Citigroup Inc. Increases Stock Position in Kirby Corporation $KEX

Citigroup Inc. grew 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. The firm owned 44,665 shares of the shipping company’s stock after purchasing an additional 16,772 shares during the period. Citigroup Inc. owned approximately 0.08% of Kirby worth $3,727,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Peregrine Capital Management LLC boosted its position in shares of Kirby by 18.4% during the 3rd quarter. Peregrine Capital Management LLC now owns 131,000 shares of the shipping company’s stock worth $10,932,000 after purchasing an additional 20,399 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in shares of Kirby in the 3rd quarter valued at about $2,030,000. Luminus Management LLC increased its holdings in shares of Kirby by 292.0% in the 3rd quarter. Luminus Management LLC now owns 116,956 shares of the shipping company’s stock valued at $9,760,000 after purchasing an additional 87,120 shares in the last quarter. VELA Investment Management LLC lifted its stake in shares of Kirby by 11.5% in the third quarter. VELA Investment Management LLC now owns 160,475 shares of the shipping company’s stock valued at $13,392,000 after purchasing an additional 16,615 shares during the period. Finally, State of Alaska Department of Revenue boosted its holdings in Kirby by 312.7% during the third quarter. State of Alaska Department of Revenue now owns 26,006 shares of the shipping company’s stock worth $2,170,000 after buying an additional 19,705 shares in the last quarter. 96.15% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Kirby

In other news, COO Christian G. O’neil sold 11,287 shares of the business’s 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 owned 11,287 shares in the company, valued at approximately $1,493,721.58. The trade was a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David W. Grzebinski sold 34,152 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $130.05, for a total value 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 approximately $12,776,242.05. This represents a 25.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 82,640 shares of company stock valued at $10,470,847 over the last three months. Insiders own 0.90% of the company’s stock.

Kirby Price Performance

NYSE:KEX opened at $130.30 on Friday. The firm has a market cap of $6.99 billion, a price-to-earnings ratio of 20.58, a price-to-earnings-growth ratio of 1.20 and a beta of 0.83. Kirby Corporation has a 12-month low of $79.51 and a 12-month high of $134.69. The company has a current ratio of 1.53, a quick ratio of 0.96 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average is $124.01 and its two-hundred day moving average is $106.78.

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on KEX shares. Citigroup increased their target price on shares of Kirby from $145.00 to $147.00 and gave the company a “buy” rating in a report on Friday, January 30th. 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. Wolfe Research reaffirmed an “outperform” rating and set a $136.00 price objective on shares of Kirby in a report on Friday, January 30th. Zacks Research downgraded Kirby from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 12th. Finally, Weiss Ratings upgraded Kirby from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 18th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $129.40.

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.