Primecap Management Co. CA Sells 35,500 Shares of Kirby Co. (NYSE:KEX)

Primecap Management Co. CA trimmed its stake in Kirby Co. (NYSE:KEX) by 11.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 282,100 shares of the shipping company’s stock after selling 35,500 shares during the period. Primecap Management Co. CA owned 0.48% of Kirby worth $33,776,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. International Assets Investment Management LLC bought a new position in shares of Kirby in the 2nd quarter worth $26,000. ORG Partners LLC bought a new position in shares of Kirby in the 2nd quarter worth $32,000. Opal Wealth Advisors LLC bought a new position in shares of Kirby in the 2nd quarter worth $33,000. Blue Trust Inc. raised its position in shares of Kirby by 91.0% in the 2nd quarter. Blue Trust Inc. now owns 296 shares of the shipping company’s stock worth $35,000 after acquiring an additional 141 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its position in Kirby by 56.1% during the 1st quarter. 1832 Asset Management L.P. now owns 398 shares of the shipping company’s stock valued at $38,000 after buying an additional 143 shares in the last quarter. 96.15% of the stock is owned by institutional investors.

Analysts Set New Price Targets

KEX has been the topic of several recent analyst reports. StockNews.com raised Kirby from a “hold” rating to a “buy” rating in a research report on Saturday. Stifel Nicolaus upped their target price on Kirby from $131.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, May 21st. Finally, Bank of America upped their target price on Kirby from $138.00 to $141.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $123.80.

Kirby Stock Up 2.1 %

Shares of KEX stock opened at $122.85 on Wednesday. The stock’s 50-day simple moving average is $118.26 and its 200-day simple moving average is $111.59. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.05 and a current ratio of 1.70. The firm has a market capitalization of $7.19 billion, a PE ratio of 29.04, a P/E/G ratio of 0.71 and a beta of 1.17. Kirby Co. has a fifty-two week low of $72.11 and a fifty-two week high of $130.90.

Kirby (NYSE:KEX) last announced its quarterly earnings data on Thursday, August 1st. The shipping company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.11. The business had revenue of $824.40 million for the quarter, compared to analyst estimates of $821.65 million. Kirby had a return on equity of 8.70% and a net margin of 8.72%. The company’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.95 earnings per share. Equities analysts expect that Kirby Co. will post 5.46 earnings per share for the current year.

Insider Activity

In other news, CEO David W. Grzebinski sold 3,000 shares of the company’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $120.31, for a total value of $360,930.00. Following the sale, the chief executive officer now owns 63,399 shares in the company, valued at $7,627,533.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO David W. Grzebinski sold 26,358 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 63,399 shares in the company, valued at $7,637,043.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David W. Grzebinski sold 3,000 shares of the company’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $120.31, for a total value of $360,930.00. Following the completion of the sale, the chief executive officer now owns 63,399 shares in the company, valued at approximately $7,627,533.69. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,128 shares of company stock valued at $3,841,296. Company insiders own 1.50% of the company’s stock.

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.