CIBC Asset Management Inc purchased a new position in Kirby Co. (NYSE:KEX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,512 shares of the shipping company’s stock, valued at approximately $206,000.
Several other large investors have also added to or reduced their stakes in the company. Retirement Systems of Alabama grew its stake in shares of Kirby by 7.6% in the third quarter. Retirement Systems of Alabama now owns 149,698 shares of the shipping company’s stock worth $12,299,000 after purchasing an additional 10,628 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in shares of Kirby by 4.2% in the third quarter. Diamond Hill Capital Management Inc. now owns 2,474,703 shares of the shipping company’s stock worth $203,322,000 after purchasing an additional 100,711 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. bought a new position in shares of Kirby in the third quarter worth $312,000. Municipal Employees Retirement System of Michigan grew its stake in shares of Kirby by 10.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 10,990 shares of the shipping company’s stock worth $903,000 after purchasing an additional 1,030 shares in the last quarter. Finally, Chartwell Investment Partners LLC grew its stake in shares of Kirby by 143.3% in the third quarter. Chartwell Investment Partners LLC now owns 234,430 shares of the shipping company’s stock worth $19,261,000 after purchasing an additional 138,070 shares in the last quarter. 94.94% of the stock is owned by institutional investors.
In other news, CEO David W. Grzebinski sold 9,069 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $78.40, for a total transaction of $711,009.60. Following the completion of the sale, the chief executive officer now directly owns 75,983 shares of the company’s stock, valued at $5,957,067.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Amy D. Husted sold 6,174 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $78.25, for a total value of $483,115.50. Following the sale, the vice president now directly owns 20,545 shares of the company’s stock, valued at $1,607,646.25. The disclosure for this sale can be found here. Insiders have sold 45,636 shares of company stock valued at $3,718,609 in the last ninety days. Company insiders own 1.80% of the company’s stock.
Several research analysts have recently issued reports on the company. Stephens raised Kirby from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $93.00 to $96.00 in a research note on Monday, July 29th. TheStreet raised Kirby from a “c+” rating to a “b-” rating in a research note on Wednesday, September 11th. Finally, ValuEngine cut Kirby from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $81.13.
Shares of KEX stock opened at $83.10 on Friday. The stock has a 50-day simple moving average of $81.11 and a 200 day simple moving average of $78.99. Kirby Co. has a fifty-two week low of $60.63 and a fifty-two week high of $86.44. The stock has a market capitalization of $4.95 billion, a P/E ratio of 29.06, a P/E/G ratio of 2.87 and a beta of 1.06. The company has a quick ratio of 1.19, a current ratio of 2.00 and a debt-to-equity ratio of 0.52.
Kirby (NYSE:KEX) last announced its earnings results on Friday, October 25th. The shipping company reported $0.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.09. Kirby had a return on equity of 5.64% and a net margin of 3.96%. The business had revenue of $666.80 million during the quarter, compared to analysts’ expectations of $724.17 million. During the same quarter last year, the business posted $0.70 earnings per share. The company’s quarterly revenue was down 5.4% on a year-over-year basis. On average, sell-side analysts anticipate that Kirby Co. will post 2.93 earnings per share for the current year.
Kirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation services and towing vessels transporting bulk liquid products, as well as operates tank barges throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii.
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