William Blair Investment Management LLC Acquires New Shares in Kirby Corporation $KEX

Key Points

• William Blair Investment Management LLC acquired 289,370 shares of Kirby Corporation (NYSE: KEX) valued at approximately $32.8 million, increasing its ownership to about 0.52% of the company.
• Other institutional investors, including VELA Investment Management LLC and CWM LLC, have also made significant adjustments to their stakes in Kirby, contributing to a total of 96.15% of the stock being owned by institutional investors and hedge funds.
• Kirby Corporation reported quarterly earnings of $1.67 per share, beating estimates, with a revenue growth of 3.8% year-over-year and a consensus rating of "Moderate Buy" among analysts.

William Blair Investment Management LLC acquired a new stake in Kirby Corporation (NYSE:KEX - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 289,370 shares of the shipping company's stock, valued at approximately $32,817,000. William Blair Investment Management LLC owned about 0.52% of Kirby as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the business. VELA Investment Management LLC lifted its holdings in Kirby by 10.4% in the second quarter. VELA Investment Management LLC now owns 143,860 shares of the shipping company's stock valued at $16,315,000 after acquiring an additional 13,606 shares during the last quarter. Praxis Investment Management Inc. acquired a new position in Kirby in the second quarter valued at approximately $235,000. Hourglass Capital LLC lifted its holdings in Kirby by 8.1% in the second quarter. Hourglass Capital LLC now owns 50,960 shares of the shipping company's stock valued at $5,779,000 after acquiring an additional 3,800 shares during the last quarter. Verdence Capital Advisors LLC acquired a new position in Kirby in the second quarter valued at approximately $546,000. Finally, CWM LLC lifted its holdings in Kirby by 71.3% in the second quarter. CWM LLC now owns 13,882 shares of the shipping company's stock valued at $1,574,000 after acquiring an additional 5,777 shares during the last quarter. 96.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

KEX has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of Kirby in a report on Wednesday, October 8th. Bank of America cut their target price on Kirby from $110.00 to $107.00 and set a "buy" rating on the stock in a research report on Wednesday, September 3rd. Citigroup initiated coverage on Kirby in a research report on Monday, September 22nd. They issued a "neutral" rating and a $91.00 target price on the stock. Evercore ISI cut their target price on Kirby from $122.00 to $109.00 and set an "outperform" rating on the stock in a research report on Thursday, October 9th. Finally, BTIG Research reissued a "buy" rating and issued a $125.00 target price on shares of Kirby in a research report on Thursday, September 18th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Kirby presently has a consensus rating of "Moderate Buy" and an average target price of $113.40.

Kirby Stock Performance

NYSE:KEX opened at $85.58 on Friday. The firm has a market capitalization of $4.78 billion, a PE ratio of 16.18, a price-to-earnings-growth ratio of 0.89 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 $100.84. 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 12 month low of $79.51 and a 12 month high of $132.21.

Kirby (NYSE:KEX - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The shipping company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $851.94 million. During the same quarter in the prior year, the firm posted $1.43 earnings per share. Kirby's revenue for the quarter was up 3.8% on a year-over-year basis. On average, sell-side analysts anticipate that Kirby Corporation will post 6.57 earnings per share for the current fiscal year.

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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