Strs Ohio Invests $740,000 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 purchased a new position in World Kinect Corporation (NYSE:WKC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 26,100 shares of the company's stock, valued at approximately $740,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd acquired a new position in shares of World Kinect during the first quarter worth about $32,000. Quarry LP acquired a new position in shares of World Kinect during the first quarter worth about $38,000. PNC Financial Services Group Inc. boosted its position in shares of World Kinect by 86.5% during the first quarter. PNC Financial Services Group Inc. now owns 6,307 shares of the company's stock worth $179,000 after buying an additional 2,925 shares during the period. AlphaQuest LLC boosted its position in shares of World Kinect by 576.8% during the first quarter. AlphaQuest LLC now owns 6,680 shares of the company's stock worth $189,000 after buying an additional 5,693 shares during the period. Finally, Eukles Asset Management boosted its position in shares of World Kinect by 17.6% during the first quarter. Eukles Asset Management now owns 7,800 shares of the company's stock worth $221,000 after buying an additional 1,165 shares during the period. 97.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on WKC. Morgan Stanley reduced their price target 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. Raymond James Financial reaffirmed an "outperform" rating and issued a $33.00 price objective (down from $35.00) on shares of World Kinect in a research report on Friday, August 1st. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and an average target price of $28.75.

World Kinect Stock Performance

Shares of NYSE WKC traded down $0.23 during midday trading on Monday, reaching $26.17. The company's stock had a trading volume of 153,494 shares, compared to its average volume of 732,690. World Kinect Corporation has a 12-month low of $22.70 and a 12-month high of $31.64. The firm has a 50 day moving average price of $26.66 and a 200-day moving average price of $26.92. The stock has a market capitalization of $1.45 billion, a P/E ratio of -3.42, a PEG ratio of 1.20 and a beta of 1.38. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.13 and a quick ratio of 0.98.

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

World Kinect Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.80 annualized dividend and a dividend yield of 3.1%. World Kinect's dividend payout ratio is currently -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.