Kirby Co. (KEX) Shares Bought by Texas Permanent School Fund
Texas Permanent School Fund raised its stake in shares of Kirby Co. (NYSE:KEX) by 3.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,589 shares of the shipping company’s stock after buying an additional 1,331 shares during the period. Texas Permanent School Fund’s holdings in Kirby were worth $2,748,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. Tygh Capital Management Inc. boosted its holdings in shares of Kirby by 43.5% in the first quarter. Tygh Capital Management Inc. now owns 130,006 shares of the shipping company’s stock worth $9,765,000 after buying an additional 39,441 shares during the period. Baillie Gifford & Co. boosted its holdings in shares of Kirby by 0.3% during the first quarter. Baillie Gifford & Co. now owns 7,712,253 shares of the shipping company’s stock worth $579,267,000 after purchasing an additional 23,660 shares during the period. Diamond Hill Capital Management Inc. boosted its holdings in shares of Kirby by 5.8% during the first quarter. Diamond Hill Capital Management Inc. now owns 2,522,073 shares of the shipping company’s stock worth $189,433,000 after purchasing an additional 138,081 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in shares of Kirby during the first quarter worth approximately $282,000. Finally, Janney Montgomery Scott LLC boosted its holdings in shares of Kirby by 19.5% during the first quarter. Janney Montgomery Scott LLC now owns 9,052 shares of the shipping company’s stock worth $680,000 after purchasing an additional 1,479 shares during the period. 96.45% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts recently commented on the stock. Bank of America upgraded shares of Kirby from an “underperform” rating to a “buy” rating in a report on Friday, May 3rd. Zacks Investment Research cut shares of Kirby from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. TheStreet upgraded shares of Kirby from a “c+” rating to a “b” rating in a report on Thursday, May 2nd. Wells Fargo & Co raised their price target on shares of Kirby from $74.00 to $80.00 and gave the stock a “market perform” rating in a report on Wednesday, April 24th. They noted that the move was a valuation call. Finally, BTIG Research assumed coverage on shares of Kirby in a report on Friday, January 25th. They set a “neutral” rating and a $67.40 price target for the company. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Kirby currently has an average rating of “Buy” and an average target price of $86.60.
Kirby (NYSE:KEX) last posted its quarterly earnings results on Thursday, May 2nd. The shipping company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.72 by $0.02. The business had revenue of $744.60 million during the quarter, compared to analysts’ expectations of $737.78 million. Kirby had a net margin of 3.04% and a return on equity of 5.50%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the company posted $0.67 earnings per share. Sell-side analysts predict that Kirby Co. will post 3.5 EPS for the current year.
In related news, Director Richard Ross Stewart sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $74.67, for a total transaction of $186,675.00. Following the transaction, the director now owns 19,831 shares of the company’s stock, valued at $1,480,780.77. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Monte J. Miller sold 4,937 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $84.91, for a total transaction of $419,200.67. Following the transaction, the director now directly owns 19,126 shares in the company, valued at approximately $1,623,988.66. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,971 shares of company stock worth $1,355,459. Insiders own 1.80% of the company’s stock.
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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