Assenagon Asset Management S.A. Makes New $11.25 Million Investment in World Kinect Corporation $WKC

Key Points

• Assenagon Asset Management S.A. has acquired a new position in World Kinect Corporation (NYSE:WKC), purchasing 396,838 shares valued at approximately $11.25 million.
• The stock has seen evaluations from analysts, with Morgan Stanley lowering the target price from $32 to $26, while Raymond James maintains an "outperform" rating at a revised target price of $33.
• World Kinect is set to pay a quarterly dividend of $0.20 per share on October 16th, representing a 3.1% yield based on the current price.

Assenagon Asset Management S.A. acquired a new position in World Kinect Corporation (NYSE:WKC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 396,838 shares of the company's stock, valued at approximately $11,250,000. Assenagon Asset Management S.A. owned approximately 0.70% of World Kinect at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Cetera Investment Advisers raised its holdings in World Kinect by 5.1% in the 1st quarter. Cetera Investment Advisers now owns 9,250 shares of the company's stock worth $262,000 after purchasing an additional 451 shares in the last quarter. SummerHaven Investment Management LLC grew its position in shares of World Kinect by 1.7% in the 1st quarter. SummerHaven Investment Management LLC now owns 31,049 shares of the company's stock worth $881,000 after buying an additional 509 shares during the period. Nisa Investment Advisors LLC grew its position in shares of World Kinect by 0.8% in the 1st quarter. Nisa Investment Advisors LLC now owns 63,073 shares of the company's stock worth $1,799,000 after buying an additional 509 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of World Kinect by 2.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,475 shares of the company's stock worth $893,000 after buying an additional 707 shares during the period. Finally, Vident Advisory LLC grew its position in shares of World Kinect by 4.4% in the 4th quarter. Vident Advisory LLC now owns 17,831 shares of the company's stock worth $491,000 after buying an additional 748 shares during the period. 97.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on WKC shares. Morgan Stanley reduced 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 report on Wednesday, August 6th. Raymond James Financial reaffirmed an "outperform" rating and issued a $33.00 target price (down from $35.00) on shares of World Kinect in a research report on Friday, August 1st. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $28.75.

World Kinect Price Performance

Shares of NYSE:WKC opened at $26.08 on Tuesday. The firm's 50 day moving average price is $26.60 and its 200-day moving average price is $26.91. World Kinect Corporation has a twelve month low of $22.70 and a twelve month high of $31.64. 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 stock has a market capitalization of $1.45 billion, a PE ratio of -3.42, a price-to-earnings-growth ratio of 1.20 and a beta of 1.38.

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, topping the consensus estimate 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 analysts' expectations of $9.32 billion. Equities research analysts expect that World Kinect Corporation will post 2.56 EPS for the current year.

World Kinect Announces Dividend

The company 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 dividend of $0.20 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.80 dividend on an annualized basis and a yield of 3.1%. World Kinect's dividend payout ratio (DPR) is presently -10.48%.

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.

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