PNC Financial Services Group Inc. Sells 4,862 Shares of World Kinect Co. (NYSE:WKC)

PNC Financial Services Group Inc. lessened its holdings in World Kinect Co. (NYSE:WKC) by 59.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 3,382 shares of the company’s stock after selling 4,862 shares during the period. PNC Financial Services Group Inc.’s holdings in World Kinect were worth $93,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. QRG Capital Management Inc. boosted its holdings in shares of World Kinect by 3.7% during the 4th quarter. QRG Capital Management Inc. now owns 14,543 shares of the company’s stock valued at $400,000 after acquiring an additional 517 shares in the last quarter. Highland Capital Management LLC raised its position in World Kinect by 6.7% in the fourth quarter. Highland Capital Management LLC now owns 8,728 shares of the company’s stock valued at $240,000 after purchasing an additional 547 shares during the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of World Kinect during the fourth quarter valued at about $25,000. Wilmington Savings Fund Society FSB bought a new stake in shares of World Kinect during the third quarter worth about $31,000. Finally, Quarry LP increased its stake in shares of World Kinect by 3,600.0% in the third quarter. Quarry LP now owns 1,073 shares of the company’s stock valued at $33,000 after buying an additional 1,044 shares during the period. Institutional investors and hedge funds own 97.06% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus cut their target price on shares of World Kinect from $32.00 to $30.00 and set a “hold” rating on the stock in a research report on Friday, February 21st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, World Kinect has an average rating of “Hold” and an average price target of $29.80.

World Kinect Trading Up 1.0 %

Shares of WKC stock opened at $28.44 on Wednesday. World Kinect Co. has a 1-year low of $21.38 and a 1-year high of $31.71. The company has a current ratio of 1.16, a quick ratio of 0.99 and a debt-to-equity ratio of 0.39. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of 26.83, a PEG ratio of 0.89 and a beta of 1.16. The stock has a 50-day moving average of $28.46 and a 200-day moving average of $28.64.

World Kinect (NYSE:WKC) last released its earnings results on Thursday, February 20th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.05. World Kinect had a net margin of 0.16% and a return on equity of 6.43%. The business had revenue of $9.76 billion during the quarter, compared to the consensus estimate of $10.57 billion. On average, equities research analysts forecast that World Kinect Co. will post 2.56 earnings per share for the current year.

World Kinect Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 16th. Investors of record on Monday, March 31st will be issued a $0.17 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.68 annualized dividend and a yield of 2.39%. World Kinect’s payout ratio is 64.15%.

Insider Buying and Selling at World Kinect

In other World Kinect news, CEO Michael J. Kasbar sold 21,507 shares of World Kinect stock in a transaction that occurred on Tuesday, March 4th. The stock was 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 directly owns 1,019,063 shares in the company, valued at approximately $29,512,064.48. The trade was a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.90% of the company’s stock.

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.