Hotchkis & Wiley Capital Management LLC Sells 17,620 Shares of World Kinect Corporation $WKC

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in World Kinect Corporation by 3.7%, now owning approximately 0.81% of the company after selling 17,620 shares.
• World Kinect Corporation's recent quarterly earnings beat consensus estimates, reporting $0.59 EPS against expectations of $0.48, although its revenue fell short at $9.04 billion.
• The company declared a quarterly dividend of $0.20 per share, reflecting a positive increase from previous dividends, which corresponds to an annualized yield of 3.0%.

Hotchkis & Wiley Capital Management LLC lowered its position in World Kinect Corporation (NYSE:WKC - Free Report) by 3.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 456,741 shares of the company's stock after selling 17,620 shares during the period. Hotchkis & Wiley Capital Management LLC owned 0.81% of World Kinect worth $12,953,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. AlphaQuest LLC increased its position in World Kinect by 576.8% during the 1st quarter. AlphaQuest LLC now owns 6,680 shares of the company's stock valued at $189,000 after buying an additional 5,693 shares in the last quarter. Martingale Asset Management L P bought a new position in World Kinect during the 1st quarter valued at approximately $1,900,000. Quantbot Technologies LP increased its position in World Kinect by 72.7% during the 1st quarter. Quantbot Technologies LP now owns 175,885 shares of the company's stock valued at $4,988,000 after buying an additional 74,012 shares in the last quarter. Algert Global LLC bought a new position in World Kinect during the 1st quarter valued at approximately $1,780,000. Finally, Brandywine Global Investment Management LLC increased its position in World Kinect by 6.2% during the 1st quarter. Brandywine Global Investment Management LLC now owns 209,277 shares of the company's stock valued at $5,935,000 after buying an additional 12,161 shares in the last quarter. Institutional investors own 97.06% of the company's stock.

World Kinect Stock Performance

NYSE WKC traded down $0.29 on Thursday, hitting $26.82. 962,554 shares of the company traded hands, compared to its average volume of 698,469. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -3.51, a P/E/G ratio of 1.21 and a beta of 1.39. The company has a current ratio of 1.13, a quick ratio of 0.98 and a debt-to-equity ratio of 0.48. The business's 50 day moving average price is $27.44 and its 200-day moving average price is $27.22. World Kinect Corporation has a 52-week low of $22.70 and a 52-week high of $31.70.

World Kinect (NYSE:WKC - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.11. The company had revenue of $9.04 billion for the quarter, compared to the consensus estimate of $9.32 billion. World Kinect had a positive return on equity of 7.07% and a negative net margin of 1.11%. Equities analysts expect that World Kinect Corporation will post 2.56 earnings per share for the current year.

World Kinect Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 16th. Stockholders of record on Tuesday, June 17th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.0%. This is a positive change from World Kinect's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, June 17th. World Kinect's payout ratio is presently -10.48%.

Analyst Upgrades and Downgrades

Several brokerages have commented on WKC. Raymond James Financial reiterated an "outperform" rating and set a $33.00 target price (down from $35.00) on shares of World Kinect in a research note on Friday, August 1st. Morgan Stanley cut their target price on World Kinect from $32.00 to $26.00 and set an "underweight" rating on the stock in a research note on Wednesday, August 6th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, World Kinect currently has an average rating of "Reduce" and an average target price of $29.40.

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.