Envestnet Asset Management Inc. Sells 12,863 Shares of 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. cut its position in World Kinect Corporation (NYSE:WKC - Free Report) by 21.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,326 shares of the company's stock after selling 12,863 shares during the period. Envestnet Asset Management Inc. owned 0.08% of World Kinect worth $1,314,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Invesco Ltd. raised its holdings in shares of World Kinect by 30.6% in the 4th quarter. Invesco Ltd. now owns 3,067,946 shares of the company's stock worth $84,399,000 after purchasing an additional 719,631 shares during the period. Millennium Management LLC raised its holdings in World Kinect by 639.9% during the 4th quarter. Millennium Management LLC now owns 508,959 shares of the company's stock valued at $14,001,000 after acquiring an additional 440,168 shares during the period. EVR Research LP raised its holdings in World Kinect by 163.0% during the 4th quarter. EVR Research LP now owns 710,000 shares of the company's stock valued at $19,532,000 after acquiring an additional 440,000 shares during the period. Two Sigma Investments LP raised its holdings in World Kinect by 311.1% during the 4th quarter. Two Sigma Investments LP now owns 260,864 shares of the company's stock valued at $7,176,000 after acquiring an additional 384,413 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in World Kinect by 118.7% during the 4th quarter. Ameriprise Financial Inc. now owns 631,698 shares of the company's stock valued at $17,378,000 after acquiring an additional 342,823 shares during the period. 97.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WKC has been the subject of a number of recent analyst reports. Raymond James Financial restated an "outperform" rating and set a $33.00 price target (down from $35.00) on shares of World Kinect in a research report on Friday. Bank of America cut their target price on shares of World Kinect from $27.00 to $26.00 and set an "underperform" rating for the company in a research report on Friday, April 25th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, World Kinect currently has a consensus rating of "Hold" and a consensus price target of $29.80.

World Kinect Stock Down 1.1%

WKC traded down $0.27 on Tuesday, hitting $24.99. The company had a trading volume of 294,203 shares, compared to its average volume of 711,179. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.13 and a quick ratio of 0.98. World Kinect Corporation has a 52-week low of $22.70 and a 52-week high of $31.70. The stock has a fifty day simple moving average of $28.16 and a 200-day simple moving average of $27.52. The firm has a market capitalization of $1.42 billion, a P/E ratio of -3.28, a P/E/G ratio of 1.21 and a beta of 1.39.

World Kinect (NYSE:WKC - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.59 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $9.32 billion. As a group, equities analysts expect that World Kinect Corporation will post 2.56 EPS for the current fiscal year.

World Kinect Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 16th. Stockholders of record on Tuesday, June 17th were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, June 17th. This is a positive change from World Kinect's previous quarterly dividend of $0.17. This represents a $0.80 annualized dividend and a dividend yield of 3.2%. World Kinect's dividend payout ratio (DPR) is -10.48%.

About World Kinect

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.