Diamond Hill Capital Management Inc. Trims Position in Kirby Co. (KEX)
Diamond Hill Capital Management Inc. lowered its position in shares of Kirby Co. (NYSE:KEX) by 19.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,946,178 shares of the shipping company’s stock after selling 482,118 shares during the period. Diamond Hill Capital Management Inc. owned about 3.26% of Kirby worth $162,700,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of KEX. Van ECK Associates Corp bought a new stake in Kirby during the 1st quarter worth $32,150,000. Wells Fargo & Company MN lifted its holdings in Kirby by 124.6% during the 2nd quarter. Wells Fargo & Company MN now owns 528,341 shares of the shipping company’s stock worth $44,169,000 after buying an additional 293,152 shares during the period. Arosa Capital Management LP lifted its holdings in Kirby by 2,231.6% during the 1st quarter. Arosa Capital Management LP now owns 303,108 shares of the shipping company’s stock worth $23,324,000 after buying an additional 290,108 shares during the period. Bank of Montreal Can acquired a new position in Kirby during the 2nd quarter worth about $21,646,000. Finally, King Luther Capital Management Corp lifted its holdings in Kirby by 12.6% during the 1st quarter. King Luther Capital Management Corp now owns 1,941,548 shares of the shipping company’s stock worth $149,402,000 after buying an additional 217,366 shares during the period. Institutional investors and hedge funds own 92.84% of the company’s stock.
KEX has been the topic of several recent research reports. Gabelli raised Kirby from a “hold” rating to a “buy” rating and set a $96.00 target price on the stock in a report on Monday, July 30th. Stifel Nicolaus lifted their target price on Kirby from $88.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, April 27th. Zacks Investment Research downgraded Kirby from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. ValuEngine raised Kirby from a “hold” rating to a “buy” rating in a report on Monday, July 30th. Finally, Wells Fargo & Co lifted their target price on Kirby from $89.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, May 1st. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. Kirby presently has a consensus rating of “Hold” and an average price target of $90.50.
Kirby (NYSE:KEX) last announced its quarterly earnings data on Wednesday, July 25th. The shipping company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.07. The company had revenue of $802.70 million for the quarter, compared to the consensus estimate of $765.43 million. Kirby had a return on equity of 4.77% and a net margin of 11.49%. The firm’s revenue was up 69.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 EPS. equities research analysts forecast that Kirby Co. will post 2.84 EPS for the current fiscal year.
In other news, Director William M. Waterman sold 25,000 shares of the business’s stock in a transaction dated Thursday, May 17th. The stock was sold at an average price of $90.52, for a total value of $2,263,000.00. Following the transaction, the director now directly owns 87,832 shares of the company’s stock, valued at approximately $7,950,552.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Ronald A. Dragg sold 500 shares of the business’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $85.00, for a total value of $42,500.00. Following the completion of the transaction, the vice president now directly owns 10,968 shares in the company, valued at $932,280. The disclosure for this sale can be found here. Insiders sold a total of 50,983 shares of company stock worth $4,630,006 over the last three months. 2.40% of the stock is owned by company insiders.
Kirby Corporation operates domestic tank barges in the United States. It operates in two segments, Marine Transportation and Distribution and Services. The Marine Transportation segment provides marine transportation services and towing vessels transporting bulk liquid products, as well as operates tank barges 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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