Brandywine Global Increases Stake in World Kinect Corporation to $7.03 Million

Brandywine Global Investment Management LLC has enhanced its investment in World Kinect Corporation, raising its stake by 18.5% during the second quarter of 2023. According to the firm’s latest 13F filing with the Securities and Exchange Commission, Brandywine now holds 248,087 shares of World Kinect, valued at approximately $7.03 million after acquiring an additional 38,810 shares during the quarter.

The growing interest in World Kinect has not been limited to Brandywine. Several other hedge funds have also adjusted their positions in the company recently. First Horizon Advisors Inc., for instance, increased its holdings by an impressive 188.4%, bringing its total to 998 shares worth around $28,000. Similarly, Caitong International Asset Management Co. Ltd. entered a new stake valued at roughly $32,000, while Quarry LP established a position worth about $38,000.

In addition, GAMMA Investing LLC raised its stake by 27.6%, now owning 1,589 shares valued at $45,000. Parkside Financial Bank & Trust also boosted its holdings by 14.5%, now controlling 3,976 shares worth $113,000. Overall, institutional investors own 97.06% of World Kinect’s stock.

Stock Performance and Market Data

On October 16, 2023, shares of World Kinect Corporation (NYSE: WKC) opened at $23.96. The stock has seen fluctuations, with a fifty-day moving average of $25.50 and a 200-day moving average of $26.71. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99, and a current ratio of 1.15.

World Kinect has experienced a 52-week low of $22.70 and a high of $31.54. Currently, the company’s market capitalization stands at $1.33 billion, with a price-to-earnings (P/E) ratio of -3.09 and a P/E/G ratio of 1.31. The stock has a beta of 1.32, indicating a volatility slightly above the market average.

Dividend Payments and Analyst Ratings

In conjunction with its financial activities, World Kinect recently declared a quarterly dividend of $0.20 per share, paid on October 16, 2023. This payment applies to investors who were on record as of September 30, 2023, with an annualized dividend yield of 3.3%. The company’s dividend payout ratio is currently reported at -10.34%.

Analysts have taken note of World Kinect’s recent performance. Morgan Stanley downgraded its price target for the company from $32.00 to $26.00, assigning an “underweight” rating. Zacks Research also revised its stance, changing its rating from “strong buy” to “hold.” Conversely, Raymond James Financial reiterated an “outperform” rating, with a revised price target of $33.00, down from $35.00.

Currently, one research analyst has rated World Kinect as a Buy, two have issued Hold ratings, and three have assigned Sell ratings. MarketBeat data indicates that the average rating for the stock is “Reduce,” with a consensus target price of $28.75.

World Kinect Corporation operates as an energy management company with a presence in the United States, the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Its services include fuel management, price risk management, ground handling, and trip planning, among others.

Investors interested in World Kinect can stay updated on its financial position and stock performance through various financial news platforms and market analysis services.