Point72 Asset Management L.P. Sells 40,974 Shares of Kirby Co. (NYSE:KEX)

Point72 Asset Management L.P. trimmed its holdings in shares of Kirby Co. (NYSE:KEX) by 43.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,449 shares of the shipping company’s stock after selling 40,974 shares during the period. Point72 Asset Management L.P. owned about 0.09% of Kirby worth $6,421,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in KEX. GAMMA Investing LLC lifted its stake in Kirby by 253.8% in the second quarter. GAMMA Investing LLC now owns 375 shares of the shipping company’s stock valued at $45,000 after purchasing an additional 269 shares during the last quarter. CWM LLC raised its stake in shares of Kirby by 343.1% in the second quarter. CWM LLC now owns 1,214 shares of the shipping company’s stock valued at $145,000 after buying an additional 940 shares during the period. SG Americas Securities LLC lifted its position in shares of Kirby by 201.8% during the 2nd quarter. SG Americas Securities LLC now owns 16,213 shares of the shipping company’s stock valued at $1,941,000 after buying an additional 10,841 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of Kirby during the 2nd quarter worth $2,690,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Kirby in the 2nd quarter worth about $225,000. 96.15% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Kirby

In related news, CEO David W. Grzebinski sold 26,358 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $120.46, for a total transaction of $3,175,084.68. Following the completion of the transaction, the chief executive officer now directly owns 63,399 shares in the company, valued at $7,637,043.54. The trade was a 29.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Christian G. O’neil sold 14,031 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $123.29, for a total value of $1,729,881.99. Following the completion of the transaction, the chief operating officer now owns 12,746 shares in the company, valued at $1,571,454.34. This represents a 52.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,596 shares of company stock valued at $8,541,440. Corporate insiders own 1.50% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Kirby from a “buy” rating to a “hold” rating in a report on Sunday, September 22nd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Kirby currently has an average rating of “Moderate Buy” and a consensus target price of $123.80.

Kirby Price Performance

Shares of NYSE KEX opened at $119.01 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 1.67. Kirby Co. has a fifty-two week low of $72.11 and a fifty-two week high of $132.21. The stock has a market cap of $6.83 billion, a PE ratio of 22.84, a price-to-earnings-growth ratio of 0.71 and a beta of 1.18. The stock has a fifty day moving average of $123.91 and a 200-day moving average of $121.01.

Kirby (NYSE:KEX) last posted its earnings results on Wednesday, October 30th. The shipping company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.08. Kirby had a return on equity of 9.43% and a net margin of 9.37%. The business had revenue of $831.10 million during the quarter, compared to analyst estimates of $824.42 million. During the same quarter in the previous year, the firm earned $1.05 EPS. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. Equities research analysts anticipate that Kirby Co. will post 5.45 earnings per share for the current 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.