Martingale Asset Management L P Buys New Position in World Kinect Corporation $WKC

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) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 66,995 shares of the company's stock, valued at approximately $1,900,000. Martingale Asset Management L P owned 0.12% of World Kinect as of its most recent SEC filing.

A number of other large investors have also modified their holdings of WKC. Barclays PLC grew its holdings in 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 acquiring an additional 11,544 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in shares of World Kinect by 2.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 63,209 shares of the company's stock valued at $1,738,000 after acquiring an additional 1,331 shares during the period. First Trust Advisors LP raised its holdings in shares of World Kinect by 23.5% during the fourth quarter. First Trust Advisors LP now owns 139,476 shares of the company's stock valued at $3,837,000 after acquiring an additional 26,573 shares during the period. MetLife Investment Management LLC raised its holdings in shares of World Kinect by 6.8% during the fourth quarter. MetLife Investment Management LLC now owns 35,527 shares of the company's stock valued at $977,000 after acquiring an additional 2,248 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of World Kinect by 3.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 140,981 shares of the company's stock valued at $3,879,000 after acquiring an additional 4,431 shares during the period. Institutional investors and hedge funds own 97.06% of the company's stock.

Wall Street Analyst Weigh In

WKC has been the topic of a number of research analyst reports. Morgan Stanley lowered their price target on World Kinect from $32.00 to $26.00 and set an "underweight" rating on the stock in a report on Wednesday, August 6th. Raymond James Financial reiterated an "outperform" rating and issued a $33.00 target price (down previously from $35.00) on shares of World Kinect in a research report on Friday, August 1st. One 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. According to data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $29.40.

World Kinect Stock Up 1.7%

WKC stock traded up $0.46 during trading hours on Wednesday, hitting $27.11. The company's stock had a trading volume of 365,293 shares, compared to its average volume of 697,861. The stock has a 50 day moving average price of $27.46 and a two-hundred day moving average price of $27.22. World Kinect Corporation has a 12 month low of $22.70 and a 12 month high of $31.70. The company has a market capitalization of $1.51 billion, a PE ratio of -3.55, a price-to-earnings-growth ratio of 1.20 and a beta of 1.39. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 0.48.

World Kinect (NYSE:WKC - Get Free Report) last released its quarterly earnings data 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 business had revenue of $9.04 billion during the quarter, compared to analyst estimates of $9.32 billion. On average, equities research analysts expect that World Kinect Corporation will post 2.56 earnings per share for the current year.

World Kinect Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 16th. Shareholders of record on Tuesday, June 17th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, June 17th. This is an increase 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 dividend payout ratio (DPR) is currently -10.48%.

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.