Bank of New York Mellon Corp Buys Shares of 310,381 World Kinect Corporation $WKC

Key Points

• Bank of New York Mellon acquired 310,381 World Kinect shares worth approximately $10.2 million, joining other institutional investors that increased their holdings. Institutions now own 97.06% of the company.
• Analyst sentiment is mixed: the average rating is “Hold” with a $30 price target, despite ratings ranging from “Strong Buy” to “Sell.” Insiders have sold 114,445 shares worth about $4.16 million over the past quarter.
• World Kinect reported a strong quarter, with EPS of $1.29 beating estimates of $0.75 and revenue rising 50.3% year over year to $13.59 billion. The company also raised its quarterly dividend from $0.20 to $0.23 per share, producing an annualized yield of about 2.6%.

Bank of New York Mellon Corp purchased a new stake in World Kinect Corporation (NYSE:WKC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 310,381 shares of the company's stock, valued at approximately $10,224,000. Bank of New York Mellon Corp owned about 0.61% of World Kinect as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of WKC. Focus Partners Advisor Solutions LLC purchased a new position in World Kinect during the second quarter worth about $211,000. State of Wyoming acquired a new position in shares of World Kinect in the 2nd quarter worth approximately $887,000. GSA Capital Partners LLP acquired a new position in shares of World Kinect in the 2nd quarter worth approximately $2,346,000. GAMMA Investing LLC boosted its position in shares of World Kinect by 80.5% during the 2nd quarter. GAMMA Investing LLC now owns 5,568 shares of the company's stock worth $183,000 after purchasing an additional 2,484 shares during the period. Finally, Edgestream Partners L.P. boosted its position in shares of World Kinect by 2.9% during the 1st quarter. Edgestream Partners L.P. now owns 120,060 shares of the company's stock worth $2,770,000 after purchasing an additional 3,398 shares during the period. 97.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Activity

In related news, EVP Jose-Miguel Tejada sold 6,000 shares of the business's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $37.16, for a total transaction of $222,960.00. Following the completion of the transaction, the executive vice president owned 35,676 shares in the company, valued at approximately $1,325,720.16. The trade was a 14.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Michael J. Kasbar sold 25,000 shares of the stock in a transaction on Friday, July 10th. The shares were sold at an average price of $35.04, for a total value of $876,000.00. Following the completion of the transaction, the chairman directly owned 986,450 shares in the company, valued at $34,565,208. This trade represents a 2.47% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 114,445 shares of company stock worth $4,164,400. Insiders own 3.80% of the company's stock.

World Kinect Stock Down 0.7%

World Kinect stock opened at $35.02 on Thursday. The firm has a market capitalization of $1.79 billion, a P/E ratio of -10.91, a P/E/G ratio of 0.54 and a beta of 1.16. The company has a current ratio of 1.06, a quick ratio of 0.91 and a debt-to-equity ratio of 0.58. World Kinect Corporation has a twelve month low of $22.21 and a twelve month high of $41.20. The stock's fifty day simple moving average is $36.14 and its 200-day simple moving average is $29.78.

World Kinect (NYSE:WKC - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $1.29 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $13.59 billion during the quarter, compared to analysts' expectations of $10.50 billion. During the same period in the previous year, the firm posted $0.59 EPS. World Kinect's revenue for the quarter was up 50.3% on a year-over-year basis. World Kinect has set its FY 2026 guidance at 3.200-3.400 EPS. As a group, equities analysts expect that World Kinect Corporation will post 3.6 earnings per share for the current fiscal year.

World Kinect Increases Dividend

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

World Kinect Profile

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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