World Kinect Corporation (NYSE:WKC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in shares of World Kinect Corporation (NYSE:WKC - Free Report) by 2.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,217,608 shares of the company's stock after selling 31,783 shares during the quarter. Principal Financial Group Inc. owned about 2.15% of World Kinect worth $34,531,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. SummerHaven Investment Management LLC boosted its position in shares of World Kinect by 1.7% during the first quarter. SummerHaven Investment Management LLC now owns 31,049 shares of the company's stock valued at $881,000 after buying an additional 509 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of World Kinect by 2.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,475 shares of the company's stock worth $893,000 after buying an additional 707 shares during the period. Vident Advisory LLC raised its stake in shares of World Kinect by 4.4% in the fourth quarter. Vident Advisory LLC now owns 17,831 shares of the company's stock worth $491,000 after buying an additional 748 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its stake in World Kinect by 3.0% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 32,176 shares of the company's stock valued at $885,000 after purchasing an additional 947 shares during the period. Finally, Mackenzie Financial Corp raised its stake in World Kinect by 5.1% during the 4th quarter. Mackenzie Financial Corp now owns 20,252 shares of the company's stock valued at $557,000 after purchasing an additional 990 shares during the period. 97.06% of the stock is currently owned by institutional investors.

World Kinect Stock Up 0.7%

NYSE:WKC traded up $0.20 during mid-day trading on Tuesday, hitting $29.49. 645,586 shares of the company's stock traded hands, compared to its average volume of 736,545. The company has a fifty day moving average of $27.57 and a 200 day moving average of $27.42. World Kinect Corporation has a twelve month low of $22.70 and a twelve month high of $31.70. The company has a market capitalization of $1.67 billion, a P/E ratio of 122.88, a P/E/G ratio of 1.27 and a beta of 1.35. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.00 and a current ratio of 1.15.

World Kinect (NYSE:WKC - Get Free Report) last posted its earnings results on Thursday, April 24th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.45 by $0.03. The firm had revenue of $9.45 billion for the quarter, compared to analyst estimates of $10.47 billion. World Kinect had a return on equity of 6.46% and a net margin of 0.05%. World Kinect's revenue for the quarter was down 13.7% compared to the same quarter last year. During the same period last year, the company earned $0.47 earnings per share. On average, analysts forecast that World Kinect Corporation will post 2.56 EPS for the current year.

World Kinect Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 16th. Investors of record on Tuesday, June 17th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Tuesday, June 17th. This is a boost from World Kinect's previous quarterly dividend of $0.17. World Kinect's dividend payout ratio (DPR) is currently 333.33%.

Analyst Ratings Changes

Separately, Bank of America reduced their price objective on World Kinect from $27.00 to $26.00 and set an "underperform" rating on the stock in a research note on Friday, April 25th.

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.