Kirby Corporation (NYSE:KEX) Shares Acquired by American Assets Investment Management LLC

Key Points

• American Assets Investment Management LLC increased its stake in Kirby Corporation by 295.5%, holding 41,845 shares valued at approximately $4.2 million.
• Kirby reported earnings of $1.33 per share, surpassing estimates, but revenue declined 2.8% year-over-year, totaling $785.66 million.
• Bank of America raised its price target for Kirby shares from $116 to $125, reaffirming a "buy" rating for the company.

American Assets Investment Management LLC increased its holdings in shares of Kirby Corporation (NYSE:KEX - Free Report) by 295.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,845 shares of the shipping company's stock after buying an additional 31,265 shares during the period. Kirby comprises approximately 1.8% of American Assets Investment Management LLC's investment portfolio, making the stock its 20th largest holding. American Assets Investment Management LLC owned approximately 0.07% of Kirby worth $4,227,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in KEX. Wellington Management Group LLP lifted its position in shares of Kirby by 1.6% in the fourth quarter. Wellington Management Group LLP now owns 1,762,651 shares of the shipping company's stock valued at $186,488,000 after acquiring an additional 28,259 shares in the last quarter. Select Equity Group L.P. raised its stake in Kirby by 59.0% in the 4th quarter. Select Equity Group L.P. now owns 1,565,693 shares of the shipping company's stock valued at $165,650,000 after purchasing an additional 581,215 shares during the last quarter. Jennison Associates LLC raised its stake in Kirby by 9.0% in the 1st quarter. Jennison Associates LLC now owns 1,300,103 shares of the shipping company's stock valued at $131,323,000 after purchasing an additional 107,240 shares during the last quarter. First Trust Advisors LP lifted its holdings in Kirby by 69.7% in the 4th quarter. First Trust Advisors LP now owns 876,292 shares of the shipping company's stock valued at $92,712,000 after purchasing an additional 359,770 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its stake in Kirby by 14.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 815,008 shares of the shipping company's stock worth $86,228,000 after purchasing an additional 100,655 shares during the last quarter. Institutional investors and hedge funds own 96.15% of the company's stock.

Kirby Price Performance

Shares of KEX stock traded up $0.19 during trading hours on Friday, reaching $95.50. The company had a trading volume of 1,660,498 shares, compared to its average volume of 612,124. Kirby Corporation has a 12-month low of $83.94 and a 12-month high of $132.21. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.96 and a current ratio of 1.58. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 18.91, a PEG ratio of 1.07 and a beta of 0.96. The stock has a fifty day moving average of $113.86 and a 200-day moving average of $106.32.

Kirby (NYSE:KEX - Get Free Report) last issued its earnings results on Thursday, July 31st. The shipping company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.08. Kirby had a return on equity of 9.81% and a net margin of 9.02%. The company had revenue of $855.46 million during the quarter, compared to analysts' expectations of $851.94 million. During the same period in the prior year, the business earned $1.43 EPS. The firm's quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts anticipate that Kirby Corporation will post 6.57 earnings per share for the current year.

Analyst Ratings Changes

Separately, Bank of America increased their target price on shares of Kirby from $116.00 to $125.00 and gave the company 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.