Allspring Global Investments Holdings LLC Sells 25,976 Shares of Kirby Corporation $KEX

Allspring Global Investments Holdings LLC cut its stake in Kirby Corporation (NYSE:KEX) by 11.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 205,315 shares of the shipping company’s stock after selling 25,976 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.38% of Kirby worth $22,975,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Peregrine Capital Management LLC lifted its position in Kirby by 18.4% during the 3rd quarter. Peregrine Capital Management LLC now owns 131,000 shares of the shipping company’s stock valued at $10,932,000 after acquiring an additional 20,399 shares during the period. Campbell & CO Investment Adviser LLC bought a new position in Kirby during the 3rd quarter valued at approximately $2,030,000. Intech Investment Management LLC raised its stake in Kirby by 239.4% during the third quarter. Intech Investment Management LLC now owns 15,762 shares of the shipping company’s stock valued at $1,315,000 after buying an additional 11,118 shares during the last quarter. Citigroup Inc. boosted its holdings in Kirby by 60.1% in the third quarter. Citigroup Inc. now owns 44,665 shares of the shipping company’s stock worth $3,727,000 after acquiring an additional 16,772 shares in the last quarter. Finally, Luminus Management LLC boosted its holdings in Kirby by 292.0% in the third quarter. Luminus Management LLC now owns 116,956 shares of the shipping company’s stock worth $9,760,000 after acquiring an additional 87,120 shares in the last quarter. 96.15% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Kirby

In other Kirby news, CEO David W. Grzebinski sold 34,152 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $130.05, for a total transaction of $4,441,467.60. Following the transaction, the chief executive officer directly owned 98,241 shares in the company, valued at $12,776,242.05. This trade represents a 25.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Amy D. Husted sold 11,667 shares of Kirby stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $129.33, for a total transaction of $1,508,893.11. Following the transaction, the vice president directly owned 14,814 shares in the company, valued at approximately $1,915,894.62. The trade was a 44.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 71,495 shares of company stock valued at $9,226,173. Insiders own 0.80% of the company’s stock.

Kirby Stock Performance

NYSE KEX opened at $136.20 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.53 and a quick ratio of 0.96. Kirby Corporation has a 1-year low of $79.51 and a 1-year high of $137.96. The business has a 50 day simple moving average of $127.98 and a two-hundred day simple moving average of $112.20. The stock has a market capitalization of $7.30 billion, a PE ratio of 21.52, a P/E/G ratio of 1.22 and a beta of 0.83.

Kirby (NYSE:KEX) last issued its quarterly earnings data on Thursday, January 29th. The shipping company reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.06. Kirby had a net margin of 10.54% and a return on equity of 10.53%. The business had revenue of $851.78 million during the quarter, compared to analysts’ expectations of $857.82 million. During the same period last year, the company posted $1.29 EPS. The business’s revenue was up 6.2% on a year-over-year basis. On average, research analysts predict that Kirby Corporation will post 6.57 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on KEX shares. Wolfe Research restated an “outperform” rating and set a $136.00 price target on shares of Kirby in a report on Friday, January 30th. Evercore restated an “outperform” rating and issued a $138.00 target price on shares of Kirby in a report on Monday, March 9th. Weiss Ratings upgraded Kirby from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 27th. Citigroup lifted their price target on shares of Kirby from $145.00 to $147.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Finally, BTIG Research cut their price objective on shares of Kirby from $140.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, January 29th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Kirby currently has a consensus rating of “Moderate Buy” and an average target price of $132.60.

About Kirby

Kirby Corporation is a leading domestic maritime transporter of bulk liquid products in the United States. Through its Marine Transportation segment, the company operates one of North America’s largest fleets of inland tank barges and towing vessels. Kirby’s fleet moves petrochemicals, black oil, refined petroleum products and agricultural chemicals along coastal and inland waterways, providing critical logistical support to energy, chemical and agricultural producers.

In addition to its marine operations, Kirby’s Distribution and Services segment offers diesel engine and power generation services, along with aftermarket parts sales.