Luminus Management LLC Raises Holdings in Kirby Corporation $KEX

Luminus Management LLC boosted its position in Kirby Corporation (NYSE:KEX) by 292.0% during the third quarter, Holdings Channel reports. The institutional investor owned 116,956 shares of the shipping company’s stock after purchasing an additional 87,120 shares during the quarter. Kirby comprises approximately 8.8% of Luminus Management LLC’s portfolio, making the stock its 4th largest holding. Luminus Management LLC’s holdings in Kirby were worth $9,760,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in KEX. Thurston Springer Miller Herd & Titak Inc. lifted 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 acquiring an additional 164 shares during the last quarter. Maseco LLP bought a new position in Kirby during the second quarter worth about $28,000. IFP Advisors Inc bought a new position in shares of Kirby during the second quarter worth approximately $29,000. Bell Investment Advisors Inc raised 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 acquiring an additional 114 shares in the last quarter. Finally, Brooklyn Investment Group raised its stake in Kirby by 40.7% in the first quarter. Brooklyn Investment Group now owns 394 shares of the shipping company’s stock valued at $40,000 after purchasing an additional 114 shares in the last quarter. 96.15% of the stock is owned by institutional investors.

Insider Buying and Selling at Kirby

In related news, VP Kurt A. Niemietz sold 1,500 shares of Kirby stock in a transaction on Monday, December 1st. The shares were sold at an average price of $114.12, for a total transaction of $171,180.00. Following the completion of the transaction, the vice president owned 958 shares of the company’s stock, valued at $109,326.96. This trade represents a 61.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David W. Grzebinski sold 29,451 shares of the company’s stock in a transaction on Friday, November 21st. The shares were 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. This trade represents a 26.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 46,002 shares of company stock valued at $4,959,871 over the last three months. 0.90% of the stock is currently owned by corporate insiders.

Kirby Price Performance

Shares of NYSE:KEX opened at $110.48 on Tuesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.08 and a current ratio of 1.70. Kirby Corporation has a 52 week low of $79.51 and a 52 week high of $122.50. The firm has a market cap of $5.99 billion, a PE ratio of 20.50, a price-to-earnings-growth ratio of 1.08 and a beta of 0.87. The firm’s fifty day moving average is $101.32 and its 200-day moving average is $102.27.

Kirby (NYSE:KEX) last announced its earnings results on Wednesday, October 29th. The shipping company reported $1.65 EPS for the quarter, topping the consensus estimate of $1.60 by $0.05. Kirby had a return on equity of 10.05% and a net margin of 9.22%.The firm had revenue of $871.16 million for the quarter, compared to the consensus estimate of $843.29 million. During the same period in the previous year, the business earned $1.55 EPS. The business’s quarterly revenue was up 4.8% compared to the same quarter last year. Sell-side analysts predict that Kirby Corporation will post 6.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on KEX shares. BTIG Research restated a “buy” rating and set a $125.00 price objective on shares of Kirby in a research report on Thursday, September 18th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Kirby in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Kirby from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. Zacks Research upgraded shares of Kirby from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 3rd. Finally, Evercore ISI increased their price target on Kirby from $109.00 to $122.00 and gave the company an “outperform” rating in a research note on Thursday, October 30th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $123.40.

Kirby Profile

Kirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation service and towing vessel transporting bulk liquid product, as well as operates tank barge throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii.