On August 20, 2023, it was reported that AMG National Trust Bank had increased its position in Kirby Co. (NYSE: KEX) by 41.2% during the first quarter of the year. According to the company’s filing with the Securities and Exchange Commission (SEC), the institutional investor now owned 18,290 shares of Kirby’s stock after purchasing an additional 5,333 shares in the quarter. The total value of AMG National Trust Bank’s holdings in Kirby amounted to $1,275,000 at the end of the most recent quarter.
In other news related to Kirby, CEO David W. Grzebinski sold 3,000 shares of the company’s stock on June 1st in a transaction that totaled $215,430. According to a legal filing with the SEC, following this sale, Grzebinski now holds direct ownership of 79,006 shares in Kirby, valued at approximately $5,673,420.86.
Furthermore, VP Scott P. Miller also sold 607 shares of Kirby’s stock on June 15th for a total value of $45,209.36. This transaction was disclosed in another legal filing with the SEC.
It is noteworthy that CEO David W. Grzebinski made another sale of 3,000 shares on June 1st at an average price of $71.81 per share. This resulted in a total transaction value of $215,430 and increased his direct ownership of Kirby stock to 79,006 shares worth $5,673,420.86.
It is important to mention that within the last ninety days leading up to August 20th , insiders have collectively sold a total of 25,388 shares of Kirby’s stock with a combined value of $1,992,685. As a result of these insider sales transactions reported through legal filings with the SEC website indicates that insiders now own 1.50% of the company’s stock.
These updates regarding AMG National Trust Bank’s increased position in Kirby Co., along with the insider selling activity by CEO David W. Grzebinski and VP Scott P. Miller, highlight significant developments within the shipping company. The recent transactions provide insights into the actions taken by key stakeholders and may serve as a point of analysis for potential investors or industry observers interested in Kirby’s performance in the market.
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Kirby Co. Sees Investor Interest and Positive Analyst Ratings as Financial Results Exceed Expectations
In recent news, there have been several significant modifications in the holdings of Kirby, a prominent shipping company. Vanguard Personalized Indexing Management LLC has bought a new position in Kirby during the 1st quarter at a value of $384,000. This suggests that they see potential in the company and are willing to make a substantial investment. Similarly, Credit Suisse AG increased its stake in Kirby by 9.2% during the same period, now owning 13,272 shares worth $925,000 after purchasing an additional 1,117 shares.
Bessemer Group Inc., another major investor, also lifted its stake in Kirby by 2.5% during the 1st quarter. They now own 71,797 shares of the shipping company’s stock worth $5,004,000 after acquiring an additional 1,770 shares. Keybank National Association OH followed suit and raised its stake in Kirby by 9.4%, currently owning 6,958 shares worth $485,000 after purchasing an additional 597 shares.
Principal Financial Group Inc., not to be left out, increased their stake in Kirby by 0.9%. They now hold an impressive 237,015 shares valued at $16,520,000 after acquiring an additional 2,148 shares during the first quarter. It is interesting to note that hedge funds and other institutional investors collectively own around 94.14% of the company’s stock.
Moving away from investor activity and towards analyst opinions on Kirby stock (NYSE:KEX), several brokerages have weighed in with their views. One such brokerage is Stifel Nicolaus who boosted their price target from $83.00 to $85.00 in a research note dated April 28th. Additionally, StockNews.com began coverage on Kirby with a “hold” rating on Thursday.
Currently holding an average rating of “Moderate Buy” based on data from Bloomberg.com, Kirby has received one hold rating and three buy ratings. The consensus target price for the company’s stock is $86.75, as per the same source.
As of Friday, Kirby stock opened at $80.02. It is worth noting that the company’s 50-day moving average price stands at $77.52 while its 200-day moving average price is slightly higher at $73.42.
Kirby Co., with a market cap of $4.76 billion, has witnessed a twelve month low of $57.64 and a high of $83.45, indicating noticeable variability within this period. Additionally, the company’s quick ratio stands at 1.01 and current ratio at 1.78, suggesting respectable liquidity levels.
Examining Kirby’s performance over the years reveals that it has displayed a beta of 1.27, implying it is more volatile compared to some other stocks in the market.
Turning attention towards the financial results posted by Kirby on Thursday, July 27th suggests positive outcomes for investors. The shipping company reported earnings per share (EPS) of $0.95 for the quarter, surpassing analysts’ consensus estimates of $0.83 by an impressive margin of $0.12.
Moreover, Kirby achieved a net margin of 5.81% and a return on equity (ROE) of 5.82%. These figures indicate substantial profitability and efficient utilization of resources by the company during this period.
In terms of revenue generation, Kirby recorded notable success with revenue amounting to $777.20 million for the quarter compared to the consensus estimate of $781.18 million by equities research analysts.
Overall, Kirby Co.’s quarterly revenue experienced an increase of 11.3% year-over-year basis – an encouraging sign for stakeholders invested in this shipping giant.
Based on these findings and strong financial performance exhibited by Kirby Co., it is anticipated that the company will post a robust EPS of 3.7 for the current fiscal year, as projected by equities research analysts.
To summarize, Kirby Co. has displayed significant activity in terms of investor modifications and increasing stakes by prominent institutions during the 1st quarter. Analysts have also provided positive ratings and price targets, with a “Moderate Buy” average rating. Additionally, Kirby’s recent financial results showcased impressive growth in revenue, surpassing analysts’ expectations. With a strong market cap and steady stock performance, Kirby seems to be on track to delivering promising results for its investors in the coming fiscal year.