State of New Jersey Common Pension Fund D Has $1.97 Million Stock Holdings in World Kinect Corporation $WKC

State of New Jersey Common Pension Fund D lifted its position in World Kinect Corporation (NYSE:WKC) by 9.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,448 shares of the company’s stock after acquiring an additional 6,187 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.12% of World Kinect worth $1,969,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. AlphaQuest LLC raised its position in shares of World Kinect by 541.8% in the 2nd quarter. AlphaQuest LLC now owns 42,871 shares of the company’s stock valued at $1,215,000 after acquiring an additional 36,191 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of World Kinect in the 2nd quarter valued at approximately $1,534,000. Nordea Investment Management AB raised its position in shares of World Kinect by 1.5% in the 2nd quarter. Nordea Investment Management AB now owns 145,513 shares of the company’s stock valued at $4,103,000 after acquiring an additional 2,180 shares during the period. Allianz Asset Management GmbH raised its position in shares of World Kinect by 9.4% in the 2nd quarter. Allianz Asset Management GmbH now owns 126,824 shares of the company’s stock valued at $3,595,000 after acquiring an additional 10,943 shares during the period. Finally, Vest Financial LLC raised its position in shares of World Kinect by 24.9% in the 2nd quarter. Vest Financial LLC now owns 73,975 shares of the company’s stock valued at $2,097,000 after acquiring an additional 14,754 shares during the period. 97.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on WKC. Morgan Stanley decreased their price objective 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. Zacks Research lowered World Kinect from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Weiss Ratings reiterated a “sell (d+)” rating on shares of World Kinect in a research report on Wednesday, October 8th. Finally, Raymond James Financial reiterated 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 equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $28.75.

World Kinect Price Performance

Shares of WKC opened at $25.90 on Friday. The stock has a market capitalization of $1.44 billion, a P/E ratio of -3.35, a P/E/G ratio of 1.31 and a beta of 1.31. World Kinect Corporation has a twelve month low of $22.70 and a twelve month high of $31.54. The company has a 50 day moving average of $26.04 and a 200-day moving average of $26.66. The company has a quick ratio of 0.99, a current ratio of 1.15 and a debt-to-equity ratio of 0.47.

World Kinect (NYSE:WKC) last issued its quarterly earnings results on Thursday, October 23rd. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.07). The business had revenue of $9.39 billion for the quarter, compared to the consensus estimate of $9.38 billion. World Kinect had a positive return on equity of 7.11% and a negative net margin of 1.16%.World Kinect’s revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.62 earnings per share. As a group, equities research analysts forecast that World Kinect Corporation will post 2.56 EPS for the current fiscal year.

World Kinect Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 16th. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, September 30th. World Kinect’s dividend payout ratio (DPR) is currently -10.34%.

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.