ING Groep NV Invests $3.08 Million in Kirby Corporation (NYSE:KEX)

Key Points

• ING Groep NV has acquired a new stake in Kirby Corporation, purchasing 30,500 shares valued at approximately $3,081,000, increasing its ownership to about 0.05% of the company.
• Kirby's stock has seen a 3.3% increase recently and it reported earnings of $1.67 per share for the quarter, surpassing analysts' expectations.
• Bank of America has upgraded Kirby's price target from $116.00 to $125.00 and has assigned a "buy" rating to the stock.

ING Groep NV purchased a new stake in shares of Kirby Corporation (NYSE:KEX - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 30,500 shares of the shipping company's stock, valued at approximately $3,081,000. ING Groep NV owned about 0.05% of Kirby at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in KEX. Colonial Trust Co SC raised its holdings in Kirby by 295.3% during the 4th quarter. Colonial Trust Co SC now owns 253 shares of the shipping company's stock worth $27,000 after purchasing an additional 189 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Kirby during the 1st quarter worth approximately $28,000. KBC Group NV acquired a new stake in shares of Kirby during the 1st quarter worth approximately $32,000. UMB Bank n.a. increased its stake in shares of Kirby by 147.2% in the 1st quarter. UMB Bank n.a. now owns 351 shares of the shipping company's stock valued at $35,000 after acquiring an additional 209 shares in the last quarter. Finally, Versant Capital Management Inc acquired a new position in shares of Kirby during the 1st quarter valued at $44,000. Institutional investors own 96.15% of the company's stock.

Kirby Price Performance

Shares of KEX stock traded down $0.42 during trading hours on Thursday, reaching $100.40. The stock had a trading volume of 683,797 shares, compared to its average volume of 792,527. The firm has a market capitalization of $5.63 billion, a PE ratio of 18.98, a PEG ratio of 0.91 and a beta of 1.01. Kirby Corporation has a 12 month low of $83.94 and a 12 month high of $132.21. The stock's fifty day simple moving average is $112.85 and its 200 day simple moving average is $105.96. The company has a current ratio of 1.58, a quick ratio of 0.96 and a debt-to-equity ratio of 0.33.

Kirby (NYSE:KEX - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The shipping company reported $1.67 earnings per share (EPS) 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 return on equity of 10.07% and a net margin of 9.25%. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.43 EPS. On average, equities research analysts predict that Kirby Corporation will post 6.57 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Bank of America boosted their target price on shares of Kirby from $116.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, May 16th.

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.