Bank of America Corp DE Trims Stock Holdings in World Kinect Corporation $WKC

Key Points

• Bank of America cut its World Kinect position by 83.9% in the first quarter, selling 2.97 million shares and retaining 568,003 shares worth approximately $13.1 million. Institutional investors still own 97.06% of the company.
• World Kinect reported quarterly EPS of $1.29, surpassing the $0.75 analyst estimate, while revenue rose 50.3% year over year to $13.59 billion. The company also increased its quarterly dividend from $0.20 to $0.23 per share.
• Insiders sold 124,445 shares worth $4.46 million over the past three months, while analyst opinions remained mixed; the stock carries a consensus “Hold” rating with a $30 average price target, below its reported trading price of $35.99.

Bank of America Corp DE decreased its position in World Kinect Corporation (NYSE:WKC - Free Report) by 83.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 568,003 shares of the company's stock after selling 2,970,940 shares during the quarter. Bank of America Corp DE owned about 1.11% of World Kinect worth $13,104,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC purchased a new position in World Kinect during the first quarter worth approximately $37,000. Aquatic Capital Management LLC purchased a new position in shares of World Kinect in the third quarter valued at $61,000. Aster Capital Management DIFC Ltd boosted its stake in shares of World Kinect by 977.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 2,630 shares of the company's stock valued at $62,000 after purchasing an additional 2,386 shares during the period. Clearstead Advisors LLC grew its holdings in World Kinect by 108.8% during the 4th quarter. Clearstead Advisors LLC now owns 2,633 shares of the company's stock valued at $62,000 after purchasing an additional 1,372 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in World Kinect during the 2nd quarter valued at $96,000. 97.06% of the stock is currently owned by hedge funds and other institutional investors.

World Kinect Trading Up 0.2%

Shares of WKC stock opened at $35.99 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.91 and a current ratio of 1.06. World Kinect Corporation has a 1 year low of $22.21 and a 1 year high of $41.20. The stock has a fifty day moving average of $35.46 and a two-hundred day moving average of $29.30. The firm has a market capitalization of $1.84 billion, a PE ratio of -11.21, a price-to-earnings-growth ratio of 0.55 and a beta of 1.17.

World Kinect (NYSE:WKC - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $1.29 EPS for the quarter, beating analysts' consensus estimates of $0.75 by $0.54. World Kinect had a positive return on equity of 11.24% and a negative net margin of 0.43%.The company had revenue of $13.59 billion for the quarter, compared to analyst estimates of $10.50 billion. During the same period last year, the company earned $0.59 earnings per share. The company's quarterly revenue was up 50.3% compared to the same quarter last year. World Kinect has set its FY 2026 guidance at 3.200-3.400 EPS. As a group, research analysts expect that World Kinect Corporation will post 3.6 EPS for the current year.

World Kinect Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Tuesday, June 30th were paid a dividend of $0.23 per share. This is an increase from World Kinect's previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Tuesday, June 30th. World Kinect's dividend payout ratio (DPR) is -28.66%.

Insider Transactions at World Kinect

In related news, Director Paul H. Stebbins sold 33,445 shares of the business's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $39.93, for a total value of $1,335,458.85. Following the sale, the director directly owned 58,878 shares in the company, valued at $2,350,998.54. The trade was a 36.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John L. Manley sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $39.88, for a total transaction of $398,800.00. Following the sale, the director directly owned 54,116 shares of the company's stock, valued at approximately $2,158,146.08. This represents a 15.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 124,445 shares of company stock valued at $4,455,900 in the last three months. 3.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

WKC has been the topic of several recent analyst reports. Weiss Ratings cut World Kinect from a "hold (c-)" rating to a "sell (d)" rating in a research note on Tuesday, July 28th. Zacks Research upgraded World Kinect from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. Wall Street Zen upgraded World Kinect from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 1st. Finally, Morgan Stanley set a $30.00 target price on World Kinect in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $30.00.

About World Kinect

World Kinect Energy Services, Inc NYSE: WKC is a global energy services company specializing in fuel procurement, supply chain management and risk mitigation solutions. The company offers an integrated platform that facilitates the sourcing, trading and logistics of refined fuels, natural gas, liquefied natural gas (LNG) and renewable energy products. Its services are designed to help industrial, commercial and institutional clients optimize energy costs, comply with environmental regulations and manage price volatility.

In addition to traditional commodity trading and delivery, World Kinect provides a suite of value-added services that include carbon offset and decarbonization strategies, energy efficiency consulting and emissions reporting.

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