World Kinect Corp CEO Michael J. Kasbar Sells $1.6M Worth of Shares: Insider Trading Update
World Kinect Corp (NYSE:WKC) Chairman, CEO, and President Michael J. Kasbar recently sold 58,948 shares of common stock at an average price of $27.92 per share, totaling $1,645,828. This move was made for estate and tax planning purposes, as indicated in the filing with the Securities and Exchange Commission. Despite the sale, Kasbar still retains 1,019,063 shares of World Kinect.
Insider transactions like these are closely watched by investors for insights into executive confidence in their company's performance. World Kinect, a major player in petroleum distribution, has recently faced mixed results in its Q2 2024 performance, with its Aviation business showing strength while the Land division struggled. Financial services company Stifel has adjusted its price target for World Kinect to $33, citing underperformance in the Land division.
InvestingPro Insights highlight World Kinect's market capitalization of $1.64 billion and a P/E ratio of 12.38, indicating reasonable valuation relative to earnings. The company's track record of dividend growth over 31 consecutive years demonstrates commitment to shareholder value. However, challenges in revenue growth and low gross profit margins suggest potential headwinds in the market.
For investors seeking more information, InvestingPro offers 11 additional tips for World Kinect Corp to gain a deeper understanding of the company's financial health and market position.