Glenmede Trust Co. NA Lowers Position in World Kinect Co. (NYSE:WKC)

Glenmede Trust Co. NA reduced its position in shares of World Kinect Co. (NYSE:WKC) by 0.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 505,748 shares of the company’s stock after selling 1,773 shares during the period. Glenmede Trust Co. NA owned approximately 0.87% of World Kinect worth $15,633,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in WKC. Louisiana State Employees Retirement System raised its stake in shares of World Kinect by 1.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 30,200 shares of the company’s stock worth $779,000 after buying an additional 400 shares in the last quarter. Envestnet Asset Management Inc. raised its position in World Kinect by 1.1% in the second quarter. Envestnet Asset Management Inc. now owns 70,091 shares of the company’s stock worth $1,808,000 after acquiring an additional 773 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its holdings in 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 during the period. Bahl & Gaynor Inc. boosted its position in shares of World Kinect by 0.7% during the 2nd quarter. Bahl & Gaynor Inc. now owns 187,018 shares of the company’s stock worth $4,825,000 after purchasing an additional 1,292 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of World Kinect by 5.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,255 shares of the company’s stock worth $781,000 after purchasing an additional 1,570 shares during the period. Institutional investors and hedge funds own 97.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on WKC shares. Morgan Stanley cut shares of World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 price objective for the company. in a research note on Monday, September 16th. JPMorgan Chase & Co. boosted their price target on World Kinect from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. Bank of America raised their price objective on World Kinect from $24.00 to $27.00 and gave the company an “underperform” rating in a research note on Friday, September 13th. Finally, Stifel Nicolaus downgraded World Kinect from a “buy” rating to a “hold” rating and decreased their target price for the stock from $33.00 to $32.00 in a research report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, World Kinect has an average rating of “Hold” and a consensus target price of $30.20.

World Kinect Stock Performance

Shares of World Kinect stock opened at $29.14 on Friday. World Kinect Co. has a 1 year low of $20.00 and a 1 year high of $31.70. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.16 and a quick ratio of 0.99. The business has a 50 day moving average price of $29.27 and a 200 day moving average price of $27.57. The company has a market capitalization of $1.69 billion, a P/E ratio of 12.95, a P/E/G ratio of 1.13 and a beta of 1.26.

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

World Kinect declared that its Board of Directors has initiated a stock repurchase plan on Monday, September 9th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 11% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

World Kinect Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 16th. Shareholders of record on Monday, September 30th were paid a dividend of $0.17 per share. The ex-dividend date was Monday, September 30th. This represents a $0.68 annualized dividend and a dividend yield of 2.33%. World Kinect’s dividend payout ratio is currently 30.22%.

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.