Jennison Associates LLC Sells 128,088 Shares of Kirby Co. (NYSE:KEX)

Jennison Associates LLC lowered its stake in Kirby Co. (NYSE:KEX) by 9.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,199,794 shares of the shipping company’s stock after selling 128,088 shares during the quarter. Jennison Associates LLC’s holdings in Kirby were worth $146,891,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in KEX. Farther Finance Advisors LLC raised its stake in shares of Kirby by 420.0% in the third quarter. Farther Finance Advisors LLC now owns 208 shares of the shipping company’s stock worth $25,000 after buying an additional 168 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Kirby during the second quarter worth about $26,000. ORG Wealth Partners LLC purchased a new stake in shares of Kirby during the third quarter worth about $30,000. ORG Partners LLC purchased a new stake in shares of Kirby during the second quarter worth about $32,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Kirby during the second quarter worth about $33,000. Institutional investors own 96.15% of the company’s stock.

Insider Transactions at Kirby

In related news, CEO David W. Grzebinski sold 26,358 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $120.46, for a total transaction of $3,175,084.68. Following the completion of the sale, the chief executive officer now directly owns 63,399 shares of the company’s stock, valued at approximately $7,637,043.54. This trade represents a 29.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Christian G. O’neil sold 15,041 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $130.00, for a total value of $1,955,330.00. Following the sale, the chief operating officer now directly owns 7,746 shares of the company’s stock, valued at $1,006,980. This represents a 66.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,596 shares of company stock worth $7,515,760. 1.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

KEX has been the subject of several research analyst reports. StockNews.com cut Kirby from a “buy” rating to a “hold” rating in a research report on Sunday, September 22nd. Bank of America raised their price target on Kirby from $138.00 to $141.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $123.80.

Kirby Price Performance

Shares of Kirby stock opened at $128.30 on Wednesday. The stock has a market cap of $7.36 billion, a price-to-earnings ratio of 24.63, a price-to-earnings-growth ratio of 0.76 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 1.67. The stock has a 50 day moving average price of $122.71 and a 200-day moving average price of $120.01. Kirby Co. has a one year low of $72.11 and a one year high of $132.04.

Kirby (NYSE:KEX) last announced its earnings results on Wednesday, October 30th. The shipping company reported $1.55 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.08. The firm had revenue of $831.10 million during the quarter, compared to analysts’ expectations of $824.42 million. Kirby had a return on equity of 9.43% and a net margin of 9.37%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.05 EPS. Equities analysts expect that Kirby Co. will post 5.45 EPS for the current 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.