StockNews.com Lowers Kirby (NYSE:KEX) to Hold

Kirby (NYSE:KEX) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Friday.

A number of other brokerages have also recently commented on KEX. Stifel Nicolaus raised their target price on Kirby from $131.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, May 21st. Bank of America lifted their price objective on shares of Kirby from $138.00 to $141.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Kirby currently has an average rating of “Moderate Buy” and a consensus target price of $123.80.

Kirby Trading Down 2.5 %

KEX stock traded down $2.96 during mid-day trading on Friday, hitting $114.52. 444,392 shares of the company were exchanged, compared to its average volume of 460,687. The business has a fifty day simple moving average of $118.80 and a 200-day simple moving average of $109.56. The firm has a market capitalization of $6.70 billion, a P/E ratio of 27.07, a PEG ratio of 0.74 and a beta of 1.17. Kirby has a 12-month low of $72.11 and a 12-month high of $130.90. The company has a quick ratio of 1.05, a current ratio of 1.70 and a debt-to-equity ratio of 0.32.

Kirby (NYSE:KEX) last posted its quarterly earnings data on Thursday, August 1st. The shipping company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.11. The firm had revenue of $824.40 million during the quarter, compared to analysts’ expectations of $821.65 million. Kirby had a net margin of 8.72% and a return on equity of 8.70%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the company posted $0.95 EPS. On average, equities research analysts predict that Kirby will post 5.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Kirby

In related news, CEO David W. Grzebinski sold 3,000 shares of Kirby stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $120.31, for a total value of $360,930.00. Following the completion of the transaction, the chief executive officer now owns 63,399 shares in the company, valued at $7,627,533.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO David W. Grzebinski sold 3,000 shares of the stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $120.31, for a total value of $360,930.00. Following the transaction, the chief executive officer now directly owns 63,399 shares of the company’s stock, valued at approximately $7,627,533.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Christian G. O’neil sold 2,770 shares of Kirby stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $110.21, for a total value of $305,281.70. Following the sale, the chief operating officer now owns 16,079 shares in the company, valued at approximately $1,772,066.59. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Kirby

A number of hedge funds have recently modified their holdings of KEX. Park West Asset Management LLC purchased a new stake in Kirby during the 4th quarter valued at approximately $61,824,000. Norges Bank purchased a new stake in shares of Kirby in the fourth quarter valued at about $51,781,000. Select Equity Group L.P. acquired a new position in shares of Kirby during the second quarter worth about $65,928,000. Lord Abbett & CO. LLC purchased a new position in Kirby during the first quarter worth about $22,877,000. Finally, Encompass Capital Advisors LLC lifted its position in Kirby by 33.9% in the second quarter. Encompass Capital Advisors LLC now owns 887,384 shares of the shipping company’s stock valued at $106,246,000 after purchasing an additional 224,802 shares during the period. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

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.