State Treasurer State of Michigan Has $1.33 Million Holdings in Kirby Corporation (KEX)
State Treasurer State of Michigan decreased its position in shares of Kirby Corporation (NYSE:KEX) by 9.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,200 shares of the shipping company’s stock after selling 2,100 shares during the period. State Treasurer State of Michigan’s holdings in Kirby Corporation were worth $1,332,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. Huntington National Bank increased its position in Kirby Corporation by 11.3% during the second quarter. Huntington National Bank now owns 2,453 shares of the shipping company’s stock valued at $164,000 after acquiring an additional 249 shares during the last quarter. Verition Fund Management LLC bought a new position in Kirby Corporation during the second quarter valued at $204,000. Koch Industries Inc. bought a new position in Kirby Corporation during the second quarter valued at $216,000. Cornerstone Capital Management Holdings LLC. bought a new position in Kirby Corporation during the second quarter valued at $233,000. Finally, World Asset Management Inc increased its position in Kirby Corporation by 12.7% during the second quarter. World Asset Management Inc now owns 3,718 shares of the shipping company’s stock valued at $249,000 after acquiring an additional 418 shares during the last quarter.
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Shares of Kirby Corporation (NYSE KEX) opened at $66.05 on Tuesday. The company has a market capitalization of $3,626.44, a price-to-earnings ratio of 31.83, a PEG ratio of 4.19 and a beta of 1.07. The company has a current ratio of 1.77, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24.
Kirby Corporation (NYSE:KEX) last released its quarterly earnings data on Wednesday, November 1st. The shipping company reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.08. Kirby Corporation had a net margin of 5.88% and a return on equity of 4.68%. The company had revenue of $541.30 million during the quarter, compared to analyst estimates of $517.54 million. During the same period in the prior year, the firm earned $0.59 earnings per share. The firm’s revenue for the quarter was up 24.5% compared to the same quarter last year. analysts predict that Kirby Corporation will post 2 EPS for the current fiscal year.
KEX has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Kirby Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 17th. BidaskClub raised shares of Kirby Corporation from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Stifel Nicolaus reissued a “hold” rating and set a $69.00 target price on shares of Kirby Corporation in a research note on Friday, July 28th. Cowen and Company reissued a “hold” rating and set a $70.00 target price on shares of Kirby Corporation in a research note on Friday, July 28th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $85.00 target price on shares of Kirby Corporation in a research note on Monday, October 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $71.43.
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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