Allspring Global Investments Holdings LLC Has $19.45 Million Stock Holdings in Kirby Corporation $KEX

Allspring Global Investments Holdings LLC grew its stake in shares of Kirby Corporation (NYSE:KEX) by 2.4% in the third quarter, HoldingsChannel.com reports. The fund owned 231,291 shares of the shipping company’s stock after acquiring an additional 5,494 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Kirby were worth $19,452,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. raised its stake in Kirby by 244.8% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 231 shares of the shipping company’s stock valued at $26,000 after purchasing an additional 164 shares in the last quarter. Maseco LLP acquired a new stake in Kirby during the second quarter worth about $28,000. IFP Advisors Inc acquired a new stake in Kirby during the second quarter worth about $29,000. Bell Investment Advisors Inc increased its holdings in Kirby by 67.1% in the 2nd quarter. Bell Investment Advisors Inc now owns 284 shares of the shipping company’s stock valued at $32,000 after buying an additional 114 shares during the period. Finally, Parallel Advisors LLC raised its position in shares of Kirby by 49.4% in the 2nd quarter. Parallel Advisors LLC now owns 366 shares of the shipping company’s stock valued at $42,000 after buying an additional 121 shares in the last quarter. 96.15% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on KEX. Wall Street Zen upgraded shares of Kirby from a “hold” rating to a “buy” rating in a research report on Saturday, November 1st. BTIG Research restated a “buy” rating and set a $125.00 target price on shares of Kirby in a research note on Thursday, September 18th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Kirby in a research note on Wednesday, October 8th. Evercore ISI boosted their price target on Kirby from $109.00 to $122.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. Finally, Citigroup upped their price objective on Kirby from $128.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Kirby presently has an average rating of “Moderate Buy” and a consensus price target of $124.00.

Kirby Stock Performance

Shares of Kirby stock opened at $111.95 on Monday. The company’s 50 day moving average price is $108.86 and its two-hundred day moving average price is $102.13. The firm has a market capitalization of $6.07 billion, a P/E ratio of 20.77, a P/E/G ratio of 0.96 and a beta of 0.88. Kirby Corporation has a fifty-two week low of $79.51 and a fifty-two week high of $122.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.70 and a quick ratio of 1.08.

Kirby (NYSE:KEX) last announced its quarterly earnings results on Wednesday, October 29th. The shipping company reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.05. Kirby had a return on equity of 10.05% and a net margin of 9.22%.The company had revenue of $871.16 million during the quarter, compared to analysts’ expectations of $843.29 million. During the same period in the prior year, the company earned $1.55 EPS. Kirby’s revenue was up 4.8% compared to the same quarter last year. On average, equities analysts forecast that Kirby Corporation will post 6.57 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Ronald A. Dragg sold 2,715 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $110.29, for a total value of $299,437.35. Following the completion of the transaction, the vice president owned 10,325 shares in the company, valued at $1,138,744.25. This trade represents a 20.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David W. Grzebinski sold 29,451 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $107.41, for a total transaction of $3,163,331.91. Following the sale, the chief executive officer directly owned 79,709 shares in the company, valued at $8,561,543.69. The trade was a 26.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 57,147 shares of company stock valued at $6,204,544. 0.90% of the stock is currently owned by company insiders.

About Kirby

Kirby Corporation is a leading domestic maritime transporter of bulk liquid products in the United States. Through its Marine Transportation segment, the company operates one of North America’s largest fleets of inland tank barges and towing vessels. Kirby’s fleet moves petrochemicals, black oil, refined petroleum products and agricultural chemicals along coastal and inland waterways, providing critical logistical support to energy, chemical and agricultural producers.

In addition to its marine operations, Kirby’s Distribution and Services segment offers diesel engine and power generation services, along with aftermarket parts sales.