Nuveen LLC Purchases Shares of 314,241 Kirby Corporation $KEX

Key Points

• Nuveen LLC acquired 314,241 shares of Kirby Corporation (NYSE:KEX) in the first quarter, valued at approximately $31.7 million, reflecting a 0.55% ownership in the company.
• Kirby Corporation reported earnings of $1.67 per share for the latest quarter, exceeding analysts' expectations of $1.59, and a revenue of approximately $855.5 million.
• Bank of America raised its price target for Kirby shares from $116.00 to $125.00 and issued a "buy" rating in a recent research note.

Nuveen LLC purchased a new position in shares of Kirby Corporation (NYSE:KEX - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 314,241 shares of the shipping company's stock, valued at approximately $31,741,000. Nuveen LLC owned 0.55% of Kirby at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Colonial Trust Co SC lifted its holdings in shares of Kirby by 295.3% during the 4th quarter. Colonial Trust Co SC now owns 253 shares of the shipping company's stock worth $27,000 after acquiring an additional 189 shares during the period. Opal Wealth Advisors LLC bought a new stake in shares of Kirby during the 1st quarter worth approximately $28,000. KBC Group NV bought a new stake in shares of Kirby during the 1st quarter worth approximately $32,000. UMB Bank n.a. lifted its holdings in shares of Kirby by 147.2% during the 1st quarter. UMB Bank n.a. now owns 351 shares of the shipping company's stock worth $35,000 after acquiring an additional 209 shares during the period. Finally, Versant Capital Management Inc bought a new stake in shares of Kirby during the 1st quarter worth approximately $44,000. Institutional investors own 96.15% of the company's stock.

Kirby Trading Down 1.0%

NYSE KEX traded down $0.9480 on Wednesday, hitting $97.5520. The company's stock had a trading volume of 395,949 shares, compared to its average volume of 622,567. The company has a quick ratio of 1.12, a current ratio of 1.74 and a debt-to-equity ratio of 0.33. Kirby Corporation has a 1-year low of $83.94 and a 1-year high of $132.21. The company's 50-day moving average is $110.63 and its 200 day moving average is $105.34. The firm has a market cap of $5.44 billion, a PE ratio of 18.44, a PEG ratio of 0.97 and a beta of 1.01.

Kirby (NYSE:KEX - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The shipping company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.08. Kirby had a net margin of 9.25% and a return on equity of 10.02%. The firm had revenue of $855.46 million during the quarter, compared to analysts' expectations of $851.94 million. During the same period in the prior year, the company posted $1.43 EPS. The company's revenue was up 3.8% on a year-over-year basis. As a group, analysts predict that Kirby Corporation will post 6.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Bank of America increased their price objective on shares of Kirby from $116.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Kirby has a consensus rating of "Buy" and an average price target of $130.00.

About Kirby

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.