Kirby Corporation $KEX Shares Sold by First Trust Advisors LP

Key Points

• First Trust Advisors LP trimmed its stake in Kirby by 3.1% to 1,077,704 shares (about $89.9M), even as institutional ownership remains very high at 96.15% and other large funds (Goldman Sachs, UBS AM) significantly increased positions.
• Wall Street sentiment is broadly positive with six Buys and one Sell, a consensus rating of “Moderate Buy” and an average price target of $132.60; Kirby reported EPS of $1.68 (beating estimates) and has a market cap of $6.76B with a P/E of 19.9.
• Insiders have been net sellers, offloading 82,640 shares worth $10.47M this quarter—including CEO and VP sales—which reduced insider ownership to about 0.90%.

First Trust Advisors LP trimmed its holdings in shares of Kirby Corporation (NYSE:KEX - Free Report) by 3.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,077,704 shares of the shipping company's stock after selling 33,988 shares during the quarter. First Trust Advisors LP owned 1.93% of Kirby worth $89,934,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its stake in shares of Kirby by 30.4% in 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 increased its holdings in Kirby by 152.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 182,565 shares of the shipping company's stock valued at $18,441,000 after purchasing an additional 110,320 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Kirby by 12.6% in the second quarter. Envestnet Asset Management Inc. now owns 87,443 shares of the shipping company's stock valued at $9,683,000 after purchasing an additional 9,802 shares during the period. Wedbush Securities Inc. lifted its stake in Kirby by 4.5% during the second quarter. Wedbush Securities Inc. now owns 2,946 shares of the shipping company's stock worth $334,000 after purchasing an additional 128 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in Kirby during the second quarter worth $259,000. Institutional investors and hedge funds own 96.15% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on KEX. Zacks Research downgraded Kirby from a "hold" rating to a "strong sell" rating in a report on Thursday, February 12th. Weiss Ratings upgraded shares of Kirby from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, February 18th. Evercore reissued an "outperform" rating and issued a $138.00 price objective on shares of Kirby in a research note on Monday. Citigroup upped their target price on shares of Kirby from $145.00 to $147.00 and gave the stock a "buy" rating in a research note on Friday, January 30th. Finally, BTIG Research decreased their price target on shares of Kirby from $140.00 to $135.00 and set a "buy" rating for the company in a research report on Thursday, January 29th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $132.60.

Kirby Stock Performance

Shares of KEX stock opened at $125.96 on Tuesday. The company has a market cap of $6.76 billion, a P/E ratio of 19.90, a PEG ratio of 1.14 and a beta of 0.83. The firm has a fifty day moving average price of $124.64 and a 200 day moving average price of $107.32. The company has a current ratio of 1.53, a quick ratio of 0.96 and a debt-to-equity ratio of 0.27. Kirby Corporation has a 12 month low of $79.51 and a 12 month high of $134.69.

Kirby (NYSE:KEX - Get Free Report) last posted its quarterly earnings results on Thursday, January 29th. The shipping company reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.62 by $0.06. The company had revenue of $851.78 million for the quarter, compared to analysts' expectations of $857.82 million. Kirby had a return on equity of 10.53% and a net margin of 10.54%.Kirby's quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the firm earned $1.29 earnings per share. Sell-side analysts predict that Kirby Corporation will post 6.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP Scott P. Miller sold 3,960 shares of the company's stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $120.68, for a total value of $477,892.80. Following the completion of the transaction, the vice president directly 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David W. Grzebinski sold 34,152 shares of the company's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $130.05, for a total value of $4,441,467.60. Following the completion of the transaction, the chief executive officer directly owned 98,241 shares of the company's stock, valued at $12,776,242.05. This trade represents a 25.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 82,640 shares of company stock worth $10,470,847. 0.90% of the stock is currently owned by company insiders.

Kirby Profile

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.

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