Kirby (NYSE:KEX) Sets New 1-Year High – Here’s What Happened

Kirby Corporation (NYSE:KEX)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $134.69 and last traded at $133.85, with a volume of 711946 shares traded. The stock had previously closed at $132.97.

Wall Street Analyst Weigh In

Several analysts have commented on KEX shares. Weiss Ratings raised shares of Kirby from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 18th. Zacks Research cut shares of Kirby from a “hold” rating to a “strong sell” rating in a report on Thursday, February 12th. Citigroup increased their target price on shares of Kirby from $145.00 to $147.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. BTIG Research cut their target price on Kirby from $140.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, January 29th. Finally, Wolfe Research reiterated an “outperform” rating and set a $136.00 price target on shares of Kirby in a research note on Friday, January 30th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $129.40.

Kirby Stock Up 0.7%

The stock has a market cap of $7.18 billion, a P/E ratio of 21.15, a P/E/G ratio of 1.19 and a beta of 0.83. The company has a current ratio of 1.53, a quick ratio of 0.96 and a debt-to-equity ratio of 0.27. The firm’s fifty day moving average is $123.16 and its 200 day moving average is $106.42.

Kirby (NYSE:KEX) last released its quarterly earnings results on Thursday, January 29th. The shipping company reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.06. The company had revenue of $851.78 million during the quarter, compared to analysts’ expectations of $857.82 million. Kirby had a net margin of 10.54% and a return on equity of 10.53%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.29 earnings per share. As a group, equities research analysts forecast that Kirby Corporation will post 6.57 EPS for the current year.

Insider Activity

In other news, CEO David W. Grzebinski sold 34,152 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $130.05, for a total value of $4,441,467.60. Following the completion of the sale, the chief executive officer directly owned 98,241 shares of the company’s stock, valued at approximately $12,776,242.05. This represents a 25.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Scott P. Miller sold 3,960 shares of the firm’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $120.68, for a total transaction of $477,892.80. Following the completion of the sale, the vice president owned 3,565 shares in the company, valued at approximately $430,224.20. The trade was a 52.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 68,353 shares of company stock worth $8,579,025 over the last 90 days. Company insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Kirby

Several large investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. grew its position in Kirby by 92.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,612,119 shares of the shipping company’s stock worth $287,803,000 after purchasing an additional 1,251,700 shares during the last quarter. First Trust Advisors LP grew its position in Kirby by 109.4% during the fourth quarter. First Trust Advisors LP now owns 2,256,667 shares of the shipping company’s stock worth $248,640,000 after buying an additional 1,178,963 shares in the last quarter. Alliancebernstein L.P. grew its position in Kirby by 72.5% during the second quarter. Alliancebernstein L.P. now owns 2,282,865 shares of the shipping company’s stock worth $258,900,000 after buying an additional 959,209 shares in the last quarter. Norges Bank bought a new position in Kirby during the fourth quarter valued at about $81,355,000. Finally, Hood River Capital Management LLC acquired a new position in Kirby in the 2nd quarter valued at approximately $73,784,000. 96.15% of the stock is currently owned by institutional investors and hedge funds.

About Kirby

Kirby Corporation is a leading domestic maritime transporter of bulk liquid products in the United States. Through its Marine Transportation segment, the company operates one of North America’s largest fleets of inland tank barges and towing vessels. Kirby’s fleet moves petrochemicals, black oil, refined petroleum products and agricultural chemicals along coastal and inland waterways, providing critical logistical support to energy, chemical and agricultural producers.

In addition to its marine operations, Kirby’s Distribution and Services segment offers diesel engine and power generation services, along with aftermarket parts sales.