Charles Schwab Investment Management Inc. Sells 4,608 Shares of Kirby Corporation $KEX

Key Points

• Charles Schwab Investment Management Inc. has decreased its stake in Kirby Corporation by 0.7%, selling 4,608 shares and now owning 686,538 shares valued at approximately $69.3 million.
• Kirby Corporation reported earnings of $1.67 per share for the latest quarter, exceeding analysts' expectations, with revenue up 3.8% year-over-year to $855.46 million.
• Bank of America increased its target price for Kirby shares from $116.00 to $125.00, maintaining a "buy" rating as of May 16th.

Charles Schwab Investment Management Inc. reduced its position in Kirby Corporation (NYSE:KEX - Free Report) by 0.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 686,538 shares of the shipping company's stock after selling 4,608 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.21% of Kirby worth $69,347,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of KEX. Brown Advisory Inc. grew its holdings in Kirby by 0.3% during the first quarter. Brown Advisory Inc. now owns 36,597 shares of the shipping company's stock valued at $3,697,000 after purchasing an additional 117 shares during the period. Mercer Global Advisors Inc. ADV lifted its position in shares of Kirby by 1.0% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,035 shares of the shipping company's stock valued at $1,379,000 after buying an additional 124 shares in the last quarter. Stifel Financial Corp lifted its position in shares of Kirby by 0.5% during the 4th quarter. Stifel Financial Corp now owns 29,047 shares of the shipping company's stock valued at $3,073,000 after buying an additional 138 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Kirby by 28.7% during the 1st quarter. Blue Trust Inc. now owns 668 shares of the shipping company's stock valued at $67,000 after acquiring an additional 149 shares during the period. Finally, Treasurer of the State of North Carolina increased its holdings in Kirby by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 25,508 shares of the shipping company's stock worth $2,699,000 after acquiring an additional 160 shares in the last quarter. Hedge funds and other institutional investors own 96.15% of the company's stock.

Analyst Ratings Changes

Separately, Bank of America increased their price objective 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.

Kirby Price Performance

Shares of NYSE KEX traded up $0.09 during midday trading on Monday, reaching $96.59. 186,487 shares of the stock traded hands, compared to its average volume of 620,965. The company's 50 day moving average is $111.24 and its 200 day moving average is $105.48. Kirby Corporation has a one year low of $83.94 and a one year high of $132.21. The stock has a market capitalization of $5.39 billion, a PE ratio of 18.26, 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 current ratio of 1.74 and a quick ratio of 1.12.

Kirby (NYSE:KEX - Get Free Report) last issued 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 business 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 business's revenue was up 3.8% on a year-over-year basis. During the same period last year, the company posted $1.43 EPS. On average, equities research analysts anticipate that Kirby Corporation will post 6.57 earnings per share for the current year.

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.