Y Intercept Hong Kong Ltd grew its holdings in World Kinect Corporation (NYSE:WKC – Free Report) by 128.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,389 shares of the company’s stock after purchasing an additional 28,922 shares during the period. Y Intercept Hong Kong Ltd’s holdings in World Kinect were worth $1,186,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Millennium Management LLC grew its holdings in shares of World Kinect by 373.8% in the third quarter. Millennium Management LLC now owns 1,602,996 shares of the company’s stock worth $41,598,000 after purchasing an additional 1,264,684 shares during the last quarter. Brandes Investment Partners LP lifted its holdings in World Kinect by 30.9% during the 4th quarter. Brandes Investment Partners LP now owns 3,845,750 shares of the company’s stock valued at $90,106,000 after buying an additional 907,490 shares in the last quarter. Pacer Advisors Inc. bought a new stake in World Kinect during the 4th quarter valued at about $9,427,000. Qube Research & Technologies Ltd boosted its position in World Kinect by 119.5% in the 3rd quarter. Qube Research & Technologies Ltd now owns 702,367 shares of the company’s stock valued at $18,226,000 after buying an additional 382,340 shares during the period. Finally, OP Asset Management Ltd bought a new position in World Kinect in the 1st quarter worth about $7,532,000. 97.06% of the stock is owned by hedge funds and other institutional investors.
World Kinect Stock Up 2.4%
World Kinect stock traded up $0.84 during mid-day trading on Friday, reaching $35.24. 1,014,154 shares of the company were exchanged, compared to its average volume of 1,070,594. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.87 and a current ratio of 1.05. The firm has a market cap of $1.81 billion, a P/E ratio of -3.45, a PEG ratio of 0.72 and a beta of 1.19. The business has a fifty day moving average of $30.39 and a 200 day moving average of $26.85. World Kinect Corporation has a 12-month low of $22.21 and a 12-month high of $35.34.
World Kinect Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 16th. Shareholders of record on Tuesday, June 30th will be issued a $0.23 dividend. This is a boost from World Kinect’s previous quarterly dividend of $0.20. This represents a $0.92 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Tuesday, June 30th. World Kinect’s dividend payout ratio is presently -9.01%.
Insider Activity
In other World Kinect news, Director Paul H. Stebbins sold 20,828 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $27.69, for a total transaction of $576,727.32. Following the completion of the sale, the director directly owned 40,669 shares of the company’s stock, valued at approximately $1,126,124.61. This represents a 33.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Michael John Kroll sold 2,100 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $27.30, for a total transaction of $57,330.00. Following the completion of the sale, the chief accounting officer owned 10,390 shares in the company, valued at $283,647. This represents a 16.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 107,928 shares of company stock valued at $3,107,065. Company insiders own 3.80% of the company’s stock.
Analyst Ratings Changes
A number of brokerages have recently commented on WKC. Zacks Research lowered shares of World Kinect from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 2nd. Wall Street Zen raised World Kinect from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings upgraded World Kinect from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, June 29th. Finally, Morgan Stanley upped their target price on World Kinect from $25.00 to $26.00 and gave the stock an “underweight” rating in a report on Tuesday, May 5th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, World Kinect presently has a consensus rating of “Hold” and an average target price of $29.50.
Read Our Latest Stock Analysis on World Kinect
World Kinect Company Profile
World Kinect Energy Services, Inc (NYSE: WKC) is a global energy services company specializing in fuel procurement, supply chain management and risk mitigation solutions. The company offers an integrated platform that facilitates the sourcing, trading and logistics of refined fuels, natural gas, liquefied natural gas (LNG) and renewable energy products. Its services are designed to help industrial, commercial and institutional clients optimize energy costs, comply with environmental regulations and manage price volatility.
In addition to traditional commodity trading and delivery, World Kinect provides a suite of value-added services that include carbon offset and decarbonization strategies, energy efficiency consulting and emissions reporting.
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