Acadian Asset Management LLC Acquires New 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 bought a new stake in World Kinect Corporation (NYSE:WKC - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 68,755 shares of the company's stock, valued at approximately $1,946,000. Acadian Asset Management LLC owned approximately 0.12% of World Kinect at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the company. LSV Asset Management increased its stake in World Kinect by 29.0% in the first quarter. LSV Asset Management now owns 1,550,042 shares of the company's stock valued at $43,959,000 after purchasing an additional 348,214 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of World Kinect by 1.1% during the first quarter. Bridgeway Capital Management LLC now owns 575,621 shares of the company's stock valued at $16,325,000 after buying an additional 6,518 shares in the last quarter. Cubist Systematic Strategies LLC boosted its position in World Kinect by 263.4% during the first quarter. Cubist Systematic Strategies LLC now owns 573,716 shares of the company's stock valued at $16,271,000 after purchasing an additional 415,837 shares during the last quarter. Millennium Management LLC lifted its position in shares of World Kinect by 3.3% during the 1st quarter. Millennium Management LLC now owns 525,697 shares of the company's stock worth $14,909,000 after purchasing an additional 16,738 shares during the last quarter. Finally, Empowered Funds LLC grew its position in World Kinect by 2.0% in the first quarter. Empowered Funds LLC now owns 322,130 shares of the company's stock valued at $9,136,000 after acquiring an additional 6,461 shares during the period. Institutional investors and hedge funds own 97.06% of the company's stock.

World Kinect Stock Performance

Shares of WKC stock traded down $0.50 during trading on Friday, reaching $26.42. The company had a trading volume of 3,736,732 shares, compared to its average volume of 798,312. The company has a market capitalization of $1.47 billion, a PE ratio of -3.46, a PEG ratio of 1.22 and a beta of 1.38. 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 Corporation has a one year low of $22.70 and a one year high of $31.70. The firm's 50 day simple moving average is $26.66 and its two-hundred day simple moving average is $26.94.

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

World Kinect Dividend Announcement

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

Wall Street Analyst Weigh In

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

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.