Envestnet Asset Management Inc. Has $1.31 Million Stake in World Kinect Corporation (NYSE:WKC)

Key Points

• Envestnet Asset Management Inc. has reduced its stake in World Kinect Corporation by 21.7%, now owning approximately 0.08% of the company, valued at $1.31 million.
• World Kinect reported a EPS of $0.59, exceeding the expected $0.48, but fell short on revenue with $9.04 billion compared to the forecast of $9.32 billion.
• The company recently increased its quarterly dividend to $0.20 per share, yielding 2.9%, marking a rise from its previous dividend of $0.17.

Envestnet Asset Management Inc. reduced its holdings in World Kinect Corporation (NYSE:WKC - Free Report) by 21.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,326 shares of the company's stock after selling 12,863 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.08% of World Kinect worth $1,314,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of WKC. Eukles Asset Management raised its position in World Kinect by 17.6% in the 1st quarter. Eukles Asset Management now owns 7,800 shares of the company's stock valued at $221,000 after purchasing an additional 1,165 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in shares of World Kinect by 94.5% during the first quarter. Teacher Retirement System of Texas now owns 33,372 shares of the company's stock worth $946,000 after purchasing an additional 16,211 shares during the last quarter. Highland Capital Management LLC increased its stake in shares of World Kinect by 25.4% in the first quarter. Highland Capital Management LLC now owns 10,945 shares of the company's stock valued at $310,000 after buying an additional 2,217 shares in the last quarter. CWA Asset Management Group LLC bought a new position in shares of World Kinect in the first quarter valued at about $490,000. Finally, QRG Capital Management Inc. raised its holdings in shares of World Kinect by 9.9% in the first quarter. QRG Capital Management Inc. now owns 15,982 shares of the company's stock valued at $453,000 after buying an additional 1,439 shares during the last quarter. 97.06% of the stock is owned by institutional investors and hedge funds.

World Kinect Stock Performance

WKC stock opened at $27.36 on Friday. The company has a 50 day moving average price of $28.24 and a 200 day moving average price of $27.57. 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 debt-to-equity ratio of 0.41, a current ratio of 1.15 and a quick ratio of 1.00. The stock has a market capitalization of $1.55 billion, a PE ratio of 113.98, a price-to-earnings-growth ratio of 1.30 and a beta of 1.35.

World Kinect (NYSE:WKC - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.48 by $0.11. World Kinect had a return on equity of 6.46% and a net margin of 0.05%. The company had revenue of $9.04 billion during the quarter, compared to analysts' expectations of $9.32 billion. Analysts forecast that World Kinect Corporation will post 2.56 EPS for the current year.

World Kinect Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 16th. Shareholders of record on Tuesday, June 17th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, June 17th. This represents a $0.80 annualized dividend and a yield of 2.9%. This is an increase from World Kinect's previous quarterly dividend of $0.17. World Kinect's dividend payout ratio (DPR) is presently 333.33%.

Analyst Upgrades and Downgrades

Separately, Bank of America decreased their price objective on shares of World Kinect from $27.00 to $26.00 and set an "underperform" rating on the stock in a report on Friday, April 25th.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.