Barrow Hanley Mewhinney & Strauss LLC, an institutional investor, has recently increased its stake in Kirby Co. (NYSE:KEX) by 2.0% during the first quarter of this year, according to a 13F filing with the Securities and Exchange Commission (SEC). The company now owns 758,870 shares of Kirby’s stock, representing approximately 1.26% of the shipping company’s total worth. The additional purchase of 15,144 shares brings their total investment in Kirby to $52,893,000.
Kirby Co., a leading player in the shipping industry, announced its quarterly earnings results on July 27th. The company reported earnings per share (EPS) of $0.95 for the quarter, surpassing the consensus estimate of $0.83 by $0.12. The total revenue for the quarter was recorded at $777.20 million, slightly lower than market expectations of $781.18 million.
Kirby demonstrated a net margin of 5.81% and a return on equity (ROE) of 5.82%. It witnessed an impressive 11.3% growth in revenue compared to the same period last year. In contrast, during the previous year’s corresponding quarter, Kirby had earned EPS of $0.49.
Equities research analysts anticipate that Kirby Co. will post an EPS of 3.7 for the current fiscal year.
These recent developments highlight Barrow Hanley Mewhinney & Strauss LLC’s growing confidence in Kirby Co., as they increased their holdings despite a challenging economic climate due to factors such as rising fuel costs and supply chain disruptions caused by global events like COVID-19.
Barrow Hanley Mewhinney & Strauss LLC is known for its prudent investment approach and meticulous selection process when it comes to identifying potential stocks for their portfolio. Their decision to accumulate more shares of Kirby may indicate their positive outlook on the company’s future prospects and its ability to weather short-term industry challenges.
Kirby Co., with its strong financial performance and consistent growth trajectory, is well-positioned in the shipping industry. The company’s focus on diversification, operational efficiency, and technological advancements has contributed significantly to its success.
As the year progresses, investors will closely monitor Kirby Co.’s performance and how it adapts to evolving market conditions. With its solid earnings results and robust financial position, Kirby remains an intriguing investment opportunity for both existing shareholders like Barrow Hanley Mewhinney & Strauss LLC and potential investors who value stability and steady growth potential in a volatile market.
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Prominent Investors Make Significant Changes to Kirby Corporation Holdings as Stock Performance Remains Stable
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”KEX” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]In recent months, several prominent investors have made significant changes to their holdings of Kirby Corporation (KEX). Coppell Advisory Solutions Corp., for instance, acquired a new stake in the company during the 4th quarter of the previous year. This acquisition was valued at approximately $45,000. Point72 Hong Kong Ltd also purchased a new stake in Kirby during the 1st quarter of this year, amounting to around $47,000.
State of Wyoming has seen a substantial increase in its holdings of Kirby stock. In fact, their ownership has surged by an impressive 327.3% since the 4th quarter of last year. They currently possess 1,722 shares of the shipping company’s stock valued at $111,000 after recently acquiring another 1,319 shares.
Similarly, Huntington National Bank experienced a notable increase in its Kirby holdings as well. They raised their stake by 25.6% during the 4th quarter and now own 1,928 shares valued at $124,000 after acquiring an additional 393 shares.
Meeder Asset Management Inc., on the other hand, saw their Kirby holdings rise by 59.7% during the same period. They currently own 1,929 shares worth $124,000 after purchasing an additional 721 shares.
It is important to note that institutional investors hold the majority (94.14%) of Kirby’s stock.
Kirby’s shares were traded at a price of $81.64 on Friday with a trading volume reaching about 72,007 shares. This figure is slightly higher than its average volume of approximately 340,158 shares. The stock has been performing steadily with a 50-day moving average price of $77.94 and a 200-day moving average price of $73.61.
The company boasts a quick ratio of 1.01 and a current ratio of 1.78both indicating its ability to meet its short-term obligations. Furthermore, Kirby maintains a favorable debt-to-equity ratio of 0.32.
Over the past year, Kirby’s stock has seen a low of $57.64 and a high of $83.45. With a market capitalization of $4.86 billion, the company’s valuation is quite substantial. The price-to-earnings (P/E) ratio currently stands at 27.83, while the P/E to growth (P/E/G) ratio is 1.79, and the beta equates to 1.27.
Turning our attention to recent insider activity, Director Richard Ross Stewart sold 1,500 shares of Kirby stock on Friday, August 18th at an average price of $79.77, amounting to a total transaction value of $119,655. Following this sale, Stewart now owns 31,160 shares valued at around $2,485,633.
CEO David W. Grzebinski also made a notable sale of 3,000 shares on Thursday, June 1st at an average price of $71.81 per sharebringing in $215,430 in total revenue from the transaction. Grzebinski’s current stake stands at 79,006 shares with an approximate value of $5,673,420.
In addition to Stewart and Grzebinskis sales mentioned above, insiders have collectively sold about 26,888 shares during the last quarter with a total estimated value of $2,112,340.
Moving on to analyst reports concerning Kirby Corporation (KEX), Stifel Nicolaus recently raised their price target for Kirby from $83 to $85 in one of their research reports published on Friday April 28th.
StockNews.com also initiated coverage on Kirby and gave it a “hold” rating in their research report released on Thursday August 17th.
While one analyst maintains a hold rating, three others have issued a buy rating for Kirby’s stock. According to Bloomberg.com, the overall consensus is currently reported as “Moderate Buy” with an average price target of $86.75.
In summation, Kirby Corporation has recently garnered significant attention from large investors, resulting in noteworthy modifications to their holdings. The company’s stock performance has been relatively stable, and analysts remain cautiously optimistic about its future prospects.
