Bank of New York Mellon Corp Takes $43.04 Million Position in Kirby Corporation $KEX

Key Points

• Bank of New York Mellon acquired 316,545 Kirby shares worth approximately $43.04 million, representing about 0.59% of the company. Institutional investors collectively own 96.15% of Kirby’s stock.
• Analysts remain broadly positive, with six Buy ratings and one Hold rating. Kirby has a “Moderate Buy” consensus and an average price target of $163.20, despite one recent downgrade.
• Kirby exceeded quarterly expectations, reporting $1.67 in earnings per share versus the $1.63 consensus and revenue of $922.4 million, up 7.8% year over year.

Bank of New York Mellon Corp bought a new stake in shares of Kirby Corporation (NYSE:KEX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 316,545 shares of the shipping company's stock, valued at approximately $43,041,000. Bank of New York Mellon Corp owned approximately 0.59% of Kirby at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Fifth Third Wealth Advisors LLC grew its position in shares of Kirby by 4.2% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 1,917 shares of the shipping company's stock worth $255,000 after buying an additional 77 shares during the period. Procyon Advisors LLC boosted its stake in Kirby by 2.9% during the first quarter. Procyon Advisors LLC now owns 2,811 shares of the shipping company's stock worth $374,000 after acquiring an additional 78 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its stake in Kirby by 18.2% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 520 shares of the shipping company's stock valued at $69,000 after purchasing an additional 80 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Kirby by 18.2% during the fourth quarter. Fifth Third Bancorp now owns 739 shares of the shipping company's stock valued at $81,000 after purchasing an additional 114 shares during the period. Finally, M&T Bank Corp raised its holdings in shares of Kirby by 2.5% during the fourth quarter. M&T Bank Corp now owns 5,179 shares of the shipping company's stock valued at $571,000 after purchasing an additional 125 shares during the period. Institutional investors and hedge funds own 96.15% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Bank of America boosted their price objective on Kirby from $169.00 to $182.00 and gave the company a "buy" rating in a report on Wednesday, July 8th. Wall Street Zen downgraded shares of Kirby from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. BTIG Research restated a "buy" rating and set a $170.00 price target on shares of Kirby in a research note on Wednesday, July 29th. Citigroup upped their price objective on shares of Kirby from $165.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Evercore reaffirmed an "outperform" rating and issued a $158.00 price objective on shares of Kirby in a research note on Friday, May 1st. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $163.20.

Kirby Price Performance

KEX opened at $139.96 on Friday. Kirby Corporation has a 1 year low of $79.51 and a 1 year high of $157.69. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.68 and a quick ratio of 1.12. The company has a market capitalization of $7.39 billion, a price-to-earnings ratio of 21.53, a P/E/G ratio of 1.25 and a beta of 0.84. The firm's fifty day moving average price is $138.44 and its two-hundred day moving average price is $137.87.

Kirby (NYSE:KEX - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The shipping company reported $1.67 earnings per share for the quarter, beating analysts' consensus estimates of $1.63 by $0.04. Kirby had a net margin of 10.18% and a return on equity of 10.44%. The company had revenue of $922.40 million for the quarter, compared to analyst estimates of $870.38 million. During the same period last year, the firm earned $1.67 earnings per share. The firm's revenue was up 7.8% on a year-over-year basis. Kirby has set its FY 2026 guidance at 7.280-7.280 EPS. As a group, analysts anticipate that Kirby Corporation will post 7.07 earnings per share for the current fiscal year.

Kirby Company Profile

Kirby Corporation is a leading domestic maritime transporter of bulk liquid products in the United States. Through its Marine Transportation segment, the company operates one of North America's largest fleets of inland tank barges and towing vessels. Kirby's fleet moves petrochemicals, black oil, refined petroleum products and agricultural chemicals along coastal and inland waterways, providing critical logistical support to energy, chemical and agricultural producers.

In addition to its marine operations, Kirby's Distribution and Services segment offers diesel engine and power generation services, along with aftermarket parts sales.

Want to see what other hedge funds are holding KEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kirby Corporation (NYSE:KEX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source