Bank of New York Mellon Corp boosted its stake in Kirby Co. (NYSE:KEX – Get Rating) by 9.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 847,054 shares of the shipping company’s stock after buying an additional 72,806 shares during the period. Bank of New York Mellon Corp owned 1.41% of Kirby worth $51,476,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Wipfli Financial Advisors LLC purchased a new stake in Kirby in the third quarter worth about $28,000. Point72 Hong Kong Ltd purchased a new position in shares of Kirby during the first quarter valued at approximately $47,000. Meeder Asset Management Inc. lifted its holdings in shares of Kirby by 35.5% during the second quarter. Meeder Asset Management Inc. now owns 877 shares of the shipping company’s stock valued at $53,000 after purchasing an additional 230 shares during the last quarter. American Century Companies Inc. purchased a new position in shares of Kirby during the first quarter valued at approximately $201,000. Finally, Ergoteles LLC purchased a new position in shares of Kirby during the first quarter valued at approximately $221,000. 94.94% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other Kirby news, VP Kurt A. Niemietz sold 750 shares of Kirby stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $74.23, for a total value of $55,672.50. Following the completion of the sale, the vice president now owns 675 shares of the company’s stock, valued at approximately $50,105.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Christian G. O’neil sold 8,660 shares of the business’s stock in a transaction on Wednesday, February 8th. The shares were sold at an average price of $73.02, for a total transaction of $632,353.20. Following the completion of the sale, the insider now owns 15,811 shares of the company’s stock, valued at approximately $1,154,519.22. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Kurt A. Niemietz sold 750 shares of the business’s stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $74.23, for a total transaction of $55,672.50. Following the sale, the vice president now directly owns 675 shares of the company’s stock, valued at approximately $50,105.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,316 shares of company stock valued at $1,483,079. Company insiders own 1.80% of the company’s stock.
Kirby Price Performance
Kirby (NYSE:KEX – Get Rating) last announced its quarterly earnings data on Tuesday, January 31st. The shipping company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.03. Kirby had a net margin of 4.39% and a return on equity of 4.27%. The company had revenue of $730.17 million during the quarter, compared to analyst estimates of $714.06 million. During the same period in the previous year, the business earned $0.27 EPS. The firm’s revenue for the quarter was up 23.5% on a year-over-year basis. As a group, research analysts expect that Kirby Co. will post 3.54 EPS for the current fiscal year.
Analysts Set New Price Targets
Several research firms have recently issued reports on KEX. Bank of America lifted their target price on shares of Kirby from $77.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, February 7th. Stephens lifted their target price on shares of Kirby from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 1st. Finally, BTIG Research boosted their price objective on shares of Kirby from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, March 6th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $85.50.
About Kirby
Kirby Corp. is a tank barge operator, which engages in transporting bulk liquid products. It transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals. It operates through Marine Transportation and Distribution and Services segments. The Marine Transportation segment provides marine transportation by United States flagged vessels principally of liquid cargoes throughout the United States inland waterway system.
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