Russell Investments Group Ltd. Reduces Holdings in 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. reduced its holdings in shares of Kirby Corporation (NYSE:KEX - Free Report) by 64.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 also recently added to or reduced their stakes in the company. Colonial Trust Co SC boosted 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 during the period. Opal Wealth Advisors LLC purchased a new position in Kirby in the 1st quarter valued at approximately $28,000. KBC Group NV purchased a new position in Kirby in the 1st quarter valued at approximately $32,000. UMB Bank n.a. boosted its position in Kirby by 147.2% in the 1st quarter. UMB Bank n.a. now owns 351 shares of the shipping company's stock valued at $35,000 after buying an additional 209 shares during the period. Finally, Versant Capital Management Inc purchased a new position in Kirby in the 1st quarter valued at approximately $44,000. Hedge funds and other institutional investors own 96.15% of the company's stock.

Kirby Stock Down 0.1%

Shares of NYSE:KEX traded down $0.14 during trading hours on Friday, reaching $97.30. The stock had a trading volume of 761,335 shares, compared to its average volume of 685,871. Kirby Corporation has a 1 year low of $83.94 and a 1 year high of $132.21. The firm's 50 day moving average is $108.32 and its 200-day moving average is $104.81. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.12 and a current ratio of 1.74. The stock has a market capitalization of $5.43 billion, a price-to-earnings ratio of 18.39, a P/E/G ratio of 0.97 and a beta of 1.09.

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

Analysts Set New Price Targets

Separately, Bank of America raised 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. Two research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $130.00.

About Kirby

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.