66,995 Shares in World Kinect Corporation $WKC Purchased by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P has initiated a new investment in World Kinect Corporation, acquiring 66,995 shares valued at approximately $1.9 million.
• World Kinect has recently increased its quarterly dividend from $0.17 to $0.20, representing an annual yield of 3.0%.
• Despite a positive earnings report with $0.59 EPS, several analysts have lowered their price targets for the stock, with the average target now at $29.40.

Martingale Asset Management L P acquired a new position in World Kinect Corporation (NYSE:WKC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 66,995 shares of the company's stock, valued at approximately $1,900,000. Martingale Asset Management L P owned about 0.12% of World Kinect as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Cetera Investment Advisers grew its holdings in shares of World Kinect by 5.1% in the first quarter. Cetera Investment Advisers now owns 9,250 shares of the company's stock valued at $262,000 after acquiring an additional 451 shares in the last quarter. SummerHaven Investment Management LLC boosted its position in World Kinect by 1.7% in the first quarter. SummerHaven Investment Management LLC now owns 31,049 shares of the company's stock worth $881,000 after purchasing an additional 509 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in World Kinect by 0.8% in the 1st quarter. Nisa Investment Advisors LLC now owns 63,073 shares of the company's stock valued at $1,799,000 after purchasing an additional 509 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in World Kinect by 2.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,475 shares of the company's stock valued at $893,000 after purchasing an additional 707 shares during the period. Finally, Vident Advisory LLC raised its stake in shares of World Kinect by 4.4% during the 4th quarter. Vident Advisory LLC now owns 17,831 shares of the company's stock worth $491,000 after purchasing an additional 748 shares during the period. Hedge funds and other institutional investors own 97.06% of the company's stock.

World Kinect Trading Down 1.4%

Shares of World Kinect stock traded down $0.39 during trading on Thursday, reaching $26.72. 73,847 shares of the stock were exchanged, compared to its average volume of 695,310. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 0.48. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -3.50, a price-to-earnings-growth ratio of 1.21 and a beta of 1.39. World Kinect Corporation has a 1 year low of $22.70 and a 1 year high of $31.70. The stock's fifty day moving average is $27.44 and its 200 day moving average is $27.22.

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

World Kinect Increases Dividend

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

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Morgan Stanley reduced their price target on shares of World Kinect from $32.00 to $26.00 and set an "underweight" rating for the company in a research report on Wednesday, August 6th. Raymond James Financial reiterated an "outperform" rating and issued a $33.00 target price (down from $35.00) on shares of World Kinect in a research note on Friday, August 1st. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, World Kinect presently has a consensus rating of "Reduce" and a consensus price target of $29.40.

World Kinect 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.