, Eukles Asset Management raised its holdings in World Kinect by 17.6% in the first quarter. Eukles Asset Management now owns 7,800 shares of the company's stock valued at $221,000 after buying an additional 1,165 shares during the period. 97.06% of the stock is owned by hedge funds and other institutional investors.

World Kinect Stock Down 1.6%

NYSE:WKC traded down $0.44 during mid-day trading on Friday, reaching $26.48. The stock had a trading volume of 430,174 shares, compared to its average volume of 717,074. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -3.46, a price-to-earnings-growth ratio of 1.19 and a beta of 1.38. World Kinect Corporation has a 1-year low of $22.70 and a 1-year high of $31.70. The stock's 50 day simple moving average is $26.71 and its two-hundred day simple moving average is $26.96. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.13 and a quick ratio of 0.98.

World Kinect (NYSE:WKC - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.59 EPS 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 company had revenue of $9.04 billion during the quarter, compared to the consensus estimate of $9.32 billion. Equities analysts anticipate that World Kinect Corporation will post 2.56 EPS for the current year.

World Kinect Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Shareholders of record on Tuesday, September 30th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Tuesday, September 30th. World Kinect's payout ratio is presently -10.48%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Morgan Stanley cut their price target on shares of World Kinect from $32.00 to $26.00 and set an "underweight" rating on the stock in a report on Wednesday, August 6th. Raymond James Financial reissued an "outperform" rating and issued a $33.00 price objective (down from $35.00) on shares of World Kinect in a research report on Friday, August 1st. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $28.75.

About World Kinect

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.