Allspring Global Investments Holdings LLC cut its holdings in Kirby Co. (NYSE:KEX – Free Report) by 57.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,790 shares of the shipping company’s stock after selling 39,498 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Kirby were worth $2,007,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Morgan Stanley boosted its stake in shares of Kirby by 923.2% in the fourth quarter. Morgan Stanley now owns 4,248,727 shares of the shipping company’s stock worth $273,406,000 after acquiring an additional 3,833,471 shares during the last quarter. Neuberger Berman Group LLC raised its holdings in shares of Kirby by 51.9% in the 3rd quarter. Neuberger Berman Group LLC now owns 3,407,011 shares of the shipping company’s stock valued at $207,043,000 after buying an additional 1,163,601 shares during the period. Norges Bank purchased a new stake in shares of Kirby in the 4th quarter valued at $42,762,000. Jennison Associates LLC increased its holdings in Kirby by 63.5% during the 4th quarter. Jennison Associates LLC now owns 1,042,696 shares of the shipping company’s stock worth $67,097,000 after purchasing an additional 404,845 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Kirby by 64.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 576,527 shares of the shipping company’s stock valued at $41,620,000 after purchasing an additional 225,645 shares in the last quarter. 94.14% of the stock is currently owned by hedge funds and other institutional investors.
Insider Transactions at Kirby
In other news, CEO David W. Grzebinski sold 4,000 shares of Kirby stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $76.69, for a total value of $306,760.00. Following the completion of the sale, the chief executive officer now owns 74,006 shares of the company’s stock, valued at $5,675,520.14. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Kirby news, VP Amy D. Husted sold 3,000 shares of the business’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $74.47, for a total transaction of $223,410.00. Following the completion of the sale, the vice president now owns 11,072 shares of the company’s stock, valued at $824,531.84. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David W. Grzebinski sold 4,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $76.69, for a total value of $306,760.00. Following the sale, the chief executive officer now directly owns 74,006 shares of the company’s stock, valued at approximately $5,675,520.14. The disclosure for this sale can be found here. Insiders sold a total of 12,107 shares of company stock valued at $906,309 over the last three months. 1.50% of the stock is currently owned by insiders.
Kirby Stock Performance
Kirby (NYSE:KEX – Free Report) last issued its quarterly earnings data on Thursday, April 27th. The shipping company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.03. Kirby had a return on equity of 4.99% and a net margin of 4.98%. The firm had revenue of $750.44 million during the quarter, compared to analysts’ expectations of $723.67 million. During the same period in the previous year, the firm posted $0.29 earnings per share. Kirby’s revenue was up 22.9% on a year-over-year basis. Sell-side analysts forecast that Kirby Co. will post 3.58 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on KEX. Stifel Nicolaus raised their target price on Kirby from $83.00 to $85.00 in a research report on Friday, April 28th. TheStreet upgraded Kirby from a “c+” rating to a “b-” rating in a research note on Monday, March 13th. Finally, StockNews.com started coverage on Kirby in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Kirby presently has a consensus rating of “Moderate Buy” and an average price target of $86.75.
Kirby Company 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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