Park West Asset Management LLC Buys 317,721 Shares of Kirby Corporation $KEX

Key Points

• Park West Asset Management LLC has increased its stake in Kirby Corporation by 69.3%, owning a total of 776,000 shares valued at approximately $78.38 million, establishing it as the firm's largest holding.
• Kirby Corporation's recent earnings report showed a net revenue increase of 3.8% year-over-year, with earnings per share of $1.67, exceeding analyst expectations.
• Wall Street analysts have raised Kirby's rating from "strong sell" to "hold," with a consensus rating of "Moderate Buy" and an average price target of $121.00.

Park West Asset Management LLC increased its stake in Kirby Corporation (NYSE:KEX - Free Report) by 69.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 776,000 shares of the shipping company's stock after acquiring an additional 317,721 shares during the quarter. Kirby comprises 6.3% of Park West Asset Management LLC's holdings, making the stock its largest holding. Park West Asset Management LLC owned about 1.38% of Kirby worth $78,384,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in KEX. Colonial Trust Co SC lifted its stake in shares of Kirby by 295.3% in the fourth quarter. Colonial Trust Co SC now owns 253 shares of the shipping company's stock worth $27,000 after acquiring an additional 189 shares during the period. Opal Wealth Advisors LLC acquired a new position in shares of Kirby in the first quarter worth approximately $28,000. KBC Group NV acquired a new position in shares of Kirby in the first quarter worth approximately $32,000. UMB Bank n.a. lifted its stake in shares of Kirby by 147.2% in the first quarter. UMB Bank n.a. now owns 351 shares of the shipping company's stock worth $35,000 after acquiring an additional 209 shares during the period. Finally, Brooklyn Investment Group lifted its stake in shares of Kirby by 40.7% in the first quarter. Brooklyn Investment Group now owns 394 shares of the shipping company's stock worth $40,000 after acquiring an additional 114 shares during the period. 96.15% of the stock is owned by institutional investors and hedge funds.

Kirby Price Performance

Shares of NYSE:KEX opened at $89.09 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.74 and a debt-to-equity ratio of 0.33. Kirby Corporation has a twelve month low of $83.94 and a twelve month high of $132.21. The stock's 50 day moving average is $106.13 and its 200-day moving average is $104.28. The firm has a market capitalization of $4.97 billion, a price-to-earnings ratio of 16.84, a PEG ratio of 0.92 and a beta of 1.09.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on KEX shares. Zacks Research raised Kirby from a "strong sell" rating to a "hold" rating in a research note on Wednesday. Bank of America dropped their price target on Kirby from $110.00 to $107.00 and set a "buy" rating on the stock in a research note on Wednesday. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Kirby has a consensus rating of "Moderate Buy" and an average price target of $121.00.

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.

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