Connor Clark & Lunn Investment Management Ltd. Takes $696,000 Position in Kirby Co. (KEX)
Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Kirby Co. (NYSE:KEX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,325 shares of the shipping company’s stock, valued at approximately $696,000.
A number of other institutional investors have also recently made changes to their positions in KEX. Van ECK Associates Corp bought a new stake in Kirby in the first quarter valued at about $32,150,000. Wells Fargo & Company MN increased its holdings in Kirby by 124.6% in the second quarter. Wells Fargo & Company MN now owns 528,341 shares of the shipping company’s stock valued at $44,169,000 after buying an additional 293,152 shares during the last quarter. Arosa Capital Management LP increased its holdings in Kirby by 2,231.6% in the first quarter. Arosa Capital Management LP now owns 303,108 shares of the shipping company’s stock valued at $23,324,000 after buying an additional 290,108 shares during the last quarter. Bank of Montreal Can bought a new stake in Kirby in the second quarter valued at about $21,646,000. Finally, King Luther Capital Management Corp increased its holdings in Kirby by 12.6% in the first quarter. King Luther Capital Management Corp now owns 1,941,548 shares of the shipping company’s stock valued at $149,402,000 after buying an additional 217,366 shares during the last quarter. 92.84% of the stock is owned by hedge funds and other institutional investors.
NYSE:KEX opened at $84.35 on Monday. The company has a market cap of $5.10 billion, a PE ratio of 41.15, a P/E/G ratio of 2.25 and a beta of 0.93. Kirby Co. has a 52 week low of $59.38 and a 52 week high of $94.05. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.86 and a quick ratio of 1.17.
KEX has been the subject of several research analyst reports. Stifel Nicolaus boosted their price objective on Kirby from $88.00 to $94.00 and gave the company a “buy” rating in a report on Friday, April 27th. Wells Fargo & Co upped their target price on Kirby from $89.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, May 1st. Zacks Investment Research raised Kirby from a “hold” rating to a “buy” rating and set a $96.00 target price for the company in a report on Wednesday, May 2nd. ValuEngine lowered Kirby from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. Finally, Gabelli raised Kirby from a “hold” rating to a “buy” rating and set a $96.00 target price for the company in a report on Monday, July 30th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $90.50.
In other news, insider Joseph H. Reniers sold 12,218 shares of the business’s stock in a transaction that occurred on Wednesday, June 6th. The stock was sold at an average price of $91.83, for a total transaction of $1,121,978.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP David R. Mosley sold 7,447 shares of the business’s stock in a transaction that occurred on Thursday, May 24th. The stock was sold at an average price of $90.40, for a total value of $673,208.80. Following the transaction, the vice president now owns 17,293 shares of the company’s stock, valued at $1,563,287.20. The disclosure for this sale can be found here. Insiders have sold 23,865 shares of company stock valued at $2,169,509 over the last ninety days. Corporate insiders own 2.40% of the company’s stock.
Kirby Corporation operates domestic tank barges in the United States. It operates in two segments, Marine Transportation and Distribution and Services. The Marine Transportation segment provides marine transportation services and towing vessels transporting bulk liquid products, as well as operates tank barges throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii.
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