Kirby Corporation (NYSE:KEX) Position Increased by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group increased its stake in Kirby Corporation by 58.9%, now holding a total of 6,994 shares valued at approximately $706,000.
• Bank of America raised Kirby's price target from $116.00 to $125.00 and assigned it a "buy" rating.
• Kirby Corporation reported a Q2 EPS of $1.67, exceeding estimates and showing a 3.8% year-over-year revenue growth.

PNC Financial Services Group Inc. boosted its stake in shares of Kirby Corporation (NYSE:KEX - Free Report) by 58.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,994 shares of the shipping company's stock after purchasing an additional 2,592 shares during the period. PNC Financial Services Group Inc.'s holdings in Kirby were worth $706,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of KEX. Blueshift Asset Management LLC acquired a new position in Kirby during the first quarter valued at approximately $385,000. American Assets Investment Management LLC lifted its position in Kirby by 295.5% during the first quarter. American Assets Investment Management LLC now owns 41,845 shares of the shipping company's stock valued at $4,227,000 after buying an additional 31,265 shares in the last quarter. 12th Street Asset Management Company LLC lifted its position in Kirby by 27.5% during the first quarter. 12th Street Asset Management Company LLC now owns 406,149 shares of the shipping company's stock valued at $41,025,000 after buying an additional 87,646 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in Kirby during the first quarter valued at approximately $306,000. Finally, Natixis Advisors LLC lifted its position in Kirby by 89.3% during the first quarter. Natixis Advisors LLC now owns 124,216 shares of the shipping company's stock valued at $12,547,000 after buying an additional 58,612 shares in the last quarter. Hedge funds and other institutional investors own 96.15% of the company's stock.

Kirby Stock Down 1.4%

Shares of NYSE KEX traded down $1.33 during trading on Friday, reaching $96.59. 423,569 shares of the stock were exchanged, compared to its average volume of 883,619. The business's 50-day moving average price is $111.24 and its 200 day moving average price is $105.52. Kirby Corporation has a twelve month low of $83.94 and a twelve month high of $132.21. The company has a quick ratio of 0.96, a current ratio of 1.74 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $5.39 billion, a price-to-earnings ratio of 18.26, a price-to-earnings-growth ratio of 0.96 and a beta of 1.01.

Kirby (NYSE:KEX - Get Free Report) last posted its earnings results 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 for 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 for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.43 earnings per share. As a group, equities analysts forecast that Kirby Corporation will post 6.57 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Bank of America lifted their price target 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.