Hudson Bay Capital Management LP Sells 164,968 Shares of Kirby Corporation $KEX

Hudson Bay Capital Management LP cut its stake in shares of Kirby Corporation (NYSE:KEX) by 82.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 35,539 shares of the shipping company’s stock after selling 164,968 shares during the period. Hudson Bay Capital Management LP owned about 0.07% of Kirby worth $2,966,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Peregrine Capital Management LLC grew its holdings in shares of Kirby by 18.4% in the third quarter. Peregrine Capital Management LLC now owns 131,000 shares of the shipping company’s stock worth $10,932,000 after acquiring an additional 20,399 shares during the period. Campbell & CO Investment Adviser LLC bought a new position in Kirby in the third quarter valued at about $2,030,000. Intech Investment Management LLC lifted its holdings in Kirby by 239.4% in the third quarter. Intech Investment Management LLC now owns 15,762 shares of the shipping company’s stock valued at $1,315,000 after acquiring an additional 11,118 shares during the period. Luminus Management LLC boosted its position in Kirby by 292.0% in the third quarter. Luminus Management LLC now owns 116,956 shares of the shipping company’s stock worth $9,760,000 after purchasing an additional 87,120 shares during the last quarter. Finally, VELA Investment Management LLC grew its stake in shares of Kirby by 11.5% during the 3rd 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. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Kirby

In other Kirby news, COO Christian G. O’neil sold 11,287 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief operating officer owned 11,287 shares in the company, valued at $1,493,721.58. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Raj Kumar sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $132.70, for a total value of $398,100.00. Following the transaction, the chief financial officer owned 4,494 shares of the company’s stock, valued at $596,353.80. This represents a 40.03% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 82,640 shares of company stock valued at $10,470,847. 0.80% of the stock is owned by insiders.

Kirby Price Performance

Shares of NYSE:KEX opened at $130.59 on Friday. The firm has a market cap of $7.00 billion, a price-to-earnings ratio of 20.63, a P/E/G ratio of 1.17 and a beta of 0.83. The firm has a fifty day moving average price of $126.39 and a 200 day moving average price of $109.09. Kirby Corporation has a fifty-two week low of $79.51 and a fifty-two week high of $134.69. 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 (NYSE:KEX) last announced its quarterly earnings results on Thursday, January 29th. The shipping company reported $1.68 earnings per share (EPS) for the quarter, beating 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 revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.29 EPS. As a group, sell-side analysts expect that Kirby Corporation will post 6.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on KEX shares. Evercore reaffirmed an “outperform” rating and set a $138.00 price target on shares of Kirby in a research report on Monday, March 9th. Weiss Ratings lowered shares of Kirby from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, March 10th. Citigroup upped 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. Wolfe Research reiterated an “outperform” rating and issued a $136.00 price target on shares of Kirby in a research report on Friday, January 30th. Finally, BTIG Research dropped their price target 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. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Kirby currently has a consensus rating of “Moderate Buy” and an average price target of $132.60.

Kirby Profile

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.