OppenheimerFunds Inc. Reduces Holdings in Kirby Co. (NYSE:KEX)

OppenheimerFunds Inc. lessened its stake in shares of Kirby Co. (NYSE:KEX) by 5.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 185,813 shares of the shipping company’s stock after selling 10,893 shares during the period. OppenheimerFunds Inc.’s holdings in Kirby were worth $13,957,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Carroll Financial Associates Inc. bought a new position in shares of Kirby during the 1st quarter valued at about $36,000. Penserra Capital Management LLC bought a new position in shares of Kirby during the 4th quarter valued at about $37,000. Investors Research Corp bought a new position in shares of Kirby during the 1st quarter valued at about $56,000. Rockefeller Capital Management L.P. bought a new position in shares of Kirby during the 1st quarter valued at about $64,000. Finally, Amundi Pioneer Asset Management Inc. bought a new position in shares of Kirby during the 4th quarter valued at about $102,000. 95.72% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:KEX opened at $79.32 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.92 and a debt-to-equity ratio of 0.55. Kirby Co. has a 12 month low of $60.63 and a 12 month high of $88.80. The stock has a market capitalization of $4.75 billion, a P/E ratio of 26.71, a price-to-earnings-growth ratio of 2.09 and a beta of 1.06.

Kirby (NYSE:KEX) last announced its quarterly earnings results on Thursday, May 2nd. The shipping company reported $0.74 EPS for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.02. Kirby had a net margin of 3.04% and a return on equity of 5.50%. The firm had revenue of $744.60 million during the quarter, compared to the consensus estimate of $737.78 million. During the same quarter last year, the firm earned $0.67 EPS. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. On average, sell-side analysts forecast that Kirby Co. will post 3.48 earnings per share for the current year.

Several research analysts have commented on KEX shares. Zacks Investment Research downgraded shares of Kirby from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. TheStreet raised shares of Kirby from a “c+” rating to a “b” rating in a report on Thursday, May 2nd. Wells Fargo & Co increased their price objective on shares of Kirby from $74.00 to $80.00 and gave the company a “market perform” rating in a report on Wednesday, April 24th. They noted that the move was a valuation call. Finally, Bank of America raised shares of Kirby from an “underperform” rating to a “buy” rating in a report on Friday, May 3rd. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $81.13.

In related news, Director William M. Waterman sold 20,000 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $82.35, for a total value of $1,647,000.00. Following the completion of the transaction, the director now owns 91,260 shares of the company’s stock, valued at approximately $7,515,261. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Dorman Lynn Strahan sold 3,071 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $84.89, for a total transaction of $260,697.19. Following the completion of the transaction, the insider now directly owns 23,784 shares of the company’s stock, valued at approximately $2,019,023.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,508 shares of company stock valued at $2,368,898. 1.80% of the stock is owned by insiders.

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Kirby Company Profile

Kirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation services and towing vessels transporting bulk liquid products, as well as operates tank barges throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii.

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Institutional Ownership by Quarter for Kirby (NYSE:KEX)

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