Merewether Investment Management LP Acquires 76,800 Shares of Kirby Co. (NYSE:KEX)

Merewether Investment Management LP raised its holdings in shares of Kirby Co. (NYSE:KEX) by 48.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 234,500 shares of the shipping company’s stock after purchasing an additional 76,800 shares during the quarter. Kirby makes up 1.3% of Merewether Investment Management LP’s holdings, making the stock its 26th biggest position. Merewether Investment Management LP owned about 0.41% of Kirby worth $28,710,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its holdings in Kirby by 420.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 208 shares of the shipping company’s stock worth $25,000 after purchasing an additional 168 shares during the last quarter. International Assets Investment Management LLC bought a new position in Kirby during the second quarter worth about $26,000. ORG Wealth Partners LLC acquired a new stake in Kirby in the 3rd quarter worth about $30,000. ORG Partners LLC bought a new stake in Kirby in the 2nd quarter valued at about $32,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Kirby during the 2nd quarter worth approximately $33,000. 96.15% of the stock is currently owned by institutional investors and hedge funds.

Kirby Price Performance

Shares of NYSE:KEX opened at $123.38 on Wednesday. The firm has a 50 day moving average of $124.14 and a 200-day moving average of $121.02. The stock has a market capitalization of $7.08 billion, a PE ratio of 23.68, a PEG ratio of 0.74 and a beta of 1.18. Kirby Co. has a 12 month low of $72.11 and a 12 month high of $132.21. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29.

Kirby (NYSE:KEX) last posted its earnings results on Wednesday, October 30th. The shipping company reported $1.55 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.08. The firm had revenue of $831.10 million during the quarter, compared to analysts’ expectations of $824.42 million. Kirby had a net margin of 9.37% and a return on equity of 9.43%. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.05 earnings per share. On average, equities research analysts predict that Kirby Co. will post 5.45 EPS for the current fiscal year.

Insider Activity at Kirby

In related news, COO Christian G. O’neil sold 14,031 shares of Kirby stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $123.29, for a total transaction of $1,729,881.99. Following the completion of the transaction, the chief operating officer now owns 12,746 shares of the company’s stock, valued at $1,571,454.34. This trade represents a 52.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David W. Grzebinski sold 26,358 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $120.46, for a total value of $3,175,084.68. Following the transaction, the chief executive officer now owns 63,399 shares in the company, valued at $7,637,043.54. The trade was a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,596 shares of company stock valued at $8,541,440 in the last quarter. Insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com cut Kirby from a “buy” rating to a “hold” rating in a research note on Sunday, September 22nd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $123.80.

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.