Allspring Global Investments Holdings LLC Acquires 106,411 Shares of Kirby Co. (NYSE:KEX)

Allspring Global Investments Holdings LLC boosted its holdings in Kirby Co. (NYSE:KEX) by 92.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 221,460 shares of the shipping company’s stock after purchasing an additional 106,411 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.39% of Kirby worth $23,247,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Entropy Technologies LP purchased a new position in shares of Kirby in the fourth quarter worth about $1,142,000. Empowered Funds LLC purchased a new position in Kirby in the 4th quarter worth approximately $25,000. Lecap Asset Management Ltd. bought a new stake in Kirby in the fourth quarter valued at approximately $1,352,000. Tectonic Advisors LLC boosted its stake in shares of Kirby by 4.8% during the fourth quarter. Tectonic Advisors LLC now owns 60,188 shares of the shipping company’s stock valued at $6,368,000 after purchasing an additional 2,732 shares during the period. Finally, Calamos Advisors LLC bought a new position in shares of Kirby in the fourth quarter worth approximately $835,000. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

Kirby Stock Performance

Shares of KEX stock opened at $108.47 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.29. The stock has a fifty day moving average of $108.48 and a 200 day moving average of $116.74. The firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of 22.09, a PEG ratio of 0.89 and a beta of 1.19. Kirby Co. has a 52 week low of $84.56 and a 52 week high of $132.21.

Kirby (NYSE:KEX) last announced its earnings results on Thursday, January 30th. The shipping company reported $1.29 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.01). Kirby had a net margin of 8.78% and a return on equity of 9.78%. As a group, research analysts expect that Kirby Co. will post 6.54 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Richard Ross Stewart sold 8,000 shares of Kirby stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $128.21, for a total transaction of $1,025,680.00. Following the completion of the transaction, the director now directly owns 15,488 shares in the company, valued at approximately $1,985,716.48. This trade represents a 34.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Scott P. Miller sold 1,244 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $107.61, for a total value of $133,866.84. Following the sale, the vice president now owns 5,545 shares in the company, valued at approximately $596,697.45. This represents a 18.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Stifel Nicolaus lowered their price target on shares of Kirby from $136.00 to $135.00 and set a “buy” rating for the company in a report on Friday, January 31st. StockNews.com lowered shares of Kirby from a “buy” rating to a “hold” rating in a report on Thursday, January 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $129.25.

Kirby Company Profile

Kirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation service and towing vessel transporting bulk liquid product, as well as operates tank barge throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii.