ArrowMark Colorado Holdings LLC Raises Position in Kirby Corporation $KEX

ArrowMark Colorado Holdings LLC raised its position in Kirby Corporation (NYSE:KEX) by 9.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 807,204 shares of the shipping company’s stock after buying an additional 67,117 shares during the period. Kirby comprises about 1.3% of ArrowMark Colorado Holdings LLC’s portfolio, making the stock its 22nd largest holding. ArrowMark Colorado Holdings LLC owned approximately 1.49% of Kirby worth $67,361,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of KEX. Bell Investment Advisors Inc lifted its position in shares of Kirby by 67.1% in 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 in the last quarter. First Horizon Corp purchased a new stake in shares of Kirby during the third quarter worth approximately $30,000. Frazier Financial Advisors LLC increased its position in shares of Kirby by 559.3% during the third quarter. Frazier Financial Advisors LLC now owns 567 shares of the shipping company’s stock worth $47,000 after purchasing an additional 481 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Kirby in the 3rd quarter valued at $53,000. Finally, Huntington National Bank raised its stake in Kirby by 21.0% in the 3rd quarter. Huntington National Bank now owns 932 shares of the shipping company’s stock valued at $78,000 after purchasing an additional 162 shares during the last quarter. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Kirby

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

Wall Street Analyst Weigh In

KEX has been the topic of several recent research reports. Weiss Ratings cut shares of Kirby from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday. Zacks Research cut shares of Kirby from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 12th. Evercore reiterated an “outperform” rating and issued a $138.00 price objective on shares of Kirby in a report on Monday, March 9th. BTIG Research decreased their target price on shares of Kirby from $140.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, January 29th. Finally, Wolfe Research restated an “outperform” rating and set a $136.00 target price on shares of Kirby in a report on Friday, January 30th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.60.

Kirby Trading Up 0.6%

Shares of KEX opened at $125.00 on Friday. Kirby Corporation has a 12-month low of $79.51 and a 12-month high of $134.69. The firm has a market capitalization of $6.70 billion, a P/E ratio of 19.75, a P/E/G ratio of 1.12 and a beta of 0.83. The firm has a 50-day moving average price of $125.81 and a 200 day moving average price of $108.01. The company has a current ratio of 1.53, a quick ratio of 0.96 and a debt-to-equity ratio of 0.27.

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 the consensus estimate of $857.82 million. Kirby had a net margin of 10.54% and a return on equity of 10.53%. Kirby’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.29 earnings per share. Sell-side analysts forecast 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.