Principal Financial Group Inc. Has $22.72 Million Stake in Kirby Corporation (KEX)
Principal Financial Group Inc. grew its position in Kirby Corporation (NYSE:KEX) by 56.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 339,935 shares of the shipping company’s stock after buying an additional 122,404 shares during the quarter. Principal Financial Group Inc. owned 0.63% of Kirby Corporation worth $22,724,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Credit Agricole S A acquired a new position in shares of Kirby Corporation in the 1st quarter valued at approximately $423,000. Morgan Stanley raised its position in shares of Kirby Corporation by 22.9% in the 1st quarter. Morgan Stanley now owns 126,244 shares of the shipping company’s stock valued at $8,906,000 after buying an additional 23,498 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Kirby Corporation by 33.6% in the 1st quarter. Bank of New York Mellon Corp now owns 1,275,763 shares of the shipping company’s stock valued at $90,006,000 after buying an additional 320,566 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Kirby Corporation by 5.3% in the 1st quarter. Vanguard Group Inc. now owns 4,159,390 shares of the shipping company’s stock valued at $293,445,000 after buying an additional 208,693 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its position in shares of Kirby Corporation by 16.3% in the 1st quarter. UBS Asset Management Americas Inc. now owns 30,690 shares of the shipping company’s stock valued at $2,165,000 after buying an additional 4,303 shares in the last quarter.
Shares of Kirby Corporation (KEX) opened at 63.95 on Wednesday. Kirby Corporation has a one year low of $54.87 and a one year high of $74.50. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of 29.31 and a beta of 1.01. The company’s 50 day moving average is $62.08 and its 200 day moving average is $66.43.
Kirby Corporation (NYSE:KEX) last announced its earnings results on Wednesday, July 26th. The shipping company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.01. The business had revenue of $473.33 million for the quarter, compared to the consensus estimate of $478.85 million. Kirby Corporation had a net margin of 6.41% and a return on equity of 4.85%. Kirby Corporation’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm posted $0.72 earnings per share. Equities research analysts predict that Kirby Corporation will post $1.95 earnings per share for the current year.
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KEX has been the subject of several analyst reports. Jefferies Group LLC restated a “buy” rating and issued a $85.00 target price on shares of Kirby Corporation in a research report on Tuesday, May 30th. BidaskClub raised shares of Kirby Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Stifel Nicolaus decreased their price target on shares of Kirby Corporation from $71.00 to $69.00 and set a “hold” rating on the stock in a report on Thursday, June 15th. Zacks Investment Research lowered shares of Kirby Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 6th. Finally, Cowen and Company reaffirmed a “hold” rating and set a $70.00 price target on shares of Kirby Corporation in a report on Friday, July 28th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $71.25.
About Kirby Corporation
Kirby Corporation is a domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii. The Company, through its subsidiaries, operates in two segments: Marine Transportation and Diesel Engine Services.
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