HITE Hedge Asset Management LLC Raises Stock Holdings in Kirby Corporation $KEX

HITE Hedge Asset Management LLC increased its stake in Kirby Corporation (NYSE:KEX) by 277.1% during the 3rd quarter, Holdings Channel reports. The firm owned 273,348 shares of the shipping company’s stock after purchasing an additional 200,855 shares during the quarter. Kirby comprises approximately 1.2% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 23rd biggest holding. HITE Hedge Asset Management LLC’s holdings in Kirby were worth $22,811,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in Kirby by 2.4% during the third quarter. Vanguard Group Inc. now owns 5,667,853 shares of the shipping company’s stock valued at $472,982,000 after purchasing an additional 134,261 shares during the last quarter. Alliancebernstein L.P. increased its holdings 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 buying an additional 959,209 shares during the last quarter. Select Equity Group L.P. raised its position in shares of 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 buying an additional 211,231 shares in the last quarter. King Luther Capital Management Corp raised its position in shares of Kirby by 8.5% during the 3rd quarter. King Luther Capital Management Corp now owns 1,570,001 shares of the shipping company’s stock valued at $131,017,000 after buying an additional 122,733 shares in the last quarter. Finally, Encompass Capital Advisors LLC lifted its holdings in shares of 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 acquiring an additional 299,981 shares during the last quarter. 96.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Evercore reiterated an “outperform” rating and issued a $138.00 target price on shares of Kirby in a research report on Monday. Citigroup raised their price target on Kirby from $145.00 to $147.00 and gave the company a “buy” rating in a research report on Friday, January 30th. BTIG Research cut their price objective on Kirby from $140.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, January 29th. Zacks Research lowered Kirby from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 12th. Finally, Wolfe Research reissued an “outperform” rating and set a $136.00 price objective on shares of Kirby in a report on Friday, January 30th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $132.60.

Insider Activity

In related news, COO Christian G. O’neil sold 11,287 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $132.34, for a total transaction of $1,493,721.58. Following the completion of the sale, the chief operating officer directly owned 11,287 shares in the company, valued at $1,493,721.58. This represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Ronald A. Dragg sold 5,429 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $122.00, for a total value of $662,338.00. Following the transaction, the vice president owned 10,399 shares in the company, valued at approximately $1,268,678. The trade was a 34.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 82,640 shares of company stock valued at $10,470,847. Company insiders own 0.90% of the company’s stock.

Kirby Price Performance

Shares of Kirby stock opened at $124.58 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.96 and a current ratio of 1.53. Kirby Corporation has a 52-week low of $79.51 and a 52-week high of $134.69. The company has a fifty day moving average of $125.55 and a 200-day moving average of $107.76. The stock has a market capitalization of $6.68 billion, a price-to-earnings ratio of 19.68, a price-to-earnings-growth ratio of 1.13 and a beta of 0.83.

Kirby (NYSE:KEX) last issued its earnings results on Thursday, January 29th. The shipping company reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.06. The company had revenue of $851.78 million for the quarter, compared to analysts’ expectations of $857.82 million. Kirby had a net margin of 10.54% and a return on equity of 10.53%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 EPS. Equities research analysts expect that Kirby Corporation will post 6.57 EPS for the current year.

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.