Russell Investments Group Ltd. Sells 36,912 Shares of Kirby Corporation $KEX

Key Points

• Russell Investments Group Ltd. has significantly reduced its stake in Kirby Corporation, selling 36,912 shares and now holding 20,438 shares, valued at approximately $2.06 million at the end of the last quarter.
• Institutional interest in Kirby remains strong, with several funds acquiring new positions and existing investors like Colonial Trust Co SC increasing their stake by 295.3%.
• Bank of America has raised its price target for Kirby from $116 to $125, maintaining a "buy" rating, as analysts forecast a consensus target price of $130.

Russell Investments Group Ltd. trimmed its position in Kirby Corporation (NYSE:KEX - Free Report) by 64.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,438 shares of the shipping company's stock after selling 36,912 shares during the period. Russell Investments Group Ltd.'s holdings in Kirby were worth $2,064,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Colonial Trust Co SC increased its position in Kirby by 295.3% in the 4th quarter. Colonial Trust Co SC now owns 253 shares of the shipping company's stock valued at $27,000 after buying an additional 189 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in Kirby during the 1st quarter valued at about $28,000. KBC Group NV acquired a new position in Kirby during the 1st quarter valued at about $32,000. UMB Bank n.a. boosted its stake in Kirby by 147.2% during the 1st quarter. UMB Bank n.a. now owns 351 shares of the shipping company's stock valued at $35,000 after purchasing an additional 209 shares during the last quarter. Finally, Versant Capital Management Inc acquired a new position in Kirby during the 1st quarter valued at about $44,000. 96.15% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Bank of America lifted their price target on Kirby from $116.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Kirby has an average rating of "Buy" and a consensus target price of $130.00.

Kirby Price Performance

KEX stock opened at $97.9070 on Tuesday. The company has a market capitalization of $5.46 billion, a P/E ratio of 18.51, a price-to-earnings-growth ratio of 1.01 and a beta of 1.01. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.12 and a current ratio of 1.74. Kirby Corporation has a 52-week low of $83.94 and a 52-week high of $132.21. The business has a 50-day simple moving average of $109.52 and a two-hundred day simple moving average of $105.07.

Kirby (NYSE:KEX - Get Free Report) last announced 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 firm had revenue of $855.46 million for the quarter, compared to the consensus estimate of $851.94 million. During the same quarter in the previous year, the business earned $1.43 EPS. The company's revenue was up 3.8% compared to the same quarter last year. Research 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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