VELA Investment Management LLC Has $14.35 Million Position in Kirby Co. (NYSE:KEX)

VELA Investment Management LLC reduced its position in Kirby Co. (NYSE:KEX) by 1.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 117,207 shares of the shipping company’s stock after selling 1,585 shares during the period. Kirby accounts for about 4.4% of VELA Investment Management LLC’s investment portfolio, making the stock its biggest position. VELA Investment Management LLC’s holdings in Kirby were worth $14,350,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in KEX. Select Equity Group L.P. purchased a new stake in shares of Kirby in the second quarter worth about $65,928,000. Lord Abbett & CO. LLC purchased a new stake in Kirby during the first quarter valued at approximately $22,877,000. Encompass Capital Advisors LLC raised its position in Kirby by 33.9% during the second quarter. Encompass Capital Advisors LLC now owns 887,384 shares of the shipping company’s stock valued at $106,246,000 after purchasing an additional 224,802 shares during the period. Artemis Investment Management LLP purchased a new stake in Kirby during the third quarter valued at approximately $22,106,000. Finally, F M Investments LLC purchased a new stake in Kirby during the second quarter valued at approximately $14,185,000. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

Kirby Trading Down 0.4 %

Shares of KEX traded down $0.48 during mid-day trading on Friday, reaching $114.28. 630,737 shares of the company’s stock traded hands, compared to its average volume of 458,506. The stock has a market cap of $6.62 billion, a P/E ratio of 21.94, a P/E/G ratio of 0.71 and a beta of 1.17. The stock’s 50-day moving average is $120.75 and its two-hundred day moving average is $118.06. Kirby Co. has a 12 month low of $72.11 and a 12 month high of $130.90. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.70 and a quick ratio of 1.05.

Kirby (NYSE:KEX) last released its earnings results on Wednesday, October 30th. The shipping company reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.08. The firm had revenue of $831.10 million for the quarter, compared to analysts’ expectations of $824.42 million. Kirby had a return on equity of 9.49% and a net margin of 9.37%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.05 earnings per share. Research analysts forecast that Kirby Co. will post 5.46 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. StockNews.com downgraded Kirby from a “buy” rating to a “hold” rating in a research report on Sunday, September 22nd. Bank of America upped their price objective on Kirby from $138.00 to $141.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $123.80.

Insider Buying and Selling

In related news, 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 of the company’s stock, valued at $7,637,043.54. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Christian G. O’neil sold 2,770 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $110.21, for a total value of $305,281.70. Following the transaction, the chief operating officer now owns 16,079 shares of the company’s stock, valued at $1,772,066.59. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David W. Grzebinski sold 26,358 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $120.46, for a total value of $3,175,084.68. Following the sale, the chief executive officer now directly owns 63,399 shares in the company, valued at $7,637,043.54. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,012 shares of company stock valued at $5,571,267 over the last quarter. 1.50% of the stock is owned by corporate insiders.

Kirby Profile

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.