Bank of America Cuts World Kinect (NYSE:WKC) Price Target to $26.00

World Kinect (NYSE:WKC) had its price objective cut by Bank of America from $27.00 to $26.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an underperform rating on the stock.

Separately, Stifel Nicolaus decreased their price target on World Kinect from $32.00 to $30.00 and set a “hold” rating for the company in a report on Friday, February 21st.

World Kinect Trading Down 1.7 %

NYSE:WKC opened at $24.16 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.16 and a debt-to-equity ratio of 0.39. World Kinect has a 52-week low of $22.71 and a 52-week high of $31.71. The stock’s 50 day moving average price is $26.94 and its 200 day moving average price is $27.79. The company has a market capitalization of $1.37 billion, a PE ratio of 22.79, a P/E/G ratio of 0.89 and a beta of 1.19.

World Kinect (NYSE:WKC) last announced its earnings results on Thursday, April 24th. The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.03. World Kinect had a net margin of 0.16% and a return on equity of 6.43%. The business had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $10.47 billion. During the same period in the previous year, the company posted $0.47 EPS. On average, research analysts anticipate that World Kinect will post 2.56 EPS for the current year.

World Kinect Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 16th. Stockholders of record on Monday, March 31st were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend was Monday, March 31st. World Kinect’s dividend payout ratio (DPR) is 283.33%.

Insider Activity at World Kinect

In related news, CEO Michael J. Kasbar sold 21,507 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $28.96, for a total value of $622,842.72. Following the completion of the sale, the chief executive officer now owns 1,019,063 shares in the company, valued at $29,512,064.48. This trade represents a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in WKC. Stifel Financial Corp purchased a new position in World Kinect in the 3rd quarter valued at approximately $485,000. Barclays PLC grew its holdings in World Kinect by 18.6% in the third quarter. Barclays PLC now owns 256,126 shares of the company’s stock valued at $7,918,000 after purchasing an additional 40,233 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of World Kinect in the third quarter valued at $31,000. Principal Financial Group Inc. raised its stake in shares of World Kinect by 4.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,341,484 shares of the company’s stock worth $41,465,000 after buying an additional 56,952 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in shares of World Kinect by 1.5% in the 4th quarter. Nordea Investment Management AB now owns 138,386 shares of the company’s stock worth $3,779,000 after buying an additional 2,012 shares in the last quarter. 97.06% of the stock is owned by hedge funds and other institutional investors.

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.