Cinctive Capital Management LP Invests $5.85 Million in Kirby Corporation $KEX

Cinctive Capital Management LP acquired a new stake in Kirby Corporation (NYSE:KEX) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 70,074 shares of the shipping company’s stock, valued at approximately $5,848,000. Cinctive Capital Management LP owned approximately 0.13% of Kirby at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. First Horizon Corp purchased a new position in Kirby in the third quarter valued at approximately $30,000. Bell Investment Advisors Inc grew its stake in Kirby by 67.1% during the second quarter. Bell Investment Advisors Inc now owns 284 shares of the shipping company’s stock worth $32,000 after buying an additional 114 shares during the period. Frazier Financial Advisors LLC grew its stake in 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 buying an additional 481 shares during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Kirby in the third quarter worth $53,000. Finally, Huntington National Bank raised its stake in shares of 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 acquiring an additional 162 shares during the period. Hedge funds and other institutional investors own 96.15% of the company’s stock.

Insider Transactions at Kirby

In related news, CEO David W. Grzebinski sold 34,152 shares of Kirby stock in a transaction dated 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 sale, the chief executive officer directly owned 98,241 shares in the company, valued at $12,776,242.05. This trade represents a 25.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Raj Kumar sold 3,000 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $132.70, for a total transaction of $398,100.00. Following the transaction, the chief financial officer directly owned 4,494 shares of the company’s stock, valued at $596,353.80. The trade was a 40.03% 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 worth $10,470,847 over the last 90 days. Corporate insiders own 0.80% of the company’s stock.

Analyst Ratings Changes

KEX has been the topic of several recent research reports. Zacks Research lowered shares of Kirby from a “hold” rating to a “strong sell” rating in a report on Thursday, February 12th. Citigroup increased their price target on Kirby from $145.00 to $147.00 and gave the company a “buy” rating in a report on Friday, January 30th. BTIG Research reduced their price objective on Kirby from $140.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, January 29th. Wolfe Research reaffirmed an “outperform” rating and issued a $136.00 target price on shares of Kirby in a research report on Friday, January 30th. Finally, Weiss Ratings lowered Kirby from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, March 10th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $132.60.

Kirby Stock Performance

NYSE:KEX opened at $125.00 on Monday. The firm has a 50-day moving average of $125.81 and a two-hundred day moving average of $108.08. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.53 and a quick ratio of 0.96. The stock has a market cap of $6.70 billion, a P/E ratio of 19.75, a PEG ratio of 1.12 and a beta of 0.83. Kirby Corporation has a 1-year low of $79.51 and a 1-year high of $134.69.

Kirby (NYSE:KEX) last posted its 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 analysts’ expectations of $857.82 million. Kirby had a return on equity of 10.53% and a net margin of 10.54%.The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period last year, the business posted $1.29 earnings per share. On average, research analysts expect 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.