Kirby Corporation (NYSE:KEX) Sees Large Increase in Short Interest

Kirby Corporation (NYSE:KEX) was the recipient of a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 1,813,528 shares, an increase of 22.8% from the February 26th total of 1,477,044 shares. Based on an average daily volume of 809,107 shares, the days-to-cover ratio is presently 2.2 days. Approximately 3.4% of the shares of the stock are short sold.

Kirby Trading Up 0.1%

Shares of KEX traded up $0.08 during trading on Monday, reaching $134.20. 488,185 shares of the company traded hands, compared to its average volume of 821,216. The stock has a 50-day simple moving average of $127.51 and a 200-day simple moving average of $111.18. The stock has a market cap of $7.20 billion, a PE ratio of 21.20, a price-to-earnings-growth ratio of 1.20 and a beta of 0.83. Kirby has a twelve month low of $79.51 and a twelve month high of $137.96. The company has a quick ratio of 0.96, a current ratio of 1.53 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 for the quarter, topping analysts’ consensus estimates 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 quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the company posted $1.29 EPS. On average, analysts anticipate that Kirby will post 6.57 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Scott P. Miller sold 3,960 shares of the company’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 sale, the vice president owned 3,565 shares of the company’s stock, valued at $430,224.20. This represents a 52.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Ronald A. Dragg sold 5,429 shares of the firm’s stock in a transaction dated 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. This represents a 34.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 71,495 shares of company stock worth $9,226,173 in the last ninety days. Company insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Kirby

Several institutional investors and hedge funds have recently modified their holdings of KEX. Goldman Sachs Group Inc. boosted its holdings in Kirby by 30.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 491,355 shares of the shipping company’s stock valued at $49,632,000 after acquiring an additional 114,618 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Kirby by 152.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 182,565 shares of the shipping company’s stock worth $18,441,000 after purchasing an additional 110,320 shares in the last quarter. Creative Planning lifted its position in shares of Kirby by 9.3% during the second quarter. Creative Planning now owns 7,374 shares of the shipping company’s stock worth $836,000 after purchasing an additional 630 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Kirby by 37.7% in the second quarter. Cetera Investment Advisers now owns 9,977 shares of the shipping company’s stock valued at $1,131,000 after purchasing an additional 2,731 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Kirby by 48.3% in the second quarter. JPMorgan Chase & Co. now owns 198,859 shares of the shipping company’s stock valued at $22,553,000 after purchasing an additional 64,795 shares during the period. Hedge funds and other institutional investors own 96.15% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on KEX shares. Citigroup boosted 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. Zacks Research upgraded shares of Kirby from a “strong sell” rating to a “hold” rating in a report on Friday, March 13th. Weiss Ratings raised shares of Kirby from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday. BTIG Research decreased their price objective on Kirby from $140.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, January 29th. Finally, Evercore reiterated an “outperform” rating and issued a $138.00 price objective on shares of Kirby in a research report on Monday, March 9th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $132.60.

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.