Renaissance Technologies LLC Invests $1.23 Million in Kirby Co. (NYSE:KEX)

Renaissance Technologies LLC purchased a new position in shares of Kirby Co. (NYSE:KEX) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 10,300 shares of the shipping company’s stock, valued at approximately $1,233,000.

A number of other institutional investors also recently modified their holdings of the stock. Envestnet Asset Management Inc. raised its position in shares of Kirby by 70.7% during the second quarter. Envestnet Asset Management Inc. now owns 74,875 shares of the shipping company’s stock worth $8,965,000 after purchasing an additional 31,011 shares during the period. Oppenheimer Asset Management Inc. raised its stake in Kirby by 882.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 68,502 shares of the shipping company’s stock valued at $8,202,000 after buying an additional 61,532 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in shares of Kirby during the 2nd quarter worth about $175,000. Meeder Asset Management Inc. boosted its holdings in shares of Kirby by 78.4% during the second quarter. Meeder Asset Management Inc. now owns 23,776 shares of the shipping company’s stock worth $2,847,000 after acquiring an additional 10,449 shares during the period. Finally, Nicholas Investment Partners LP bought a new stake in Kirby in the 2nd quarter valued at $5,270,000. 96.15% of the stock is owned by institutional investors.

Kirby Stock Performance

Kirby stock opened at $123.23 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.70 and a debt-to-equity ratio of 0.32. The stock has a market cap of $7.21 billion, a PE ratio of 29.13, a P/E/G ratio of 0.77 and a beta of 1.17. Kirby Co. has a 12-month low of $72.11 and a 12-month high of $130.90. The business’s 50-day moving average price is $118.54 and its two-hundred day moving average price is $114.62.

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

Insider Activity at Kirby

In other Kirby 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 completion of the transaction, the chief executive officer now owns 63,399 shares of the company’s stock, valued at $7,637,043.54. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO David W. Grzebinski sold 26,358 shares of the 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 completion of the sale, the chief executive officer now owns 63,399 shares of the company’s stock, valued at approximately $7,637,043.54. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Christian G. O’neil sold 2,770 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $110.21, for a total value of $305,281.70. Following the completion of the transaction, the chief operating officer now directly owns 16,079 shares in the company, valued at $1,772,066.59. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 46,012 shares of company stock valued at $5,571,267 in the last 90 days. 1.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on KEX shares. StockNews.com lowered shares of Kirby from a “buy” rating to a “hold” rating in a research report on Sunday, September 22nd. Bank of America increased their price target on Kirby from $138.00 to $141.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $123.80.

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.