Kirby Corporation (NYSE:KEX) Sees Large Increase in Short Interest

Kirby Corporation (NYSE:KEX) saw a large increase in short interest in March. As of March 13th, there was short interest totaling 1,813,528 shares, an increase of 22.8% from the February 26th total of 1,477,044 shares. Approximately 3.4% of the company’s stock are sold short. Based on an average daily trading volume, of 809,107 shares, the days-to-cover ratio is currently 2.2 days.

Insider Buying and Selling

In other Kirby news, VP Amy D. Husted sold 11,667 shares of the business’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $129.33, for a total value of $1,508,893.11. Following the completion of the transaction, the vice president owned 14,814 shares in the company, valued at $1,915,894.62. The trade was a 44.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Scott P. Miller sold 3,960 shares of the company’s stock in a transaction 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 sale, the vice president directly owned 3,565 shares in the company, valued at $430,224.20. This represents a 52.62% decrease in their position. 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 over the last three months. 0.80% of the stock is owned by insiders.

Institutional Trading of Kirby

Several institutional investors have recently modified their holdings of KEX. State of Wyoming grew its position in shares of Kirby by 12.8% in the 3rd quarter. State of Wyoming now owns 1,003 shares of the shipping company’s stock valued at $84,000 after buying an additional 114 shares during the last quarter. Fifth Third Bancorp lifted its position in Kirby by 18.2% in the fourth quarter. Fifth Third Bancorp now owns 739 shares of the shipping company’s stock valued at $81,000 after acquiring an additional 114 shares during the last quarter. Xponance Inc. increased its position in Kirby by 1.8% during the third quarter. Xponance Inc. now owns 6,809 shares of the shipping company’s stock worth $568,000 after buying an additional 118 shares during the period. Procyon Advisors LLC lifted its stake in Kirby by 4.6% in the fourth quarter. Procyon Advisors LLC now owns 2,733 shares of the shipping company’s stock valued at $301,000 after buying an additional 121 shares during the last quarter. Finally, M&T Bank Corp lifted its stake in Kirby by 2.5% in the fourth quarter. M&T Bank Corp now owns 5,179 shares of the shipping company’s stock valued at $571,000 after buying an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 96.15% of the company’s stock.

Analysts Set New Price Targets

KEX has been the topic of a number of analyst reports. BTIG Research reduced their price target on Kirby from $140.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, January 29th. 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. Weiss Ratings raised shares of Kirby from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. Wolfe Research reiterated an “outperform” rating and issued a $136.00 price target on shares of Kirby in a research note on Friday, January 30th. Finally, Evercore reiterated an “outperform” rating and set a $138.00 price target on shares of Kirby in a report on Monday, March 9th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $132.60.

Kirby Stock Up 0.1%

Shares of NYSE:KEX traded up $0.08 on Monday, hitting $134.20. 488,185 shares of the company’s stock were exchanged, compared to its average volume of 821,216. The firm’s 50-day moving average is $127.51 and its 200 day moving average is $111.18. The company has a market capitalization of $7.20 billion, a PE ratio of 21.20, a P/E/G ratio of 1.20 and a beta of 0.83. Kirby has a 1-year low of $79.51 and a 1-year high of $137.96. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.96 and a current ratio of 1.53.

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

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.