Congress Asset Management Co. Purchases New Shares in Kirby Corporation $KEX

Congress Asset Management Co. acquired a new stake in Kirby Corporation (NYSE:KEX) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 529,902 shares of the shipping company’s stock, valued at approximately $58,385,000. Congress Asset Management Co. owned about 0.98% of Kirby as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Alliancebernstein L.P. increased its stake in shares of Kirby by 72.5% in the second quarter. Alliancebernstein L.P. now owns 2,282,865 shares of the shipping company’s stock valued at $258,900,000 after buying an additional 959,209 shares in the last quarter. Norges Bank acquired a new position in Kirby during the 2nd quarter worth about $78,256,000. Hood River Capital Management LLC acquired a new position in Kirby during the 2nd quarter worth about $73,784,000. Appian Way Asset Management LP grew its holdings in Kirby by 335.8% during the 3rd quarter. Appian Way Asset Management LP now owns 675,546 shares of the shipping company’s stock worth $56,374,000 after acquiring an additional 520,535 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in Kirby by 108.4% during the 3rd quarter. Millennium Management LLC now owns 839,662 shares of the shipping company’s stock worth $70,070,000 after acquiring an additional 436,735 shares during the last quarter. Institutional investors and hedge funds own 96.15% of the company’s stock.

Kirby Stock Performance

Shares of NYSE:KEX opened at $130.73 on Tuesday. The stock has a market capitalization of $7.01 billion, a P/E ratio of 20.65, a P/E/G ratio of 1.17 and a beta of 0.83. Kirby Corporation has a 1-year low of $79.51 and a 1-year high of $134.69. The company has a current ratio of 1.53, a quick ratio of 0.96 and a debt-to-equity ratio of 0.27. The business has a 50-day moving average price of $126.50 and a two-hundred day moving average price of $109.52.

Kirby (NYSE:KEX) last issued its earnings results on Thursday, January 29th. The shipping company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.06. Kirby had a net margin of 10.54% and a return on equity of 10.53%. The company had revenue of $851.78 million for the quarter, compared to analyst estimates of $857.82 million. During the same quarter last year, the firm earned $1.29 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities analysts predict that Kirby Corporation will post 6.57 earnings per share for the current year.

Insiders Place Their Bets

In other Kirby news, VP Scott P. Miller sold 3,960 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $120.68, for a total value of $477,892.80. Following the transaction, the vice president directly owned 3,565 shares of the company’s stock, valued at approximately $430,224.20. This trade represents a 52.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Christian G. O’neil sold 11,287 shares of Kirby stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $132.34, for a total transaction of $1,493,721.58. Following the sale, the chief operating officer directly owned 11,287 shares of the company’s stock, valued at $1,493,721.58. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 71,495 shares of company stock valued at $9,226,173 over the last three months. 0.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on KEX shares. BTIG Research dropped their target price on shares of Kirby from $140.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, January 29th. Citigroup increased their price target on shares of Kirby from $145.00 to $147.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Wolfe Research reissued an “outperform” rating and issued a $136.00 price target on shares of Kirby in a report on Friday, January 30th. Weiss Ratings cut shares of Kirby from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, March 10th. Finally, Evercore reaffirmed an “outperform” rating and set a $138.00 price objective on shares of Kirby in a report on Monday, March 9th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Kirby presently has a consensus rating of “Moderate Buy” and an average target price of $132.60.

Kirby Company Profile

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.