HITE Hedge Asset Management LLC Raises Holdings in Kirby Corporation $KEX

HITE Hedge Asset Management LLC lifted its position in shares of Kirby Corporation (NYSE:KEX) by 277.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 273,348 shares of the shipping company’s stock after acquiring an additional 200,855 shares during the quarter. Kirby makes up 1.2% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 23rd largest position. HITE Hedge Asset Management LLC owned approximately 0.49% of Kirby worth $22,811,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. First Horizon Corp bought a new stake in Kirby in the 3rd quarter valued at about $30,000. 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 worth $32,000 after purchasing an additional 114 shares during the period. Frazier Financial Advisors LLC boosted its position 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 purchasing an additional 481 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Kirby in the third quarter worth about $53,000. Finally, Huntington National Bank increased its stake in shares of Kirby by 21.0% in the third quarter. Huntington National Bank now owns 932 shares of the shipping company’s stock worth $78,000 after purchasing an additional 162 shares in the last quarter. Hedge funds and other institutional investors own 96.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on KEX shares. Weiss Ratings cut shares of Kirby from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday. BTIG Research reduced their price objective on shares of Kirby from $140.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, January 29th. Zacks Research cut shares of Kirby from a “hold” rating to a “strong sell” rating in a report on Thursday, February 12th. Evercore restated an “outperform” rating and set a $138.00 target price on shares of Kirby in a research report on Monday. Finally, Citigroup raised their price target on Kirby from $145.00 to $147.00 and gave the stock a “buy” rating 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.60.

Kirby Price Performance

KEX stock opened at $124.58 on Friday. The firm has a 50 day moving average of $125.55 and a 200-day moving average of $107.76. The firm has a market capitalization of $6.68 billion, a P/E ratio of 19.68, a price-to-earnings-growth ratio of 1.13 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.

Kirby (NYSE:KEX) last posted its earnings results on Thursday, January 29th. The shipping company reported $1.68 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $857.82 million. During the same quarter in the prior year, the firm posted $1.29 EPS. Kirby’s revenue was up 6.2% on a year-over-year basis. As a group, sell-side analysts predict that Kirby Corporation will post 6.57 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Scott P. Miller sold 3,960 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $120.68, for a total transaction of $477,892.80. Following the completion of the transaction, the vice president directly owned 3,565 shares in the company, valued at $430,224.20. The trade was a 52.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Ronald A. Dragg sold 5,429 shares of the company’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $122.00, for a total transaction of $662,338.00. Following the completion of the transaction, the vice president directly owned 10,399 shares in the company, valued at approximately $1,268,678. The trade was a 34.30% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 82,640 shares of company stock worth $10,470,847. Company insiders own 0.90% of the company’s stock.

Kirby Company 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.