next after the fifteenth; being the ordinal number for 16.
being one of 16 equal parts.
a sixteenth part, especially of one (1/16).
the sixteenth member of a series.

before 900; Middle English sixtenthe (see sixteen, -th2); replacing Middle English sixtenthe, sixtethe, Old English sixtēotha (see tithe) Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
sixteenth (ˈsɪksˈtiːnθ)
1.  (usually prenominal)
 a.  coming after the fifteenth in numbering or counting order, position, time, etc; being the ordinal number of sixteen: often written 16th
 b.  (as noun): the sixteenth of the month
2.  a.  one of 16 equal or nearly equal parts of something
 b.  (as modifier): a sixteenth part
3.  the fraction that is equal to one divided by 16 (1/16)

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
Ethanol production uses about one sixteenth as much fossil fuel to make as it replaces.
But try to move one sixteenth of an inch, and you'd have to spend time moving carefully to get it right.
On average, for his career, he has ranked a hundred and sixteenth.
Though only about one-sixteenth-inch in size, they can destroy a hive of tens of thousands of bees in as little as six months.
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