Linscomb Wealth Inc. Cuts Stock Position in Kirby Co. (NYSE:KEX)

Linscomb Wealth Inc. trimmed its holdings in shares of Kirby Co. (NYSE:KEX) by 12.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,660 shares of the shipping company’s stock after selling 3,000 shares during the period. Linscomb Wealth Inc.’s holdings in Kirby were worth $2,065,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co grew its stake in shares of Kirby by 0.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 29,299 shares of the shipping company’s stock valued at $2,792,000 after acquiring an additional 108 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Kirby by 28.1% in the first quarter. Fifth Third Bancorp now owns 551 shares of the shipping company’s stock valued at $53,000 after purchasing an additional 121 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in Kirby by 1.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 10,369 shares of the shipping company’s stock valued at $988,000 after purchasing an additional 122 shares in the last quarter. Orion Portfolio Solutions LLC increased its holdings in Kirby by 0.7% during the 4th quarter. Orion Portfolio Solutions LLC now owns 17,847 shares of the shipping company’s stock worth $1,388,000 after purchasing an additional 124 shares during the last quarter. Finally, Retirement Systems of Alabama raised its position in shares of Kirby by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 74,214 shares of the shipping company’s stock valued at $7,074,000 after purchasing an additional 195 shares in the last quarter. 96.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

KEX has been the subject of a number of research analyst reports. BTIG Research lifted their price target on shares of Kirby from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Wolfe Research began coverage on shares of Kirby in a research report on Monday, April 22nd. They set an “outperform” rating and a $126.00 price target on the stock. Stifel Nicolaus boosted their price objective on Kirby from $131.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, May 21st. Bank of America upped their price objective on Kirby from $138.00 to $141.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, StockNews.com upgraded Kirby from a “hold” rating to a “buy” rating in a research report on Tuesday, April 16th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Kirby has an average rating of “Buy” and an average target price of $123.80.

Insider Activity

In other Kirby news, Director Richard Ross Stewart sold 676 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $109.60, for a total value of $74,089.60. Following the completion of the transaction, the director now owns 23,488 shares in the company, valued at approximately $2,574,284.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Kirby news, Director Richard Ross Stewart sold 676 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $109.60, for a total transaction of $74,089.60. Following the completion of the transaction, the director now owns 23,488 shares in the company, valued at approximately $2,574,284.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Amy D. Husted sold 7,853 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $122.50, for a total value of $961,992.50. Following the transaction, the vice president now directly owns 5,280 shares in the company, valued at $646,800. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,319 shares of company stock valued at $3,896,633. 1.50% of the stock is currently owned by company insiders.

Kirby Stock Performance

KEX stock traded up $1.48 during midday trading on Friday, reaching $119.44. The company had a trading volume of 309,365 shares, compared to its average volume of 474,979. The firm has a market capitalization of $6.99 billion, a PE ratio of 28.24, a P/E/G ratio of 0.72 and a beta of 1.18. The stock has a 50 day moving average price of $120.69 and a 200 day moving average price of $102.46. Kirby Co. has a fifty-two week low of $72.11 and a fifty-two week high of $130.90. The company has a quick ratio of 1.12, a current ratio of 1.81 and a debt-to-equity ratio of 0.33.

Kirby (NYSE:KEX) last released its quarterly earnings data on Friday, April 26th. The shipping company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.22. The business had revenue of $808.00 million during the quarter, compared to analyst estimates of $784.49 million. Kirby had a return on equity of 7.96% and a net margin of 8.01%. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.68 EPS. Analysts anticipate that Kirby Co. will post 5.3 earnings per share for the current year.

About Kirby

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.