Truist Financial Corp Purchases New Stake in Kirby Co. (NYSE:KEX)

Truist Financial Corp bought a new stake in shares of Kirby Co. (NYSE:KEX) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 8,773 shares of the shipping company’s stock, valued at approximately $1,050,000.

Several other hedge funds also recently modified their holdings of KEX. International Assets Investment Management LLC acquired a new position in Kirby in the second quarter valued at approximately $26,000. ORG Partners LLC bought a new position in shares of Kirby in the 2nd quarter worth $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Kirby during the second quarter worth $33,000. Blue Trust Inc. increased its holdings in Kirby by 91.0% in the second quarter. Blue Trust Inc. now owns 296 shares of the shipping company’s stock valued at $35,000 after purchasing an additional 141 shares during the last quarter. Finally, Mark Sheptoff Financial Planning LLC acquired a new position in Kirby in the second quarter valued at about $37,000. Institutional investors own 96.15% of the company’s stock.

Kirby Trading Up 3.1 %

NYSE:KEX opened at $125.02 on Monday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.70 and a quick ratio of 1.05. The business’s 50-day simple moving average is $119.01 and its 200-day simple moving average is $115.66. Kirby Co. has a fifty-two week low of $72.11 and a fifty-two week high of $130.90. The stock has a market capitalization of $7.32 billion, a PE ratio of 29.56, a price-to-earnings-growth ratio of 0.75 and a beta of 1.17.

Kirby (NYSE:KEX) last released its quarterly earnings results on Thursday, August 1st. The shipping company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.11. Kirby had a net margin of 8.72% and a return on equity of 8.70%. The company had revenue of $824.40 million during the quarter, compared to analysts’ expectations of $821.65 million. During the same quarter in the prior year, the company earned $0.95 earnings per share. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. Sell-side analysts expect that Kirby Co. will post 5.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. StockNews.com lowered Kirby from a “buy” rating to a “hold” rating in a research report on Sunday, September 22nd. Bank of America boosted their price objective on shares of Kirby from $138.00 to $141.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $123.80.

Insider Activity

In related news, VP Amy D. Husted sold 2,853 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $126.54, for a total transaction of $361,018.62. Following the completion of the transaction, the vice president now directly owns 5,280 shares in the company, valued at approximately $668,131.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Christian G. O’neil sold 14,031 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $123.29, for a total transaction of $1,729,881.99. Following the completion of the transaction, the chief operating officer now owns 12,746 shares in the company, valued at approximately $1,571,454.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Amy D. Husted sold 2,853 shares of Kirby stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $126.54, for a total transaction of $361,018.62. Following the completion of the sale, the vice president now owns 5,280 shares in the company, valued at $668,131.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 46,012 shares of company stock worth $5,571,267 over the last three months. Corporate insiders own 1.50% of the company’s stock.

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.