Tectonic Advisors LLC Grows Holdings in Kirby Corporation $KEX

Key Points

• Tectonic Advisors LLC increased its stake in Kirby Corporation (NYSE: KEX) by 19.1%, now holding 101,499 shares valued at approximately $11.5 million.
• Several institutional investors also boosted their investments in Kirby, with Vaughan Nelson Investment Management L.P. increasing its stake by 122.3%.
• Kirby reported earnings of $1.67 per share for the last quarter, exceeding analyst expectations, with a year-over-year revenue increase of 3.8%.

Tectonic Advisors LLC increased its position in shares of Kirby Corporation (NYSE:KEX - Free Report) by 19.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 101,499 shares of the shipping company's stock after purchasing an additional 16,311 shares during the quarter. Tectonic Advisors LLC owned approximately 0.18% of Kirby worth $11,511,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Select Equity Group L.P. boosted its stake in Kirby by 24.8% in the first quarter. Select Equity Group L.P. now owns 1,954,698 shares of the shipping company's stock valued at $197,444,000 after acquiring an additional 389,005 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in Kirby by 122.3% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 633,812 shares of the shipping company's stock valued at $64,022,000 after acquiring an additional 348,665 shares during the last quarter. Park West Asset Management LLC boosted its stake in Kirby by 69.3% in the first quarter. Park West Asset Management LLC now owns 776,000 shares of the shipping company's stock valued at $78,384,000 after acquiring an additional 317,721 shares during the last quarter. Nuveen LLC purchased a new position in Kirby in the first quarter valued at about $31,741,000. Finally, AQR Capital Management LLC boosted its stake in Kirby by 90.4% in the first quarter. AQR Capital Management LLC now owns 527,789 shares of the shipping company's stock valued at $52,441,000 after acquiring an additional 250,601 shares during the last quarter. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

Kirby Stock Performance

Kirby stock opened at $82.24 on Thursday. The firm's 50 day simple moving average is $91.41 and its 200 day simple moving average is $101.81. The company has a current ratio of 1.74, a quick ratio of 1.12 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $4.59 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 0.85 and a beta of 1.00. Kirby Corporation has a 1-year low of $80.45 and a 1-year high of $132.21.

Kirby (NYSE:KEX - Get Free Report) last posted 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. The business had revenue of $855.46 million for the quarter, compared to analyst estimates of $851.94 million. Kirby had a net margin of 9.25% and a return on equity of 10.02%. Kirby's revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.43 EPS. As a group, analysts expect that Kirby Corporation will post 6.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on KEX. Weiss Ratings reiterated a "hold (c+)" rating on shares of Kirby in a research note on Wednesday. Bank of America dropped their target price on shares of Kirby from $110.00 to $107.00 and set a "buy" rating on the stock in a research note on Wednesday, September 3rd. BTIG Research reissued a "buy" rating and issued a $125.00 price target on shares of Kirby in a research report on Thursday, September 18th. Zacks Research raised shares of Kirby from a "strong sell" rating to a "hold" rating in a research report on Wednesday, September 3rd. Finally, Citigroup began coverage on shares of Kirby in a research report on Monday, September 22nd. They issued a "neutral" rating and a $91.00 price target on the stock. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $114.50.

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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