Public Sector Pension Investment Board Acquires 81,348 Shares of World Kinect Corporation $WKC

Key Points

• The Public Sector Pension Investment Board increased its holdings in World Kinect Corporation by 56.2%, now owning approximately 0.40% of the company valued at $6.41 million.
• World Kinect's quarterly earnings showed an EPS of $0.59, surpassing estimates by $0.11, despite reporting revenue below analyst expectations.
• The company recently announced a dividend increase to $0.20 per share, up from $0.17, representing a dividend yield of 3.2%.

Public Sector Pension Investment Board boosted its position in World Kinect Corporation (NYSE:WKC - Free Report) by 56.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 226,081 shares of the company's stock after purchasing an additional 81,348 shares during the period. Public Sector Pension Investment Board owned approximately 0.40% of World Kinect worth $6,412,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in WKC. Millennium Management LLC lifted its stake in World Kinect by 639.9% in the fourth quarter. Millennium Management LLC now owns 508,959 shares of the company's stock worth $14,001,000 after purchasing an additional 440,168 shares during the last quarter. Two Sigma Investments LP lifted its stake in World Kinect by 311.1% in the fourth quarter. Two Sigma Investments LP now owns 260,864 shares of the company's stock worth $7,176,000 after purchasing an additional 384,413 shares during the last quarter. LSV Asset Management lifted its stake in World Kinect by 29.0% in the first quarter. LSV Asset Management now owns 1,550,042 shares of the company's stock worth $43,959,000 after purchasing an additional 348,214 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in World Kinect by 118.7% in the fourth quarter. Ameriprise Financial Inc. now owns 631,698 shares of the company's stock worth $17,378,000 after purchasing an additional 342,823 shares during the last quarter. Finally, Nuveen LLC bought a new stake in World Kinect in the first quarter worth about $7,825,000. Institutional investors own 97.06% of the company's stock.

Analysts Set New Price Targets

WKC has been the subject of several research analyst reports. Raymond James Financial reaffirmed an "outperform" rating and set a $33.00 price target (down previously from $35.00) on shares of World Kinect in a research note on Friday, August 1st. Morgan Stanley lowered their price target on World Kinect from $32.00 to $26.00 and set an "underweight" rating for the company in a report on Wednesday, August 6th. Finally, Bank of America lowered their price target on World Kinect from $27.00 to $26.00 and set an "underperform" rating for the company in a report on Friday, April 25th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $29.40.

World Kinect Trading Down 0.1%

Shares of NYSE WKC traded down $0.0370 during trading hours on Thursday, reaching $25.7830. The stock had a trading volume of 525,835 shares, compared to its average volume of 635,478. 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 firm has a market cap of $1.43 billion, a price-to-earnings ratio of -3.38, a P/E/G ratio of 1.17 and a beta of 1.39. The business's fifty day moving average price is $27.54 and its two-hundred day moving average price is $27.27. 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 issued its quarterly earnings data on Thursday, July 31st. The company reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.48 by $0.11. The company had revenue of $9.04 billion during the quarter, compared to the consensus estimate of $9.32 billion. World Kinect had a negative net margin of 1.11% and a positive return on equity of 7.07%. Analysts expect that World Kinect Corporation will post 2.56 EPS for the current fiscal year.

World Kinect Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 16th. Investors of record on Tuesday, June 17th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.1%. 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%.

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.