Kirby Corporation $KEX Stock Position Increased by Citigroup Inc.

Citigroup Inc. raised its holdings in shares of Kirby Corporation (NYSE:KEX) by 60.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,665 shares of the shipping company’s stock after acquiring an additional 16,772 shares during the period. Citigroup Inc.’s holdings in Kirby were worth $3,727,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Alliancebernstein L.P. grew its stake in shares of Kirby by 72.5% in the 2nd quarter. Alliancebernstein L.P. now owns 2,282,865 shares of the shipping company’s stock worth $258,900,000 after purchasing an additional 959,209 shares during the last quarter. Norges Bank acquired a new position in Kirby in the 2nd quarter worth approximately $78,256,000. Hood River Capital Management LLC purchased a new position in Kirby during the 2nd quarter worth approximately $73,784,000. Encompass Capital Advisors LLC grew its position in Kirby by 32.4% during the 2nd quarter. Encompass Capital Advisors LLC now owns 1,225,338 shares of the shipping company’s stock worth $138,966,000 after purchasing an additional 299,981 shares in the last quarter. Finally, Select Equity Group L.P. raised its stake in Kirby by 10.8% during the 2nd quarter. Select Equity Group L.P. now owns 2,165,929 shares of the shipping company’s stock valued at $245,638,000 after purchasing an additional 211,231 shares during the period. 96.15% of the stock is owned by institutional investors and hedge funds.

Kirby Price Performance

NYSE KEX opened at $130.30 on Friday. Kirby Corporation has a fifty-two week low of $79.51 and a fifty-two week high of $134.69. The stock’s 50-day moving average is $124.01 and its two-hundred day moving average is $106.78. The firm has a market cap of $6.99 billion, a P/E ratio of 20.58, a price-to-earnings-growth ratio of 1.20 and a beta of 0.83. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.53 and a quick ratio of 0.96.

Kirby (NYSE:KEX) last issued its quarterly earnings data on Thursday, January 29th. The shipping company reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.06. Kirby had a return on equity of 10.53% and a net margin of 10.54%.The business had revenue of $851.78 million for the quarter, compared to analyst estimates of $857.82 million. During the same quarter in the prior year, the firm posted $1.29 EPS. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, analysts anticipate that Kirby Corporation will post 6.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on KEX. BTIG Research lowered their price target on Kirby from $140.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, January 29th. Zacks Research cut Kirby from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 12th. Wolfe Research reiterated an “outperform” rating and issued a $136.00 target price on shares of Kirby in a report on Friday, January 30th. Citigroup increased their price target on shares of Kirby from $145.00 to $147.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Finally, Weiss Ratings raised shares of Kirby from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 18th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $129.40.

Insider Activity at Kirby

In other news, VP Scott P. Miller sold 3,960 shares of Kirby stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $120.68, for a total value of $477,892.80. Following the transaction, the vice president owned 3,565 shares of the company’s stock, valued at $430,224.20. This trade represents a 52.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David W. Grzebinski sold 34,152 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $130.05, for a total transaction of $4,441,467.60. Following the completion of the sale, the chief executive officer owned 98,241 shares of the company’s stock, valued at $12,776,242.05. The trade was a 25.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 82,640 shares of company stock valued at $10,470,847. 0.90% of the stock is 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.