ArrowMark Colorado Holdings LLC Trims Holdings in Kirby Co. (NYSE:KEX)

ArrowMark Colorado Holdings LLC cut its position in shares of Kirby Co. (NYSE:KEX) by 11.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 678,349 shares of the shipping company’s stock after selling 89,287 shares during the quarter. Kirby makes up 1.1% of ArrowMark Colorado Holdings LLC’s investment portfolio, making the stock its 28th largest position. ArrowMark Colorado Holdings LLC owned about 1.18% of Kirby worth $83,050,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of KEX. Farther Finance Advisors LLC lifted its position in Kirby by 420.0% during 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 acquired a new stake in shares of Kirby in the second quarter worth approximately $26,000. ORG Wealth Partners LLC purchased a new stake in Kirby in the third quarter valued at approximately $30,000. ORG Partners LLC purchased a new position in Kirby during the second quarter worth approximately $32,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Kirby in the 2nd quarter valued at $33,000. Institutional investors and hedge funds own 96.15% of the company’s stock.

Kirby Stock Performance

NYSE:KEX opened at $126.51 on Monday. The firm’s fifty day simple moving average is $124.16 and its 200 day simple moving average is $120.92. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. Kirby Co. has a twelve month low of $72.11 and a twelve month high of $132.21. The firm has a market capitalization of $7.26 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 0.75 and a beta of 1.17.

Kirby (NYSE:KEX) last issued its earnings results on Wednesday, October 30th. The shipping company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.08. The company had revenue of $831.10 million during the quarter, compared to the consensus estimate of $824.42 million. Kirby had a return on equity of 9.43% and a net margin of 9.37%. The company’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.05 earnings per share. As a group, equities research analysts expect that Kirby Co. will post 5.45 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO David W. Grzebinski sold 26,358 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $120.46, for a total value of $3,175,084.68. Following the completion of the transaction, the chief executive officer now owns 63,399 shares of the company’s stock, valued at approximately $7,637,043.54. This represents a 29.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Ronald A. Dragg sold 2,313 shares of Kirby stock in a transaction that occurred 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 in the company, valued at $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 have sold 68,596 shares of company stock worth $8,541,440 over the last 90 days. Company insiders own 1.50% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Kirby from a “buy” rating to a “hold” rating in a report on Sunday, September 22nd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Kirby presently has a consensus rating of “Moderate Buy” and a consensus target price of $123.80.

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.