Bank of America Corp DE Buys Shares of 460,019 Kirby Corporation $KEX

Key Points

• Bank of America acquired 460,019 Kirby shares worth approximately $62.5 million in the second quarter, giving it about a 0.87% stake. Other institutional investors also initiated positions, and institutions and hedge funds collectively own 96.15% of KEX.
• Kirby exceeded quarterly expectations, reporting $1.67 in EPS versus the $1.63 consensus estimate and $922.4 million in revenue, up 7.8% year over year.
• Analyst sentiment remains favorable, with six Buy ratings and one Hold rating, a consensus “Moderate Buy” recommendation, and an average price target of $163.20 versus the reported $138.23 share price.

Bank of America Corp DE bought a new position in Kirby Corporation (NYSE:KEX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 460,019 shares of the shipping company's stock, valued at approximately $62,549,000. Bank of America Corp DE owned about 0.87% of Kirby at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in KEX. Freestone Grove Partners LP acquired a new stake in Kirby in the second quarter worth about $2,105,000. Caisse de depot et placement du Quebec bought a new stake in shares of Kirby in the 2nd quarter worth approximately $394,000. Man Group plc acquired a new stake in Kirby during the second quarter valued at approximately $14,234,000. Jupiter Topco LLC acquired a new stake in Kirby during the second quarter valued at approximately $53,703,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Kirby during the 2nd quarter valued at $2,899,000. 96.15% of the stock is currently owned by institutional investors and hedge funds.

Kirby Price Performance

Shares of KEX opened at $138.23 on Friday. Kirby Corporation has a 1 year low of $79.51 and a 1 year high of $157.69. The stock has a market cap of $7.30 billion, a P/E ratio of 21.27, a price-to-earnings-growth ratio of 1.24 and a beta of 0.86. The company has a current ratio of 1.68, a quick ratio of 1.12 and a debt-to-equity ratio of 0.30. The stock's 50-day moving average price is $139.30 and its two-hundred day moving average price is $139.26.

Kirby (NYSE:KEX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The shipping company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.63 by $0.04. The business had revenue of $922.40 million for the quarter, compared to the consensus estimate of $870.38 million. Kirby had a return on equity of 10.44% and a net margin of 10.18%.The firm's revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.67 EPS. Kirby has set its FY 2026 guidance at 7.280-7.280 EPS. On average, equities analysts predict that Kirby Corporation will post 7.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on KEX. Weiss Ratings upgraded Kirby from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, September 14th. Bank of America raised their price target on shares of Kirby from $169.00 to $182.00 and gave the company a "buy" rating in a report on Wednesday, July 8th. Citigroup increased their price objective on Kirby from $165.00 to $170.00 and gave the company a "buy" rating in a report on Friday, July 31st. Wall Street Zen lowered Kirby from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, BTIG Research reiterated a "buy" rating and issued a $170.00 target price on shares of Kirby in a research note on Wednesday, July 29th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $163.20.

About Kirby

Kirby Corporation is a marine transportation and industrial services company headquartered in Houston, Texas. Through its marine transportation operations, the company moves bulk liquid products, including petroleum products, chemicals, and agricultural commodities, primarily in the United States.

Kirby operates one of the largest fleets of inland and coastal tank barges in the United States. Its marine transportation network serves the Mississippi River System, the Gulf Intracoastal Waterway, the Gulf of Mexico, and other U.S.

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