World Kinect Corporation $WKC Stake Lessened by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its stake in World Kinect Corporation by 14.9%, now holding 2,609,828 shares, valued at approximately $74 million.
• World Kinect has recently increased its quarterly dividend to $0.20, yielding 3.2% annually, up from the previous $0.17.
• Brokerages have mixed ratings on World Kinect's stock, with a consensus target price of $29.40, and ratings ranging from "buy" to "sell" among analysts.

Invesco Ltd. trimmed its stake in shares of World Kinect Corporation (NYSE:WKC - Free Report) by 14.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,609,828 shares of the company's stock after selling 458,118 shares during the period. Invesco Ltd. owned about 4.61% of World Kinect worth $74,015,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in WKC. LPL Financial LLC raised its holdings in shares of World Kinect by 16.0% in the 4th quarter. LPL Financial LLC now owns 42,448 shares of the company's stock valued at $1,168,000 after purchasing an additional 5,861 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of World Kinect by 5.6% in the 4th quarter. Russell Investments Group Ltd. now owns 54,743 shares of the company's stock valued at $1,506,000 after purchasing an additional 2,923 shares in the last quarter. Cerity Partners LLC raised its stake in World Kinect by 125.1% during the fourth quarter. Cerity Partners LLC now owns 15,001 shares of the company's stock worth $426,000 after acquiring an additional 8,338 shares in the last quarter. Sterling Capital Management LLC lifted its stake in World Kinect by 8.8% in the 4th quarter. Sterling Capital Management LLC now owns 17,778 shares of the company's stock valued at $489,000 after purchasing an additional 1,437 shares during the last quarter. Finally, Barclays PLC grew its holdings in shares of World Kinect by 4.5% during the fourth quarter. Barclays PLC now owns 267,670 shares of the company's stock worth $7,363,000 after purchasing an additional 11,544 shares during the last quarter. 97.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

World Kinect Stock Down 0.0%

NYSE:WKC traded down $0.0070 during trading hours on Wednesday, hitting $25.8330. The company's stock had a trading volume of 156,152 shares, compared to its average volume of 703,360. The stock has a fifty day moving average of $27.65 and a 200-day moving average of $27.29. The stock has a market capitalization of $1.43 billion, a P/E ratio of -3.39, a price-to-earnings-growth ratio of 1.16 and a beta of 1.39. World Kinect Corporation has a 52-week low of $22.70 and a 52-week high of $31.70. The company has a current ratio of 1.13, a quick ratio of 0.98 and a debt-to-equity ratio of 0.48.

World Kinect (NYSE:WKC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.59 earnings per share (EPS) for the quarter, topping 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 company had revenue of $9.04 billion for the quarter, compared to the consensus estimate of $9.32 billion. On average, equities analysts forecast that World Kinect Corporation will post 2.56 earnings per share for the current year.

World Kinect Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 16th. Shareholders of record on Tuesday, June 17th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, June 17th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from World Kinect's previous quarterly dividend of $0.17. World Kinect's dividend payout ratio is currently -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.