Assenagon Asset Management S.A. Sells 12,646 Shares of Kirby Corporation $KEX

Assenagon Asset Management S.A. cut its stake in shares of Kirby Corporation (NYSE:KEX) by 10.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 110,684 shares of the shipping company’s stock after selling 12,646 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.20% of Kirby worth $9,237,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Kirby by 244.8% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 231 shares of the shipping company’s stock worth $26,000 after purchasing an additional 164 shares during the period. Maseco LLP bought a new position in Kirby during the second quarter worth $28,000. IFP Advisors Inc acquired a new position in Kirby in the second quarter valued at $29,000. Bell Investment Advisors Inc boosted its position in Kirby by 67.1% during the second 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 during the last quarter. Finally, Brooklyn Investment Group grew its holdings in Kirby by 40.7% during the 1st quarter. Brooklyn Investment Group now owns 394 shares of the shipping company’s stock worth $40,000 after acquiring an additional 114 shares during the period. Institutional investors own 96.15% of the company’s stock.

Insider Activity at Kirby

In related news, Director Richard Ross Stewart sold 1,923 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $107.83, for a total value of $207,357.09. Following the sale, the director owned 15,488 shares in the company, valued at $1,670,071.04. This represents a 11.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Amy D. Husted sold 10,413 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $107.42, for a total transaction of $1,118,564.46. Following the completion of the transaction, the vice president directly owned 11,760 shares in the company, valued at approximately $1,263,259.20. The trade was a 46.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 46,002 shares of company stock valued at $4,959,871 over the last quarter. 0.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on KEX. BTIG Research reissued a “buy” rating and issued a $125.00 price objective on shares of Kirby in a research note on Thursday, September 18th. Wall Street Zen upgraded Kirby from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. Citigroup lifted their price objective on shares of Kirby from $128.00 to $131.00 and gave the company a “buy” rating in a research note on Friday. Bank of America dropped their target price on shares of Kirby from $110.00 to $107.00 and set a “buy” rating on the stock in a research report on Wednesday, September 3rd. Finally, Zacks Research upgraded shares of Kirby from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 3rd. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Kirby currently has a consensus rating of “Moderate Buy” and an average target price of $124.00.

Kirby Price Performance

Shares of KEX opened at $110.88 on Friday. The business’s fifty day moving average is $103.64 and its 200 day moving average is $102.29. Kirby Corporation has a 12-month low of $79.51 and a 12-month high of $122.50. The company has a quick ratio of 1.08, a current ratio of 1.70 and a debt-to-equity ratio of 0.31. The stock has a market cap of $6.01 billion, a P/E ratio of 20.57, a P/E/G ratio of 1.08 and a beta of 0.88.

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 net margin of 9.22% and a return on equity of 10.05%. The business had revenue of $871.16 million during the quarter, compared to analyst estimates of $843.29 million. During the same quarter in the previous year, the business posted $1.55 EPS. Kirby’s quarterly revenue was up 4.8% on a year-over-year basis. Sell-side analysts anticipate that Kirby Corporation will post 6.57 earnings per share for the current fiscal 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.