Covea Finance Increases Stock Position in Kirby Corporation $KEX

Key Points

• Covea Finance increased its stake in Kirby Corporation by 162.1% during the 2nd quarter, owning 36,700 shares worth approximately $4.16 million.
• Several institutional investors also raised their positions in Kirby, with Thurston Springer Miller Herd & Titak Inc. increasing their stake by 244.8% in the same period.
• Kirby reported earnings of $1.67 per share for the last quarter, exceeding analyst expectations and showing a year-over-year revenue growth of 3.8%.

Covea Finance grew its stake in shares of Kirby Corporation (NYSE:KEX - Free Report) by 162.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 36,700 shares of the shipping company's stock after buying an additional 22,700 shares during the period. Covea Finance owned 0.07% of Kirby worth $4,162,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Kirby by 244.8% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 231 shares of the shipping company's stock valued at $26,000 after buying an additional 164 shares during the period. Opal Wealth Advisors LLC acquired a new position in Kirby in the 1st quarter worth $28,000. KBC Group NV acquired a new position in Kirby in the 1st quarter worth $32,000. UMB Bank n.a. lifted its holdings in Kirby by 147.2% in the 1st quarter. UMB Bank n.a. now owns 351 shares of the shipping company's stock worth $35,000 after buying an additional 209 shares in the last quarter. Finally, Brooklyn Investment Group lifted its holdings in Kirby by 40.7% in the 1st quarter. Brooklyn Investment Group now owns 394 shares of the shipping company's stock worth $40,000 after buying an additional 114 shares in the last quarter. 96.15% of the stock is owned by hedge funds and other institutional investors.

Kirby Trading Up 2.1%

Kirby stock opened at $85.85 on Tuesday. The firm has a 50 day simple moving average of $99.39 and a 200-day simple moving average of $103.10. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.74 and a quick ratio of 1.12. The stock has a market capitalization of $4.79 billion, a PE ratio of 16.23, a price-to-earnings-growth ratio of 0.86 and a beta of 1.09. Kirby Corporation has a 12-month low of $82.55 and a 12-month high of $132.21.

Kirby (NYSE:KEX - Get Free Report) last issued its earnings results 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. The firm had revenue of $855.46 million during the quarter, compared to analysts' expectations of $851.94 million. Kirby had a net margin of 9.25% and a return on equity of 10.02%. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $1.43 earnings per share. As a group, equities research analysts expect that Kirby Corporation will post 6.57 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on KEX shares. Zacks Research upgraded shares of Kirby from a "strong sell" rating to a "hold" rating in a report on Wednesday, September 3rd. BTIG Research restated a "buy" rating and issued a $125.00 target price on shares of Kirby in a research note on Thursday, September 18th. Citigroup started coverage on shares of Kirby in a research note on Monday. They issued a "neutral" rating and a $91.00 target price on the stock. Finally, Bank of America cut their target price on shares of Kirby from $110.00 to $107.00 and set a "buy" rating on the stock in a research note on Wednesday, September 3rd. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $114.50.

Kirby Profile

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.

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