Kirby (NYSE:KEX) Hits New 52-Week High – Here’s Why

Kirby Corporation (NYSE:KEX) reached a new 52-week high on Wednesday . The stock traded as high as $122.84 and last traded at $123.1980, with a volume of 459806 shares changing hands. The stock had previously closed at $118.42.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Evercore ISI boosted their price target on Kirby from $109.00 to $122.00 and gave the stock an “outperform” rating in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Kirby in a report on Wednesday, October 8th. Citigroup increased their target price on shares of Kirby from $128.00 to $131.00 and gave the company a “buy” rating in a research report on Friday, December 19th. BTIG Research restated a “buy” rating and set a $125.00 price target on shares of Kirby in a research report on Thursday, September 18th. Finally, Wall Street Zen raised shares of Kirby from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $124.00.

Kirby Stock Up 3.3%

The firm’s fifty day simple moving average is $110.02 and its two-hundred day simple moving average is $102.21. The company has a current ratio of 1.70, a quick ratio of 1.08 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $6.63 billion, a price-to-earnings ratio of 22.77, a price-to-earnings-growth ratio of 1.01 and a beta of 0.88.

Kirby (NYSE:KEX) last announced its quarterly earnings results on Wednesday, October 29th. The shipping company reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.05. The business had revenue of $871.16 million during the quarter, compared to the consensus estimate of $843.29 million. Kirby had a net margin of 9.22% and a return on equity of 10.05%. The business’s revenue was up 4.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.55 EPS. Sell-side analysts anticipate that Kirby Corporation will post 6.57 EPS for the current year.

Insider Activity at Kirby

In other Kirby news, VP Amy D. Husted sold 10,413 shares of Kirby stock in a transaction on Friday, November 21st. The stock was sold at an average price of $107.42, for a total value of $1,118,564.46. Following the sale, the vice president owned 11,760 shares in the company, valued at $1,263,259.20. The trade was a 46.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Kurt A. Niemietz sold 1,500 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $114.12, for a total value of $171,180.00. Following the transaction, the vice president owned 958 shares of the company’s stock, valued at approximately $109,326.96. This represents a 61.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 57,147 shares of company stock valued at $6,204,544 over the last 90 days. Corporate insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Kirby

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vident Advisory LLC acquired a new position in Kirby during the 1st quarter worth approximately $205,000. Amundi raised its stake in shares of Kirby by 44.6% during the 1st quarter. Amundi now owns 29,504 shares of the shipping company’s stock worth $2,741,000 after buying an additional 9,105 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Kirby by 30.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 491,355 shares of the shipping company’s stock valued at $49,632,000 after buying an additional 114,618 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of Kirby during the 1st quarter worth about $371,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Kirby by 152.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 182,565 shares of the shipping company’s stock worth $18,441,000 after buying an additional 110,320 shares in the last quarter. Hedge funds and other institutional investors own 96.15% of the company’s stock.

Kirby Company Profile

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.