Strs Ohio Makes New $740,000 Investment in World Kinect Corporation $WKC

Key Points

• Strs Ohio has made a new investment of approximately $740,000 in World Kinect Corporation, acquiring 26,100 shares in the first quarter.
• Several hedge funds, including Millennium Management LLC and Cubist Systematic Strategies LLC, significantly increased their stakes in World Kinect, indicating rising institutional interest in the company.
• World Kinect has announced a quarterly dividend of $0.20 per share, with a yield of 3.0%, set to be paid on October 16th, demonstrating its commitment to returning value to shareholders.

Strs Ohio bought a new stake in World Kinect Corporation (NYSE:WKC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 26,100 shares of the company's stock, valued at approximately $740,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Acadian Asset Management LLC acquired a new stake in World Kinect in the 1st quarter valued at approximately $1,946,000. Intech Investment Management LLC grew its holdings in shares of World Kinect by 95.5% during the 1st quarter. Intech Investment Management LLC now owns 47,437 shares of the company's stock worth $1,345,000 after purchasing an additional 23,176 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of World Kinect by 18.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 220,791 shares of the company's stock worth $6,262,000 after buying an additional 34,807 shares during the period. Empowered Funds LLC lifted its position in shares of World Kinect by 2.0% during the 1st quarter. Empowered Funds LLC now owns 322,130 shares of the company's stock worth $9,136,000 after buying an additional 6,461 shares during the period. Finally, Petrus Trust Company LTA bought a new position in shares of World Kinect during the 1st quarter worth approximately $473,000. Institutional investors and hedge funds own 97.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on WKC shares. Raymond James Financial restated an "outperform" rating and set a $33.00 target price (down previously from $35.00) on shares of World Kinect in a research report on Friday, August 1st. Morgan Stanley cut their target price on World Kinect from $32.00 to $26.00 and set an "underweight" rating for the company in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, World Kinect currently has a consensus rating of "Reduce" and an average price target of $28.75.

World Kinect Trading Up 1.9%

Shares of WKC traded up $0.50 during trading hours on Tuesday, hitting $26.58. 34,139 shares of the stock traded hands, compared to its average volume of 732,364. 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 Corporation has a 1-year low of $22.70 and a 1-year high of $31.64. The firm has a market capitalization of $1.48 billion, a PE ratio of -3.48, a price-to-earnings-growth ratio of 1.20 and a beta of 1.38. The business has a fifty day moving average of $26.60 and a 200-day moving average of $26.91.

World Kinect (NYSE:WKC - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $9.32 billion. World Kinect had a positive return on equity of 7.07% and a negative net margin of 1.11%. Analysts expect that World Kinect Corporation will post 2.56 EPS for the current year.

World Kinect Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 16th. Shareholders of record on Tuesday, September 30th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Tuesday, September 30th. World Kinect's dividend payout ratio is -10.48%.

World Kinect Company 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.