American Century Companies Inc. Sells 494,850 Shares of World Kinect Corporation $WKC

Key Points

• American Century Companies Inc. cut its stake in World Kinect Corporation by 53% during the first quarter, now holding 438,388 shares estimated at $12.4 million.
• A number of institutional investors, like LSV Asset Management and Jacobs Levy Equity Management, have increased their holdings in World Kinect, highlighting ongoing interest in the company.
• World Kinect announced a quarterly dividend increase to $0.20 per share, reflecting a commitment to returning value to shareholders despite a negative net margin.

American Century Companies Inc. trimmed its position in shares of World Kinect Corporation (NYSE:WKC - Free Report) by 53.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 438,388 shares of the company's stock after selling 494,850 shares during the period. American Century Companies Inc. owned about 0.77% of World Kinect worth $12,433,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of World Kinect in the 1st quarter valued at $32,000. PNC Financial Services Group Inc. increased its holdings in shares of World Kinect by 86.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,307 shares of the company's stock valued at $179,000 after acquiring an additional 2,925 shares during the last quarter. EP Wealth Advisors LLC increased its holdings in shares of World Kinect by 17.0% during the 4th quarter. EP Wealth Advisors LLC now owns 7,604 shares of the company's stock valued at $209,000 after acquiring an additional 1,104 shares during the last quarter. Eukles Asset Management increased its holdings in shares of World Kinect by 17.6% during the 1st quarter. Eukles Asset Management now owns 7,800 shares of the company's stock valued at $221,000 after acquiring an additional 1,165 shares during the last quarter. Finally, Quantinno Capital Management LP acquired a new position in shares of World Kinect during the 4th quarter valued at about $224,000. 97.06% of the stock is currently owned by hedge funds and other institutional investors.

World Kinect Stock Performance

WKC traded down $0.05 during trading on Friday, reaching $26.77. 477,028 shares of the company's stock were exchanged, compared to its average volume of 590,970. World Kinect Corporation has a fifty-two week low of $22.70 and a fifty-two week high of $31.70. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 0.48. The business has a 50 day moving average price of $27.39 and a 200 day moving average price of $27.19. The company has a market capitalization of $1.49 billion, a P/E ratio of -3.51, a PEG ratio of 1.21 and a beta of 1.38.

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

World Kinect Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 16th. Investors of record on Tuesday, June 17th were issued a $0.20 dividend. This is a positive change from World Kinect's previous quarterly dividend of $0.17. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, June 17th. 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 analyst reports. Raymond James Financial reiterated an "outperform" rating and issued a $33.00 target price (down from $35.00) on shares of World Kinect in a research note on Friday, August 1st. Morgan Stanley lowered their target price on shares of 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 analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $29.40.

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.