Formula Growth Ltd. bought a new position in Kirby Corporation (NYSE:KEX – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 11,745 shares of the shipping company’s stock, valued at approximately $1,597,000.
A number of other hedge funds also recently added to or reduced their stakes in KEX. Public Employees Retirement System of Ohio acquired a new position in shares of Kirby during the second quarter valued at $2,176,000. Capstone Investment Advisors LLC acquired a new stake in shares of Kirby in the 2nd quarter worth about $800,000. Redwood Investment Management LLC acquired a new stake in shares of Kirby in the 2nd quarter worth about $1,172,000. Corient Private Wealth LP bought a new stake in Kirby in the 2nd quarter valued at about $437,000. Finally, Bank of America Corp DE bought a new stake in Kirby in the 2nd quarter valued at about $62,549,000. 96.15% of the stock is currently owned by institutional investors.
Kirby Price Performance
Shares of NYSE KEX opened at $139.96 on Friday. Kirby Corporation has a fifty-two week low of $79.51 and a fifty-two week high of $157.69. The firm’s 50-day simple moving average is $138.44 and its 200 day simple moving average is $137.87. The company has a quick ratio of 1.12, a current ratio of 1.68 and a debt-to-equity ratio of 0.30. The stock has a market cap of $7.39 billion, a P/E ratio of 21.53, a P/E/G ratio of 1.25 and a beta of 0.84.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on KEX. Wall Street Zen lowered shares of Kirby from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Evercore restated an “outperform” rating and issued a $158.00 price target on shares of Kirby in a research note on Friday, May 1st. Weiss Ratings raised Kirby from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, August 17th. BTIG Research reiterated a “buy” rating and set a $170.00 price objective on shares of Kirby in a research report on Wednesday, July 29th. Finally, Citigroup increased their price objective on Kirby from $165.00 to $170.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Kirby presently has a consensus rating of “Moderate Buy” and an average target price of $163.20.
View Our Latest Research Report on KEX
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.
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