Kirby (NYSE:KEX) Given New $160.00 Price Target at Citigroup

Kirby (NYSE:KEX) had its price objective lifted by stock analysts at Citigroup from $147.00 to $160.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the shipping company’s stock. Citigroup’s price objective suggests a potential upside of 13.04% from the stock’s previous close.

Several other equities analysts also recently issued reports on the stock. BTIG Research reduced their price target on shares of Kirby from $140.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, January 29th. Evercore reissued an “outperform” rating and set a $138.00 price target on shares of Kirby in a report on Monday, March 9th. Zacks Research raised shares of Kirby from a “strong sell” rating to a “hold” rating in a report on Friday, March 13th. Wolfe Research reissued an “outperform” rating and set a $136.00 price target on shares of Kirby in a report on Friday, January 30th. Finally, Weiss Ratings raised shares of Kirby from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 27th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $135.20.

Kirby Stock Performance

KEX stock traded up $0.85 during trading on Thursday, hitting $141.54. 232,407 shares of the company’s stock traded hands, compared to its average volume of 777,571. The company has a quick ratio of 0.96, a current ratio of 1.53 and a debt-to-equity ratio of 0.27. Kirby has a 52 week low of $79.51 and a 52 week high of $143.29. The stock has a fifty day moving average price of $128.64 and a two-hundred day moving average price of $113.56. The stock has a market capitalization of $7.59 billion, a price-to-earnings ratio of 22.34, a price-to-earnings-growth ratio of 1.22 and a beta of 0.83.

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

Insiders Place Their Bets

In related news, CEO David W. Grzebinski sold 34,152 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were 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 owned 98,241 shares of the company’s stock, valued at $12,776,242.05. This represents a 25.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Raj Kumar sold 3,000 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $132.70, for a total transaction of $398,100.00. Following the completion of the sale, the chief financial officer directly owned 4,494 shares of the company’s stock, valued at $596,353.80. The trade was a 40.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 71,495 shares of company stock valued at $9,226,173. Corporate insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Kirby

Several institutional investors have recently bought and sold shares of KEX. Goldman Sachs Group Inc. lifted its holdings in Kirby by 30.4% in the first quarter. Goldman Sachs Group Inc. now owns 491,355 shares of the shipping company’s stock worth $49,632,000 after purchasing an additional 114,618 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Kirby by 152.7% in 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 purchasing an additional 110,320 shares during the period. Cerity Partners LLC lifted its holdings in Kirby by 68.6% in the 2nd quarter. Cerity Partners LLC now owns 20,096 shares of the shipping company’s stock valued at $2,279,000 after acquiring an additional 8,174 shares during the last quarter. California Public Employees Retirement System lifted its holdings in Kirby by 3.5% in the 2nd quarter. California Public Employees Retirement System now owns 96,565 shares of the shipping company’s stock valued at $10,951,000 after acquiring an additional 3,292 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in Kirby in the 2nd quarter valued at about $789,000. Institutional investors and hedge funds 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.