Hancock Whitney Corp Buys New Shares in Kirby Corporation $KEX

Key Points

• Hancock Whitney Corp acquired 6,516 shares of Kirby Corporation, valued at approximately $658,000, as part of their investment strategy in the first quarter.
• Kirby reported a quarterly EPS of $1.67, exceeding analyst estimates of $1.59, alongside a year-over-year revenue increase of 3.8% to $855.46 million.
• Analysts have given Kirby a "Moderate Buy" rating with an average price target of $121.00, highlighting a recent upgrade from "strong sell" to "hold" by Zacks Research.

Hancock Whitney Corp bought a new position in shares of Kirby Corporation (NYSE:KEX - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 6,516 shares of the shipping company's stock, valued at approximately $658,000.

Other institutional investors also recently modified their holdings of the company. Colonial Trust Co SC boosted its holdings in shares of Kirby by 295.3% during the fourth quarter. Colonial Trust Co SC now owns 253 shares of the shipping company's stock worth $27,000 after purchasing an additional 189 shares during the period. Opal Wealth Advisors LLC purchased a new stake in Kirby in the first quarter worth about $28,000. KBC Group NV purchased a new stake in Kirby in the first quarter worth about $32,000. UMB Bank n.a. lifted its holdings in Kirby by 147.2% in the first quarter. UMB Bank n.a. now owns 351 shares of the shipping company's stock worth $35,000 after buying an additional 209 shares during the period. Finally, Brooklyn Investment Group lifted its holdings in Kirby by 40.7% in the first quarter. Brooklyn Investment Group now owns 394 shares of the shipping company's stock worth $40,000 after buying an additional 114 shares during the period. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

Kirby Stock Down 1.0%

NYSE KEX traded down $0.90 during mid-day trading on Wednesday, reaching $86.97. The stock had a trading volume of 947,268 shares, compared to its average volume of 656,197. Kirby Corporation has a 1 year low of $83.94 and a 1 year high of $132.21. The stock has a market cap of $4.85 billion, a PE ratio of 16.44, a price-to-earnings-growth ratio of 0.91 and a beta of 1.09. The company has a fifty day moving average price of $105.09 and a 200 day moving average price of $104.03. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.74 and a quick ratio of 1.12.

Kirby (NYSE:KEX - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The shipping company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.59 by $0.08. Kirby had a net margin of 9.25% and a return on equity of 10.02%. The company had revenue of $855.46 million during the quarter, compared to analyst estimates of $851.94 million. During the same period in the previous year, the business earned $1.43 EPS. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts expect that Kirby Corporation will post 6.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Bank of America lowered their target price on shares of Kirby from $110.00 to $107.00 and set a "buy" rating for the company in a report on Wednesday, September 3rd. Zacks Research upgraded shares of Kirby from a "strong sell" rating to a "hold" rating in a report on Wednesday, September 3rd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $121.00.

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.