Merit Financial Group LLC Takes $390,000 Position in Kirby Co. (NYSE:KEX)

Merit Financial Group LLC acquired a new stake in shares of Kirby Co. (NYSE:KEX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,864 shares of the shipping company's stock, valued at approximately $390,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of KEX. Empowered Funds LLC bought a new position in shares of Kirby in the fourth quarter worth approximately $25,000. Colonial Trust Co SC boosted its stake in shares of Kirby by 295.3% during the fourth quarter. Colonial Trust Co SC now owns 253 shares of the shipping company's stock valued at $27,000 after purchasing an additional 189 shares during the period. Versant Capital Management Inc purchased a new stake in shares of Kirby during the first quarter valued at approximately $44,000. LGT Financial Advisors LLC purchased a new stake in Kirby in the fourth quarter worth $63,000. Finally, Neo Ivy Capital Management purchased a new stake in Kirby in the fourth quarter worth $111,000. 96.15% of the stock is currently owned by institutional investors.

Kirby Stock Down 1.7%

KEX traded down $1.95 during trading on Friday, reaching $110.63. The stock had a trading volume of 417,950 shares, compared to its average volume of 545,154. The stock's 50 day moving average is $103.90 and its two-hundred day moving average is $105.45. The company has a current ratio of 1.45, a quick ratio of 1.05 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of 22.53, a P/E/G ratio of 0.88 and a beta of 0.97. Kirby Co. has a one year low of $83.94 and a one year high of $132.21.

Kirby (NYSE:KEX - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The shipping company reported $1.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.27 by $0.06. The business had revenue of $785.66 million during the quarter, compared to the consensus estimate of $824.12 million. Kirby had a return on equity of 9.71% and a net margin of 8.78%. The firm's quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.19 earnings per share. As a group, analysts expect that Kirby Co. will post 6.57 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Bank of America raised their price target on Kirby from $116.00 to $125.00 and gave the stock a "buy" rating in a research note 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.