Kirby Corporation $KEX Shares Sold by Axiom Investors LLC DE

Key Points

• Axiom Investors LLC DE reduced its stake in Kirby Corporation by 56.2% in the first quarter, selling 66,806 shares and leaving it with 51,962 shares valued at $5.25 million.
• Several other institutional investors, including Colonial Trust Co SC and Opal Wealth Advisors LLC, have recently increased their positions in Kirby, with hedge funds and institutions now owning 96.15% of the company's stock.
• Bank of America raised its price target for Kirby from $116 to $125, maintaining a "buy" rating, as the company reported earnings that exceeded expectations with a revenue increase of 3.8% from the previous year.

Axiom Investors LLC DE trimmed its holdings in shares of Kirby Corporation (NYSE:KEX - Free Report) by 56.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,962 shares of the shipping company's stock after selling 66,806 shares during the period. Axiom Investors LLC DE owned 0.09% of Kirby worth $5,249,000 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 grew its position in Kirby by 295.3% in the fourth quarter. Colonial Trust Co SC now owns 253 shares of the shipping company's stock valued at $27,000 after purchasing an additional 189 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in Kirby during the first quarter valued at approximately $28,000. KBC Group NV bought a new stake in shares of Kirby during the 1st quarter valued at approximately $32,000. UMB Bank n.a. raised its position in Kirby by 147.2% in the first quarter. UMB Bank n.a. now owns 351 shares of the shipping company's stock valued at $35,000 after purchasing an additional 209 shares during the last quarter. Finally, Brooklyn Investment Group grew its stake in shares of 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 purchasing an additional 114 shares during the last quarter. Institutional investors and hedge funds own 96.15% of the company's stock.

Kirby Price Performance

Shares of Kirby stock traded up $0.23 during trading on Tuesday, hitting $98.15. 520,980 shares of the stock traded hands, compared to its average volume of 896,814. The stock has a market cap of $5.48 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 0.98 and a beta of 1.01. 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 52 week low of $83.94 and a 52 week high of $132.21. The firm's fifty day moving average is $109.21 and its 200-day moving average is $105.03.

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

Analyst Ratings Changes

Separately, Bank of America increased their price target on Kirby from $116.00 to $125.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price 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.