Bank of New York Mellon Corp Lowers Stock Holdings in Kirby Corporation (NYSE:KEX)

Bank of New York Mellon Corp cut its holdings in Kirby Corporation (NYSE:KEX - Free Report) by 6.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 389,310 shares of the shipping company's stock after selling 25,732 shares during the quarter. Bank of New York Mellon Corp owned about 0.68% of Kirby worth $39,324,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in KEX. Colonial Trust Co SC raised its stake 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 buying an additional 189 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in Kirby in the first quarter valued at about $28,000. KBC Group NV purchased a new stake in Kirby in the first quarter valued at about $32,000. UMB Bank n.a. raised its stake 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 buying an additional 209 shares during the last quarter. Finally, Versant Capital Management Inc purchased a new stake in Kirby in the first quarter valued at about $44,000. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Bank of America increased their price objective on Kirby from $116.00 to $125.00 and gave the company a "buy" rating in a report on Friday, May 16th.

Kirby Stock Performance

Shares of KEX stock traded down $1.40 during mid-day trading on Friday, reaching $114.37. The stock had a trading volume of 203,269 shares, compared to its average volume of 542,847. The business's fifty day moving average is $112.48 and its 200-day moving average is $105.62. The company has a current ratio of 1.58, a quick ratio of 0.96 and a debt-to-equity ratio of 0.33. The firm has a market cap of $6.42 billion, a price-to-earnings ratio of 22.65, a PEG ratio of 1.02 and a beta of 0.96. Kirby Corporation has a 1-year low of $83.94 and a 1-year high of $132.21.

Kirby (NYSE:KEX - Get Free Report) last posted its earnings results on Thursday, May 1st. The shipping company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.27 by $0.06. The firm had revenue of $785.66 million for the quarter, compared to analyst estimates of $824.12 million. Kirby had a return on equity of 9.81% and a net margin of 9.02%. Kirby's revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period last year, the company earned $1.19 earnings per share. On average, research analysts forecast that Kirby Corporation will post 6.57 earnings per share for the current year.

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.