Tygh Capital Management Inc. Sells 55,469 Shares of Kirby Co. (NYSE:KEX)

Tygh Capital Management Inc. reduced its position in Kirby Co. (NYSE:KEX) by 42.7% in the second quarter, HoldingsChannel.com reports. The firm owned 74,537 shares of the shipping company’s stock after selling 55,469 shares during the period. Tygh Capital Management Inc.’s holdings in Kirby were worth $5,888,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. boosted its position in shares of Kirby by 5.5% in the second quarter. Cullen Frost Bankers Inc. now owns 3,957 shares of the shipping company’s stock worth $312,000 after purchasing an additional 207 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in shares of Kirby by 1.7% in the first quarter. Oregon Public Employees Retirement Fund now owns 21,489 shares of the shipping company’s stock worth $1,614,000 after buying an additional 359 shares in the last quarter. Huntington National Bank lifted its holdings in shares of Kirby by 10.1% in the second quarter. Huntington National Bank now owns 1,663 shares of the shipping company’s stock worth $131,000 after buying an additional 152 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Kirby by 41.5% in the second quarter. SG Americas Securities LLC now owns 64,941 shares of the shipping company’s stock worth $5,130,000 after buying an additional 19,031 shares in the last quarter. Finally, Carroll Financial Associates Inc. lifted its holdings in shares of Kirby by 27.2% in the second quarter. Carroll Financial Associates Inc. now owns 626 shares of the shipping company’s stock worth $49,000 after buying an additional 134 shares in the last quarter. Institutional investors and hedge funds own 95.20% of the company’s stock.

In other news, Director William M. Waterman sold 20,000 shares of the stock in a transaction on 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 sale, the director now owns 91,260 shares of the company’s stock, valued at $7,515,261. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Dorman Lynn Strahan sold 1,500 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $78.72, for a total transaction of $118,080.00. Following the completion of the sale, the insider now directly owns 20,421 shares in the company, valued at approximately $1,607,541.12. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.

A number of research firms recently issued reports on KEX. Wells Fargo & Co upped their price target on shares of Kirby from $74.00 to $80.00 and gave the company a “market perform” rating in a research note on Wednesday, April 24th. They noted that the move was a valuation call. Bank of America raised shares of Kirby from an “underperform” rating to a “buy” rating in a research note on Friday, May 3rd. Stephens raised shares of Kirby from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $93.00 to $96.00 in a research note on Monday, July 29th. TheStreet downgraded shares of Kirby from a “b” rating to a “c+” rating in a research note on Thursday, August 15th. Finally, Zacks Investment Research downgraded shares of Kirby from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $81.13.

Shares of KEX traded up $1.41 during midday trading on Wednesday, hitting $75.68. The stock had a trading volume of 115,048 shares, compared to its average volume of 574,468. Kirby Co. has a 1 year low of $60.63 and a 1 year high of $88.78. The firm has a market cap of $4.38 billion, a PE ratio of 26.46, a price-to-earnings-growth ratio of 2.32 and a beta of 1.02. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.00 and a quick ratio of 1.19. The stock’s 50 day moving average is $75.48 and its 200 day moving average is $77.54.

Kirby (NYSE:KEX) last announced its earnings results on Thursday, July 25th. The shipping company reported $0.79 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.81 by ($0.02). Kirby had a net margin of 3.70% and a return on equity of 5.47%. The firm had revenue of $771.00 million during the quarter, compared to analysts’ expectations of $767.04 million. During the same period in the prior year, the company posted $0.78 EPS. The company’s revenue was down 3.9% compared to the same quarter last year. As a group, equities research analysts expect that Kirby Co. will post 2.97 earnings per share for the current fiscal year.

Kirby 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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