Appian Way Asset Management LP Invests $1.77 Million in Kirby Co. (NYSE:KEX)

Appian Way Asset Management LP acquired a new stake in Kirby Co. (NYSE:KEX - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,739 shares of the shipping company's stock, valued at approximately $1,771,000. Kirby makes up 0.4% of Appian Way Asset Management LP's portfolio, making the stock its 23rd biggest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in shares of Kirby by 27.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 142,265 shares of the shipping company's stock worth $17,418,000 after purchasing an additional 30,713 shares during the period. Bank of New York Mellon Corp grew its stake in Kirby by 2.6% during the 4th quarter. Bank of New York Mellon Corp now owns 415,042 shares of the shipping company's stock worth $43,911,000 after buying an additional 10,486 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Kirby during the 4th quarter worth $18,749,000. Artemis Investment Management LLP lifted its position in Kirby by 112.0% in the fourth quarter. Artemis Investment Management LLP now owns 382,835 shares of the shipping company's stock worth $40,504,000 after purchasing an additional 202,272 shares during the period. Finally, Asset Management One Co. Ltd. grew its position in Kirby by 24.3% in the fourth quarter. Asset Management One Co. Ltd. now owns 29,659 shares of the shipping company's stock worth $3,143,000 after buying an additional 5,804 shares during the last quarter. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Kirby

In other news, VP Scott P. Miller sold 1,244 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $107.61, for a total value of $133,866.84. Following the sale, the vice president now directly owns 5,545 shares in the company, valued at approximately $596,697.45. This represents a 18.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus dropped their target price on Kirby from $136.00 to $135.00 and set a "buy" rating on the stock in a report on Friday, January 31st. Bank of America lowered their price target on Kirby from $133.00 to $123.00 and set a "buy" rating on the stock in a report on Friday, March 28th. Finally, StockNews.com cut Kirby from a "buy" rating to a "hold" rating in a research report on Thursday, January 9th.

Kirby Stock Performance

Kirby stock traded up $5.30 during trading hours on Friday, hitting $104.88. The stock had a trading volume of 1,107,886 shares, compared to its average volume of 540,006. The company has a 50-day moving average of $97.67 and a two-hundred day moving average of $108.67. The company has a quick ratio of 1.05, a current ratio of 1.45 and a debt-to-equity ratio of 0.26. Kirby Co. has a fifty-two week low of $83.94 and a fifty-two week high of $132.21. The company has a market cap of $5.97 billion, a PE ratio of 21.36, a price-to-earnings-growth ratio of 0.88 and a beta of 0.99.

Kirby (NYSE:KEX - Get Free Report) last issued its earnings results on Thursday, May 1st. The shipping company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.27 by $0.06. The firm had revenue of $785.66 million during the quarter, compared to analysts' expectations of $824.12 million. Kirby had a return on equity of 9.71% and a net margin of 8.78%. Kirby's quarterly revenue was down 2.8% compared to the same quarter last year. During the same period last year, the business earned $1.19 earnings per share. On average, equities research analysts anticipate that Kirby Co. will post 6.57 EPS for the current fiscal year.

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.