PNC Financial Services Group Inc. Grows Stock Position in Kirby Corporation (NYSE:KEX)

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 Kirby Corporation (NYSE:KEX - Free Report) by 58.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,994 shares of the shipping company's stock after acquiring an additional 2,592 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Kirby were worth $706,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Colonial Trust Co SC boosted its holdings in Kirby by 295.3% in the 4th 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 purchased a new position in Kirby in the 1st quarter worth approximately $28,000. KBC Group NV purchased a new position in Kirby in the 1st quarter worth approximately $32,000. UMB Bank n.a. boosted its holdings in Kirby by 147.2% in the 1st 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, Versant Capital Management Inc purchased a new position in Kirby in the 1st quarter worth approximately $44,000. Hedge funds and other institutional investors own 96.15% of the company's stock.

Wall Street Analyst Weigh In

Separately, Bank of America upped their price target on Kirby from $116.00 to $125.00 and gave the stock a "buy" rating in a report on Friday, May 16th.

Kirby Stock Performance

Kirby stock opened at $99.17 on Wednesday. The stock has a market cap of $5.56 billion, a P/E ratio of 18.75, a price-to-earnings-growth ratio of 0.88 and a beta of 1.01. The company has a current ratio of 1.58, a quick ratio of 0.96 and a debt-to-equity ratio of 0.33. The stock has a 50 day moving average of $112.06 and a 200-day moving average of $105.69. Kirby Corporation has a 52 week low of $83.94 and a 52 week high of $132.21.

Kirby (NYSE:KEX - Get Free Report) last released its earnings results on Thursday, July 31st. The shipping company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.59 by $0.08. The company had revenue of $855.46 million during the quarter, compared to analysts' expectations of $851.94 million. Kirby had a return on equity of 10.07% and a net margin of 9.25%. The business's revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.43 EPS. On average, analysts expect that Kirby Corporation will post 6.57 EPS for the current fiscal year.

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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