Merewether Investment Management LP Has $28.71 Million Stock Holdings in Kirby Co. (NYSE:KEX)

Merewether Investment Management LP increased its holdings in Kirby Co. (NYSE:KEX - Free Report) by 48.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 234,500 shares of the shipping company's stock after buying an additional 76,800 shares during the quarter. Kirby comprises 1.3% of Merewether Investment Management LP's portfolio, making the stock its 26th largest holding. Merewether Investment Management LP owned about 0.41% of Kirby worth $28,710,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its stake in Kirby by 6.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,585 shares of the shipping company's stock valued at $2,916,000 after purchasing an additional 1,806 shares in the last quarter. Tidal Investments LLC bought a new position in Kirby during the 1st quarter valued at $755,000. GAMMA Investing LLC boosted its stake in Kirby by 253.8% during the 2nd quarter. GAMMA Investing LLC now owns 375 shares of the shipping company's stock valued at $45,000 after purchasing an additional 269 shares in the last quarter. CWM LLC boosted its stake in Kirby by 343.1% during the 2nd quarter. CWM LLC now owns 1,214 shares of the shipping company's stock valued at $145,000 after purchasing an additional 940 shares in the last quarter. Finally, Simplicity Wealth LLC boosted its stake in Kirby by 6.5% during the 2nd quarter. Simplicity Wealth LLC now owns 6,086 shares of the shipping company's stock valued at $729,000 after purchasing an additional 372 shares in the last quarter. 96.15% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Kirby from a "buy" rating to a "hold" rating in a research note on Sunday, September 22nd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $123.80.

Insider Activity

In related news, Director Richard Ross Stewart sold 8,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $128.21, for a total transaction of $1,025,680.00. Following the completion of the sale, the director now directly owns 15,488 shares in the company, valued at approximately $1,985,716.48. This trade represents a 34.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Ronald A. Dragg sold 2,313 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $127.30, for a total value of $294,444.90. Following the sale, the vice president now owns 7,683 shares of the company's stock, valued at approximately $978,045.90. This represents a 23.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,596 shares of company stock worth $8,541,440 over the last quarter. Corporate insiders own 1.40% of the company's stock.

Kirby Price Performance

Shares of KEX traded down $2.36 during trading hours on Wednesday, hitting $121.02. 533,254 shares of the company were exchanged, compared to its average volume of 456,365. The company has a market capitalization of $6.95 billion, a PE ratio of 23.68, a PEG ratio of 0.74 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.67 and a quick ratio of 1.05. The firm has a fifty day simple moving average of $124.14 and a 200-day simple moving average of $121.02. Kirby Co. has a one year low of $72.11 and a one year high of $132.21.

Kirby (NYSE:KEX - Get Free Report) last released its earnings results on Wednesday, October 30th. The shipping company reported $1.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.47 by $0.08. The company had revenue of $831.10 million during the quarter, compared to analyst estimates of $824.42 million. Kirby had a return on equity of 9.43% and a net margin of 9.37%. The company's revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.05 earnings per share. As a group, sell-side analysts predict 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.