Stanley Laman Group Ltd. Reduces Holdings in Kirby Corporation $KEX

Key Points

• Stanley Laman Group Ltd. has reduced its holdings in Kirby Corporation by 9.7%, selling 3,694 shares during the second quarter, leaving them with 34,241 shares valued at approximately $3.88 million.
• Kirby Corporation reported earnings of $1.67 per share for the last quarter, exceeding analysts' expectations of $1.59, with revenue reaching $855.46 million.
• The stock currently has a consensus rating of "Moderate Buy" from analysts, with an average target price of $113.40.

Stanley Laman Group Ltd. cut its stake in Kirby Corporation (NYSE:KEX - Free Report) by 9.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,241 shares of the shipping company's stock after selling 3,694 shares during the period. Stanley Laman Group Ltd. owned 0.06% of Kirby worth $3,883,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Principal Financial Group Inc. increased its stake in shares of Kirby by 0.4% during the first quarter. Principal Financial Group Inc. now owns 132,089 shares of the shipping company's stock valued at $13,342,000 after purchasing an additional 470 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Kirby by 28.7% in the 1st quarter. Blue Trust Inc. now owns 668 shares of the shipping company's stock worth $67,000 after buying an additional 149 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Kirby by 5.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 77,641 shares of the shipping company's stock valued at $7,842,000 after buying an additional 3,924 shares in the last quarter. GAMMA Investing LLC raised its stake in Kirby by 53.4% during the first quarter. GAMMA Investing LLC now owns 672 shares of the shipping company's stock valued at $68,000 after buying an additional 234 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its holdings in Kirby by 30.9% in the first quarter. Janney Montgomery Scott LLC now owns 11,075 shares of the shipping company's stock worth $1,119,000 after acquiring an additional 2,616 shares in the last quarter. 96.15% of the stock is owned by hedge funds and other institutional investors.

Kirby Price Performance

NYSE KEX opened at $85.58 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.74 and a quick ratio of 1.12. Kirby Corporation has a 1-year low of $79.51 and a 1-year high of $132.21. The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of 16.18, a PEG ratio of 0.88 and a beta of 1.00. The business's fifty day moving average price is $89.15 and its 200-day moving average price is $100.85.

Kirby (NYSE:KEX - Get Free Report) last posted 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. 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 10.02% and a net margin of 9.25%.Kirby's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.43 earnings per share. On average, equities analysts predict that Kirby Corporation will post 6.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

KEX has been the subject of several analyst reports. Weiss Ratings restated a "hold (c+)" rating on shares of Kirby in a report on Wednesday, October 8th. Evercore ISI reduced their price objective on shares of Kirby from $122.00 to $109.00 and set an "outperform" rating for the company in a research note on Thursday, October 9th. Citigroup began coverage on shares of Kirby in a research note on Monday, September 22nd. They issued a "neutral" rating and a $91.00 target price on the stock. Bank of America reduced their price target on shares of Kirby from $110.00 to $107.00 and set a "buy" rating for the company in a research report on Wednesday, September 3rd. Finally, Zacks Research raised Kirby from a "strong sell" rating to a "hold" rating in a research report on Wednesday, September 3rd. Four equities research analysts have rated the stock with a Buy rating and three have issued 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 $113.40.

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.

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