World Kinect (NYSE:WKC) Sees Unusually-High Trading Volume After Analyst Upgrade

Shares of World Kinect Co. (NYSE:WKC) saw an uptick in trading volume on Friday after JPMorgan Chase & Co. raised their price target on the stock from $29.00 to $32.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. 1,340,409 shares changed hands during trading, an increase of 135% from the previous session’s volume of 571,380 shares.The stock last traded at $31.30 and had previously closed at $30.85.

WKC has been the topic of a number of other reports. Morgan Stanley cut shares of World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 price target on the stock. in a research report on Monday, September 16th. Stifel Nicolaus reduced their target price on World Kinect from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, July 26th. Finally, Bank of America boosted their target price on World Kinect from $24.00 to $27.00 and gave the company an “underperform” rating in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, World Kinect presently has a consensus rating of “Hold” and a consensus price target of $30.40.

Insider Buying and Selling

In related news, Director John L. Manley sold 16,000 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $28.28, for a total value of $452,480.00. Following the completion of the transaction, the director now directly owns 49,614 shares of the company’s stock, valued at approximately $1,403,083.92. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related 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 transaction of $1,645,828.16. Following the completion of the transaction, the chief executive officer now directly owns 1,019,063 shares in the company, valued at $28,452,238.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John L. Manley sold 16,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $28.28, for a total value of $452,480.00. Following the completion of the sale, the director now owns 49,614 shares in the company, valued at approximately $1,403,083.92. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On World Kinect

Hedge funds have recently made changes to their positions in the business. Innealta Capital LLC acquired a new position in World Kinect during the second quarter worth $65,000. Assetmark Inc. bought a new position in shares of World Kinect in the 4th quarter valued at about $96,000. PNC Financial Services Group Inc. bought a new position in shares of World Kinect in the 4th quarter valued at about $148,000. Point72 Asia Singapore Pte. Ltd. increased 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 during the last quarter. Finally, Privium Fund Management UK Ltd bought a new stake in World Kinect during the second quarter worth about $208,000. 97.06% of the stock is owned by institutional investors.

World Kinect Stock Up 1.8 %

The company has a debt-to-equity ratio of 0.39, a current ratio of 1.15 and a quick ratio of 0.98. The firm has a 50-day moving average of $27.73 and a 200 day moving average of $26.16. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 33.76, a PEG ratio of 1.08 and a beta of 1.24.

World Kinect (NYSE:WKC) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.08). The company had revenue of $10.97 billion during the quarter, compared to analyst estimates of $11.98 billion. World Kinect had a net margin of 0.29% and a return on equity of 6.26%. The company’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.48 EPS. As a group, sell-side analysts forecast that World Kinect Co. will post 2.15 earnings per share for the current fiscal year.

World Kinect Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 16th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.17 per share. The ex-dividend date is Monday, September 30th. This represents a $0.68 annualized dividend and a dividend yield of 2.17%. World Kinect’s dividend payout ratio is presently 73.12%.

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.