Kirby Co. (NYSE:KEX) Stake Lessened by Argent Trust Co

Argent Trust Co lessened its stake in Kirby Co. (NYSE:KEX - Free Report) by 48.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,650 shares of the shipping company's stock after selling 4,350 shares during the quarter. Argent Trust Co's holdings in Kirby were worth $492,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Kirby in the 4th quarter valued at $74,293,000. Franklin Resources Inc. boosted its position in shares of Kirby by 848.5% in the fourth quarter. Franklin Resources Inc. now owns 393,647 shares of the shipping company's stock worth $41,648,000 after buying an additional 352,144 shares during the period. Artemis Investment Management LLP grew its stake in shares of Kirby by 112.0% in the fourth quarter. Artemis Investment Management LLP now owns 382,835 shares of the shipping company's stock valued at $40,504,000 after buying an additional 202,272 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Kirby during the 4th quarter valued at about $18,749,000. Finally, DAVENPORT & Co LLC purchased a new position in Kirby in the 4th quarter worth approximately $16,390,000. 96.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Kirby from a "buy" rating to a "hold" rating in a research note on Thursday, January 9th. Stifel Nicolaus dropped their target price on Kirby from $136.00 to $135.00 and set a "buy" rating on the stock in a research report on Friday, January 31st. Finally, Bank of America lowered their price objective on Kirby from $133.00 to $123.00 and set a "buy" rating for the company in a research note on Friday, March 28th.

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Kirby Stock Down 0.3 %

NYSE KEX traded down $0.33 on Tuesday, hitting $95.72. 260,951 shares of the stock traded hands, compared to its average volume of 541,766. The company has a market capitalization of $5.45 billion, a P/E ratio of 19.49, a price-to-earnings-growth ratio of 0.88 and a beta of 0.99. The stock has a 50-day moving average of $100.41 and a 200 day moving average of $111.11. The company has a current ratio of 1.45, a quick ratio of 1.05 and a debt-to-equity ratio of 0.26. Kirby Co. has a twelve month low of $83.94 and a twelve month high of $132.21.

Kirby (NYSE:KEX - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The shipping company reported $1.29 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.01). Kirby had a return on equity of 9.71% and a net margin of 8.78%. As a group, analysts expect that Kirby Co. will post 6.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP Scott P. Miller sold 1,244 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $107.61, for a total transaction of $133,866.84. Following the completion of the sale, the vice president now directly owns 5,545 shares of the company's stock, valued at $596,697.45. This represents a 18.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.90% of the stock is owned by insiders.

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.