Kirby Co. (NYSE:KEX) Sees Significant Drop in Short Interest

Kirby Co. (NYSE:KEX) was the target of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 599,900 shares, a decrease of 16.3% from the November 30th total of 716,800 shares. Based on an average daily volume of 486,800 shares, the days-to-cover ratio is presently 1.2 days. Currently, 1.1% of the company’s stock are short sold.

Kirby Stock Down 0.5 %

Shares of NYSE KEX traded down $0.51 during midday trading on Friday, reaching $105.98. 382,956 shares of the company’s stock traded hands, compared to its average volume of 469,169. Kirby has a one year low of $74.88 and a one year high of $132.21. The stock’s 50 day simple moving average is $120.37 and its 200-day simple moving average is $119.96. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 20.34, a P/E/G ratio of 0.69 and a beta of 1.18. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.29.

Kirby (NYSE:KEX) last posted its earnings results on Wednesday, October 30th. The shipping company reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.08. Kirby had a net margin of 9.37% and a return on equity of 9.43%. The company had revenue of $831.10 million during the quarter, compared to analysts’ expectations of $824.42 million. During the same quarter in the prior year, the company posted $1.05 earnings per share. Kirby’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, analysts predict that Kirby will post 5.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Ronald A. Dragg sold 2,313 shares of the company’s 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 completion of the sale, the vice president now directly owns 7,683 shares in the company, valued at $978,045.90. This represents a 23.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Richard Ross Stewart sold 8,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 15,488 shares in the company, valued at approximately $1,985,716.48. The trade was a 34.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,354 shares of company stock worth $3,275,455. 1.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Kirby

Institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC boosted its position in Kirby by 420.0% in the third quarter. Farther Finance Advisors LLC now owns 208 shares of the shipping company’s stock valued at $25,000 after buying an additional 168 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Kirby during the second quarter valued at $26,000. ORG Wealth Partners LLC purchased a new position in shares of Kirby during the 3rd quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC acquired a new position in shares of Kirby in the 2nd quarter valued at about $37,000. Finally, Hantz Financial Services Inc. purchased a new stake in shares of Kirby in the second quarter worth about $38,000. Institutional investors and hedge funds own 96.15% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered Kirby from a “buy” rating to a “hold” rating in a research report on Wednesday, December 18th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $123.80.

Kirby Company 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.