Pinnacle Associates Ltd. Buys Shares of 49,286 World Kinect Co. (NYSE:WKC)

Pinnacle Associates Ltd. bought a new stake in World Kinect Co. (NYSE:WKC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 49,286 shares of the company’s stock, valued at approximately $1,523,000. Pinnacle Associates Ltd. owned about 0.08% of World Kinect as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the company. Highland Capital Management LLC acquired a new stake in World Kinect in the third quarter valued at $253,000. Everence Capital Management Inc. acquired a new stake in World Kinect in the third quarter valued at $210,000. Exchange Traded Concepts LLC purchased a new stake in shares of World Kinect in the third quarter valued at $1,073,000. SG Americas Securities LLC lifted its position in shares of World Kinect by 28.6% in the third quarter. SG Americas Securities LLC now owns 63,341 shares of the company’s stock valued at $1,958,000 after acquiring an additional 14,068 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its position in shares of World Kinect by 20.7% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,927 shares of the company’s stock valued at $179,000 after acquiring an additional 1,189 shares in the last quarter. Institutional investors and hedge funds own 97.06% of the company’s stock.

Insider Activity

In other news, CEO Michael J. Kasbar sold 58,948 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $27.92, for a total value of $1,645,828.16. Following the completion of the sale, the chief executive officer now owns 1,019,063 shares in the company, valued at approximately $28,452,238.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.90% of the company’s stock.

World Kinect Stock Performance

NYSE WKC opened at $26.28 on Friday. The business’s 50-day moving average price is $29.52 and its 200 day moving average price is $27.05. The company has a market capitalization of $1.53 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 1.03 and a beta of 1.25. The company has a current ratio of 1.16, a quick ratio of 0.99 and a debt-to-equity ratio of 0.39. World Kinect Co. has a twelve month low of $18.96 and a twelve month high of $31.70.

World Kinect (NYSE:WKC) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.62 EPS for the quarter, hitting analysts’ consensus estimates of $0.62. The company had revenue of $10.49 billion for the quarter, compared to the consensus estimate of $11.77 billion. World Kinect had a return on equity of 6.29% and a net margin of 0.30%. The company’s quarterly revenue was down 14.3% compared to the same quarter last year. During the same period last year, the business posted $0.58 EPS. On average, research analysts predict that World Kinect Co. will post 2.12 earnings per share for the current year.

World Kinect announced that its board has initiated a share repurchase plan on Monday, September 9th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy up to 11% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

World Kinect Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 16th. Stockholders of record on Monday, September 30th were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.59%. World Kinect’s dividend payout ratio (DPR) is currently 30.22%.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Morgan Stanley downgraded World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 price objective on the stock. in a research report on Monday, September 16th. JPMorgan Chase & Co. upped their price objective on World Kinect from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. Stifel Nicolaus downgraded World Kinect from a “buy” rating to a “hold” rating and reduced their target price for the stock from $33.00 to $32.00 in a research report on Friday, October 25th. Finally, Bank of America increased their target price on World Kinect from $24.00 to $27.00 and gave the stock an “underperform” rating in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $30.20.

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.