Kirby (NYSE:KEX) CEO Sells $3,163,331.91 in Stock

Kirby Corporation (NYSE:KEX) CEO David Grzebinski sold 29,451 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $107.41, for a total transaction of $3,163,331.91. Following the sale, the chief executive officer directly owned 79,709 shares in the company, valued at $8,561,543.69. The trade was a 26.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Kirby Price Performance

Shares of NYSE:KEX opened at $113.15 on Thursday. The company has a 50 day moving average of $93.97 and a 200 day moving average of $102.03. The company has a current ratio of 1.74, a quick ratio of 1.12 and a debt-to-equity ratio of 0.33. The stock has a market cap of $6.13 billion, a P/E ratio of 20.99, a P/E/G ratio of 1.05 and a beta of 1.05. Kirby Corporation has a 12 month low of $79.51 and a 12 month high of $129.96.

Kirby (NYSE:KEX) last announced its earnings results on Wednesday, October 29th. The shipping company reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.05. The business had revenue of $871.16 million for the quarter, compared to analyst estimates of $843.29 million. Kirby had a return on equity of 10.06% and a net margin of 9.22%.The company’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.55 EPS. As a group, sell-side analysts forecast that Kirby Corporation will post 6.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Kirby

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. lifted its position in Kirby by 72.5% during the 2nd quarter. Alliancebernstein L.P. now owns 2,282,865 shares of the shipping company’s stock valued at $258,900,000 after acquiring an additional 959,209 shares during the period. Norges Bank bought a new position in shares of Kirby during the second quarter valued at approximately $78,256,000. Hood River Capital Management LLC purchased a new position in shares of Kirby during the second quarter valued at approximately $73,784,000. Appian Way Asset Management LP boosted its position in shares of Kirby by 335.8% in the 3rd quarter. Appian Way Asset Management LP now owns 675,546 shares of the shipping company’s stock worth $56,374,000 after purchasing an additional 520,535 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Kirby by 108.4% in the 3rd quarter. Millennium Management LLC now owns 839,662 shares of the shipping company’s stock worth $70,070,000 after buying an additional 436,735 shares during the last quarter. 96.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on KEX shares. Citigroup upgraded Kirby from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $110.00 to $128.00 in a report on Wednesday, November 5th. Bank of America decreased their price target on Kirby from $110.00 to $107.00 and set a “buy” rating on the stock in a research note on Wednesday, September 3rd. Wall Street Zen raised Kirby from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. Weiss Ratings restated a “hold (c+)” rating on shares of Kirby in a report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Kirby from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 3rd. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $123.40.

About Kirby

Kirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation service and towing vessel transporting bulk liquid product, as well as operates tank barge throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii.