Bank of New York Mellon Corp Cuts Stake in World Kinect Corporation (NYSE:WKC)

Bank of New York Mellon Corp reduced its holdings in World Kinect Corporation (NYSE:WKC - Free Report) by 4.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 583,106 shares of the company's stock after selling 27,104 shares during the period. Bank of New York Mellon Corp owned approximately 1.03% of World Kinect worth $16,537,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of WKC. Headlands Technologies LLC acquired a new stake in shares of World Kinect during the fourth quarter valued at about $48,000. New Age Alpha Advisors LLC acquired a new stake in shares of World Kinect during the fourth quarter valued at about $98,000. EP Wealth Advisors LLC increased its position in shares of World Kinect by 17.0% during the fourth quarter. EP Wealth Advisors LLC now owns 7,604 shares of the company's stock valued at $209,000 after acquiring an additional 1,104 shares during the last quarter. Eukles Asset Management boosted its stake in shares of World Kinect by 17.6% in the first quarter. Eukles Asset Management now owns 7,800 shares of the company's stock valued at $221,000 after purchasing an additional 1,165 shares during the period. Finally, Quantinno Capital Management LP purchased a new position in shares of World Kinect in the fourth quarter valued at approximately $224,000. 97.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Bank of America lowered their price target on shares of World Kinect from $27.00 to $26.00 and set an "underperform" rating for the company in a report on Friday, April 25th.

World Kinect Stock Performance

WKC stock traded down $0.27 on Friday, hitting $28.09. The company's stock had a trading volume of 502,890 shares, compared to its average volume of 785,109. The firm has a 50 day moving average of $28.12 and a two-hundred day moving average of $27.52. World Kinect Corporation has a 1 year low of $22.71 and a 1 year high of $31.71. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 117.04, a price-to-earnings-growth ratio of 1.32 and a beta of 1.35. The company has a current ratio of 1.15, a quick ratio of 1.00 and a debt-to-equity ratio of 0.41.

World Kinect (NYSE:WKC - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.03. The company had revenue of $9.45 billion for the quarter, compared to analysts' expectations of $10.47 billion. World Kinect had a net margin of 0.05% and a return on equity of 6.46%. World Kinect's revenue was down 13.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.47 EPS. Equities analysts predict that World Kinect Corporation will post 2.56 EPS for the current fiscal year.

World Kinect Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 16th. Stockholders of record on Tuesday, June 17th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, June 17th. This is a boost from World Kinect's previous quarterly dividend of $0.17. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.85%. World Kinect's dividend payout ratio is 333.33%.

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.