Bank of America Boosts Kirby (NYSE:KEX) Price Target to $69.00

Kirby (NYSE:KEX) had its target price lifted by Bank of America from $66.00 to $69.00 in a research report issued to clients and investors on Thursday, February 1st. The brokerage presently has an “underperform” rating on the shipping company’s stock. Bank of America’s price target would indicate a potential downside of 5.74% from the stock’s current price.

KEX has been the topic of several other research reports. Gabelli began coverage on shares of Kirby in a research note on Tuesday, January 16th. They issued a “hold” rating and a $80.00 price objective on the stock. Jefferies Group reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Kirby in a research note on Monday, October 16th. Stephens reissued a “hold” rating and issued a $70.00 target price on shares of Kirby in a research report on Wednesday, January 10th. Stifel Nicolaus reissued a “hold” rating and issued a $67.00 target price on shares of Kirby in a research report on Friday, November 3rd. Finally, Zacks Investment Research downgraded shares of Kirby from a “hold” rating to a “sell” rating in a research report on Thursday, January 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $79.40.

Kirby (NYSE KEX) traded up $0.75 during mid-day trading on Thursday, hitting $73.20. 22,660 shares of the company’s stock were exchanged, compared to its average volume of 534,811. Kirby has a one year low of $59.25 and a one year high of $80.90. The company has a market cap of $4,325.05, a P/E ratio of 35.34, a price-to-earnings-growth ratio of 2.07 and a beta of 1.03. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.93 and a quick ratio of 1.23.

Kirby (NYSE:KEX) last released its quarterly earnings results on Wednesday, January 31st. The shipping company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $708.10 million for the quarter, compared to the consensus estimate of $612.61 million. Kirby had a net margin of 14.14% and a return on equity of 4.37%. Kirby’s revenue was up 62.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.60 EPS. sell-side analysts anticipate that Kirby will post 2.8 EPS for the current year.

In other Kirby news, insider Dorman Lynn Strahan sold 1,735 shares of Kirby stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $76.51, for a total value of $132,744.85. Following the completion of the sale, the insider now directly owns 28,484 shares in the company, valued at $2,179,310.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Monte J. Miller sold 2,336 shares of Kirby stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $77.10, for a total transaction of $180,105.60. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of the company. American International Group Inc. lifted its stake in shares of Kirby by 1.1% in the fourth quarter. American International Group Inc. now owns 111,157 shares of the shipping company’s stock worth $7,425,000 after buying an additional 1,200 shares during the last quarter. TCW Group Inc. increased its position in Kirby by 12.8% during the fourth quarter. TCW Group Inc. now owns 45,371 shares of the shipping company’s stock worth $3,031,000 after acquiring an additional 5,133 shares during the period. BlackRock Inc. increased its position in Kirby by 1.3% during the fourth quarter. BlackRock Inc. now owns 4,763,004 shares of the shipping company’s stock worth $318,169,000 after acquiring an additional 61,526 shares during the period. Arizona State Retirement System increased its position in Kirby by 26.1% during the fourth quarter. Arizona State Retirement System now owns 38,669 shares of the shipping company’s stock worth $2,583,000 after acquiring an additional 8,009 shares during the period. Finally, Advisory Services Network LLC increased its position in Kirby by 4,295.2% during the fourth quarter. Advisory Services Network LLC now owns 2,725 shares of the shipping company’s stock worth $182,000 after acquiring an additional 2,663 shares during the period. Institutional investors and hedge funds own 96.05% of the company’s stock.

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Kirby Company Profile

Kirby Corporation is a domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii. The Company, through its subsidiaries, operates in two segments: Marine Transportation and Diesel Engine Services.

Analyst Recommendations for Kirby (NYSE:KEX)

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