Van ECK Associates Corp Increases Stock Holdings in Kirby Corporation $KEX

Van ECK Associates Corp boosted its holdings in shares of Kirby Corporation (NYSE:KEX) by 47.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 224,640 shares of the shipping company’s stock after buying an additional 72,040 shares during the period. Van ECK Associates Corp’s holdings in Kirby were worth $18,746,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Alliancebernstein L.P. boosted its holdings 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 acquiring an additional 959,209 shares in the last quarter. Norges Bank purchased a new position in shares of Kirby in the 2nd quarter valued at approximately $78,256,000. Hood River Capital Management LLC purchased a new position in shares of Kirby in the 2nd quarter valued at approximately $73,784,000. Encompass Capital Advisors LLC boosted its stake in Kirby by 32.4% in the 2nd quarter. Encompass Capital Advisors LLC now owns 1,225,338 shares of the shipping company’s stock worth $138,966,000 after purchasing an additional 299,981 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Kirby by 438.7% in the 3rd quarter. American Century Companies Inc. now owns 271,499 shares of the shipping company’s stock worth $22,657,000 after purchasing an additional 221,100 shares in the last quarter. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

Kirby Stock Performance

Shares of KEX stock traded up $0.37 during trading hours on Friday, hitting $124.58. The company’s stock had a trading volume of 177,072 shares, compared to its average volume of 777,976. The company has a 50 day moving average of $125.55 and a 200 day moving average of $107.76. The stock has a market cap of $6.68 billion, a PE ratio of 19.71, a price-to-earnings-growth ratio of 1.13 and a beta of 0.83. 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 Corporation has a 12-month low of $79.51 and a 12-month high of $134.69.

Kirby (NYSE:KEX) last issued its earnings results on Thursday, January 29th. The shipping company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.06. The firm had revenue of $851.78 million during the quarter, compared to analysts’ expectations of $857.82 million. Kirby had a net margin of 10.54% and a return on equity of 10.53%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.29 earnings per share. On average, sell-side analysts forecast that Kirby Corporation will post 6.57 EPS for the current fiscal year.

Insider Activity at Kirby

In other Kirby news, CEO David W. Grzebinski sold 34,152 shares of Kirby stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $130.05, for a total transaction of $4,441,467.60. Following the completion of the transaction, the chief executive officer owned 98,241 shares in the company, valued at approximately $12,776,242.05. This trade represents a 25.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Christian G. O’neil sold 11,287 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $132.34, for a total value of $1,493,721.58. Following the completion of the transaction, the chief operating officer directly owned 11,287 shares of the company’s stock, valued at approximately $1,493,721.58. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 82,640 shares of company stock worth $10,470,847 in the last three months. Company insiders own 0.90% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on KEX shares. Citigroup upped their price target on shares of Kirby from $145.00 to $147.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Wolfe Research reissued an “outperform” rating and set a $136.00 price objective on shares of Kirby in a report on Friday, January 30th. Weiss Ratings lowered Kirby from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday. Zacks Research cut Kirby from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 12th. Finally, Evercore reiterated an “outperform” rating and set a $138.00 price target on shares of Kirby in a research note on Monday. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price 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.