Voya Investment Management LLC Sells 14,978,043 Shares of World Kinect Corporation $WKC

Key Points

• Voya Investment Management LLC drastically reduced its stake in World Kinect Corporation by 99.5%, selling nearly 15 million shares in the 1st quarter.
• Several large investors have adjusted their positions in World Kinect, with Intech Investment Management LLC boosting its stake by 95.5%.
• World Kinect recently announced a quarterly dividend of $0.20 per share, reflecting a 3.0% yield and a payout ratio of -10.48%.

Voya Investment Management LLC lessened its holdings in shares of World Kinect Corporation (NYSE:WKC - Free Report) by 99.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 75,235 shares of the company's stock after selling 14,978,043 shares during the quarter. Voya Investment Management LLC owned about 0.13% of World Kinect worth $2,134,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of WKC. Caitong International Asset Management Co. Ltd acquired a new stake in shares of World Kinect during the 1st quarter valued at approximately $32,000. Quarry LP bought a new stake in shares of World Kinect during the first quarter worth $38,000. PNC Financial Services Group Inc. increased its holdings in shares of World Kinect by 86.5% in the first quarter. PNC Financial Services Group Inc. now owns 6,307 shares of the company's stock worth $179,000 after acquiring an additional 2,925 shares in the last quarter. AlphaQuest LLC grew its stake in World Kinect by 576.8% in the first quarter. AlphaQuest LLC now owns 6,680 shares of the company's stock valued at $189,000 after purchasing an additional 5,693 shares in the last quarter. Finally, Eukles Asset Management raised its holdings in World Kinect by 17.6% in the 1st quarter. Eukles Asset Management now owns 7,800 shares of the company's stock valued at $221,000 after acquiring an additional 1,165 shares in the last quarter. 97.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Morgan Stanley reduced their price objective on shares of World Kinect from $32.00 to $26.00 and set an "underweight" rating for the company in a report on Wednesday, August 6th. Raymond James Financial reissued an "outperform" rating and issued a $33.00 price target (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 assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $28.75.

World Kinect Price Performance

Shares of WKC traded down $0.32 during mid-day trading on Monday, hitting $26.08. 806,699 shares of the company were exchanged, compared to its average volume of 957,306. The company has a 50 day moving average of $26.60 and a 200-day moving average of $26.91. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 11.43, a price-to-earnings-growth ratio of 1.20 and a beta of 1.38. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 1.13. World Kinect Corporation has a 1-year low of $22.70 and a 1-year high of $31.64.

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, topping 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 analysts' expectations of $9.32 billion. Analysts expect that World Kinect Corporation will post 2.56 EPS for the current fiscal year.

World Kinect Announces Dividend

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