Kirby Corporation $KEX Shares Sold by Peregrine Capital Management LLC

Key Points

• Peregrine Capital trimmed its stake in Kirby by 5.9%, selling 7,667 shares and leaving it with 123,333 shares valued at about $13.59 million, while institutional investors (including hedge funds) own roughly 96.15% of the stock.
• Kirby beat quarterly EPS estimates ($1.68 vs. $1.62) with revenue up 6.2% year-over-year, and the stock traded up about 2.1% to $151.36, near its 12‑month high.
• Company insiders have been net sellers (71,495 shares worth ~$9.23M in the last 90 days), even as analysts remain largely positive with a consensus of "Moderate Buy" and an average price target of $140.20, with some firms raising targets to $160.00.

Peregrine Capital Management LLC lowered its position in Kirby Corporation (NYSE:KEX - Free Report) by 5.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 123,333 shares of the shipping company's stock after selling 7,667 shares during the quarter. Peregrine Capital Management LLC owned 0.23% of Kirby worth $13,589,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Maseco LLP purchased a new stake in shares of Kirby in the fourth quarter worth about $27,000. First Horizon Corp acquired a new position in Kirby during the 3rd quarter worth $30,000. Frazier Financial Advisors LLC grew its stake in Kirby by 559.3% in the third quarter. Frazier Financial Advisors LLC now owns 567 shares of the shipping company's stock worth $47,000 after purchasing an additional 481 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Kirby in the 3rd quarter worth approximately $53,000. Finally, FNY Investment Advisers LLC acquired a new position in Kirby in the third quarter worth $56,000. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

Kirby Stock Up 2.1%

Shares of KEX traded up $3.08 during mid-day trading on Thursday, hitting $151.36. 37,802 shares of the company's stock were exchanged, compared to its average volume of 760,454. The company has a quick ratio of 0.96, a current ratio of 1.53 and a debt-to-equity ratio of 0.27. Kirby Corporation has a twelve month low of $79.51 and a twelve month high of $151.06. The firm has a fifty day moving average of $133.10 and a two-hundred day moving average of $117.67. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of 23.83, a P/E/G ratio of 1.37 and a beta of 0.83.

Kirby (NYSE:KEX - Get Free Report) last posted its earnings results on Thursday, January 29th. The shipping company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.62 by $0.06. Kirby had a net margin of 10.54% and a return on equity of 10.53%. The firm had revenue of $851.78 million for the quarter, compared to the consensus estimate of $857.82 million. During the same period in the prior year, the business posted $1.29 earnings per share. The business's quarterly revenue was up 6.2% on a year-over-year basis. On average, sell-side analysts forecast that Kirby Corporation will post 6.81 earnings per share for the current year.

Insider Buying and Selling at Kirby

In other Kirby news, VP Scott P. Miller sold 3,960 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $120.68, for a total transaction of $477,892.80. Following the transaction, the vice president owned 3,565 shares in the company, valued at $430,224.20. This trade 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 at the SEC website. Also, VP Amy D. Husted sold 11,667 shares of the business's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $129.33, for a total transaction of $1,508,893.11. Following the completion of the sale, the vice president owned 14,814 shares of the company's stock, valued at $1,915,894.62. The trade was a 44.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 71,495 shares of company stock worth $9,226,173 in the last 90 days. Company insiders own 0.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on KEX. BTIG Research lifted their target price on Kirby from $135.00 to $160.00 and gave the company a "buy" rating in a research note on Wednesday, April 15th. Zacks Research raised shares of Kirby from a "strong sell" rating to a "hold" rating in a research note on Friday, March 13th. Evercore reiterated an "outperform" rating and set a $138.00 price target on shares of Kirby in a research report on Monday, March 9th. Citigroup boosted their target price on shares of Kirby from $147.00 to $160.00 and gave the stock a "buy" rating in a report on Thursday, April 9th. Finally, Wolfe Research reaffirmed an "outperform" rating and set a $136.00 target price on shares of Kirby in a report on Friday, January 30th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $140.20.

Kirby Company 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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