Kirby Corporation $KEX Holdings Boosted by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its stake in Kirby Corporation (NYSE:KEX) by 31.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 262,044 shares of the shipping company’s stock after acquiring an additional 63,185 shares during the period. JPMorgan Chase & Co. owned 0.48% of Kirby worth $21,868,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Alliancebernstein L.P. increased its position in Kirby by 72.5% in the second quarter. Alliancebernstein L.P. now owns 2,282,865 shares of the shipping company’s stock worth $258,900,000 after buying an additional 959,209 shares during the period. Norges Bank acquired a new position in shares of Kirby during the second quarter valued at $78,256,000. Hood River Capital Management LLC acquired a new position in shares of Kirby during the second quarter valued at $73,784,000. Appian Way Asset Management LP grew its position in shares of Kirby by 335.8% during the third quarter. Appian Way Asset Management LP now owns 675,546 shares of the shipping company’s stock worth $56,374,000 after acquiring an additional 520,535 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of Kirby by 108.4% during the third quarter. Millennium Management LLC now owns 839,662 shares of the shipping company’s stock worth $70,070,000 after acquiring an additional 436,735 shares during the last quarter. 96.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Kirby

In other news, VP Amy D. Husted sold 11,667 shares of Kirby stock in a transaction on Friday, February 20th. The stock was sold at an average price of $129.33, for a total transaction of $1,508,893.11. Following the transaction, the vice president directly owned 14,814 shares in the company, valued at approximately $1,915,894.62. This trade represents a 44.06% 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, COO Christian G. O’neil sold 11,287 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $132.34, for a total value of $1,493,721.58. Following the completion of the sale, the chief operating officer directly owned 11,287 shares in the company, valued at $1,493,721.58. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 71,495 shares of company stock valued at $9,226,173 over the last three months. 0.80% of the stock is owned by company insiders.

Kirby Stock Up 4.4%

KEX stock opened at $136.53 on Wednesday. The firm’s 50-day moving average is $126.75 and its two-hundred day moving average is $109.85. The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of 21.57, a price-to-earnings-growth ratio of 1.17 and a beta of 0.83. Kirby Corporation has a 52 week low of $79.51 and a 52 week high of $137.96. 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 quarterly earnings data on Thursday, January 29th. The shipping company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $857.82 million. During the same period last year, the firm posted $1.29 earnings per share. The business’s revenue was up 6.2% on a year-over-year basis. On average, analysts forecast that Kirby Corporation will post 6.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on KEX shares. Zacks Research upgraded shares of Kirby from a “strong sell” rating to a “hold” rating in a research report on Friday, March 13th. Wolfe Research restated an “outperform” rating and issued a $136.00 target price on shares of Kirby in a research report on Friday, January 30th. Weiss Ratings lowered shares of Kirby from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, March 10th. Citigroup lifted 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. Finally, BTIG Research reduced their price objective on Kirby from $140.00 to $135.00 and set a “buy” rating for the company in a research report 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $132.60.

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.