HITE Hedge Asset Management LLC Invests $10.44 Million in Kirby Co. (NYSE:KEX)

HITE Hedge Asset Management LLC bought a new stake in Kirby Co. (NYSE:KEX - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 98,718 shares of the shipping company's stock, valued at approximately $10,444,000. HITE Hedge Asset Management LLC owned 0.17% of Kirby at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP increased its stake in Kirby by 1.6% in the fourth quarter. Wellington Management Group LLP now owns 1,762,651 shares of the shipping company's stock valued at $186,488,000 after acquiring an additional 28,259 shares during the last quarter. Norges Bank bought a new stake in Kirby in the 4th quarter worth approximately $74,293,000. Victory Capital Management Inc. boosted its stake in shares of Kirby by 10.2% in the 4th quarter. Victory Capital Management Inc. now owns 525,708 shares of the shipping company's stock valued at $55,620,000 after purchasing an additional 48,475 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Kirby by 2.6% in the fourth quarter. Bank of New York Mellon Corp now owns 415,042 shares of the shipping company's stock worth $43,911,000 after purchasing an additional 10,486 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Kirby by 848.5% during the fourth quarter. Franklin Resources Inc. now owns 393,647 shares of the shipping company's stock valued at $41,648,000 after buying an additional 352,144 shares during the last quarter. Hedge funds and other institutional investors own 96.15% of the company's stock.

Insiders Place Their Bets

In related news, VP Scott P. Miller sold 1,244 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $107.61, for a total value of $133,866.84. Following the completion of the transaction, the vice president now directly owns 5,545 shares in the company, valued at $596,697.45. This trade represents a 18.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

KEX has been the topic of a number of analyst reports. Bank of America decreased their price target on Kirby from $133.00 to $123.00 and set a "buy" rating on the stock in a research note on Friday, March 28th. StockNews.com lowered shares of Kirby from a "buy" rating to a "hold" rating in a report on Thursday, January 9th. Finally, Stifel Nicolaus lowered their price objective on shares of Kirby from $136.00 to $135.00 and set a "buy" rating for the company in a research note on Friday, January 31st.

Kirby Trading Up 1.7 %

Kirby stock traded up $1.64 during mid-day trading on Wednesday, reaching $96.41. 155,338 shares of the company traded hands, compared to its average volume of 541,179. The firm's 50 day moving average price is $98.92 and its 200 day moving average price is $110.04. Kirby Co. has a 52-week low of $83.94 and a 52-week high of $132.21. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.45 and a quick ratio of 1.05. The firm has a market capitalization of $5.49 billion, a price-to-earnings ratio of 19.64, a P/E/G ratio of 0.88 and a beta of 0.99.

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

Kirby Profile

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.