Ameriprise Financial Inc. Increases Position in Kirby Corporation $KEX

Key Points

• Ameriprise Financial Inc. has increased its stake in Kirby Corporation by 5.2%, now owning 703,013 shares valued at approximately $71 million.
• Bank of America raised its target price for Kirby stock from $116 to $125 and assigned a "buy" rating, reflecting analyst confidence in the company.
• Kirby Corporation reported a quarterly earnings per share (EPS) of $1.67, exceeding analysts' expectations and showing a year-over-year revenue increase of 3.8%.

Ameriprise Financial Inc. grew its stake in Kirby Corporation (NYSE:KEX - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 703,013 shares of the shipping company's stock after buying an additional 34,762 shares during the period. Ameriprise Financial Inc. owned 1.24% of Kirby worth $71,010,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Colonial Trust Co SC boosted its holdings in shares of Kirby by 295.3% in the 4th 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 in the last quarter. Opal Wealth Advisors LLC acquired a new stake in Kirby during the 1st quarter worth $28,000. KBC Group NV acquired a new stake in Kirby during the 1st quarter worth $32,000. UMB Bank n.a. boosted its stake in Kirby by 147.2% during the 1st quarter. UMB Bank n.a. now owns 351 shares of the shipping company's stock worth $35,000 after purchasing an additional 209 shares during the period. Finally, Brooklyn Investment Group boosted its stake in Kirby by 40.7% during the 1st quarter. Brooklyn Investment Group now owns 394 shares of the shipping company's stock worth $40,000 after purchasing an additional 114 shares during the period. Institutional investors and hedge funds own 96.15% of the company's stock.

Kirby Stock Performance

Kirby stock traded down $0.14 during trading hours on Friday, reaching $97.30. 761,335 shares of the stock were exchanged, compared to its average volume of 730,824. The stock has a market cap of $5.43 billion, a P/E ratio of 18.39, a P/E/G ratio of 0.97 and a beta of 1.01. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.12 and a current ratio of 1.74. Kirby Corporation has a 52-week low of $83.94 and a 52-week high of $132.21. The firm's 50 day moving average is $108.32 and its 200 day moving average is $104.83.

Kirby (NYSE:KEX - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The shipping company reported $1.67 EPS for the quarter, topping analysts' consensus estimates of $1.59 by $0.08. The company had revenue of $855.46 million during the quarter, compared to the consensus estimate of $851.94 million. Kirby had a net margin of 9.25% and a return on equity of 10.02%. Kirby's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.43 EPS. Analysts predict that Kirby Corporation will post 6.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Bank of America increased their price target on shares of Kirby from $116.00 to $125.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $130.00.

Kirby Company 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.