Kirby (NYSE:KEX) Reaches New 52-Week High – Time to Buy?

Shares of Kirby Corporation (NYSE:KEX) hit a new 52-week high on Thursday . The company traded as high as $130.89 and last traded at $129.6390, with a volume of 862167 shares. The stock had previously closed at $126.90.

Wall Street Analyst Weigh In

KEX has been the topic of several research analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Kirby in a research report on Wednesday, October 8th. Evercore ISI lifted their price objective on shares of Kirby from $109.00 to $122.00 and gave the stock an “outperform” rating in a research note on Thursday, October 30th. BTIG Research upped their target price on Kirby from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, January 15th. Citigroup lifted their price target on Kirby from $131.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Wall Street Zen raised Kirby from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $130.50.

Kirby Stock Up 2.2%

The company has a quick ratio of 1.08, a current ratio of 1.70 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $7.03 billion, a price-to-earnings ratio of 24.05, a P/E/G ratio of 1.09 and a beta of 0.88. The business’s 50-day moving average is $114.34 and its 200-day moving average is $103.12.

Kirby (NYSE:KEX) last released its quarterly earnings data on Wednesday, October 29th. The shipping company reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.05. Kirby had a return on equity of 10.05% and a net margin of 9.22%.The business had revenue of $871.16 million during the quarter, compared to analyst estimates of $843.29 million. During the same quarter last year, the business posted $1.55 EPS. The company’s revenue was up 4.8% on a year-over-year basis. As a group, equities analysts predict that Kirby Corporation will post 6.57 earnings per share for the current year.

Insider Buying and Selling at Kirby

In other news, CEO David W. Grzebinski sold 29,451 shares of Kirby stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $107.41, for a total transaction of $3,163,331.91. Following the completion of the transaction, the chief executive officer directly owned 79,709 shares of the company’s stock, valued at $8,561,543.69. The trade was a 26.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Christian G. O’neil sold 11,145 shares of the stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $111.68, for a total transaction of $1,244,673.60. Following the sale, the chief operating officer directly owned 14,835 shares in the company, valued at $1,656,772.80. This trade represents a 42.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 57,147 shares of company stock worth $6,204,544. 0.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Kirby

Institutional investors and hedge funds have recently modified their holdings of the business. Alliancebernstein L.P. boosted 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 purchasing an additional 959,209 shares in the last quarter. Norges Bank acquired a new position in shares of Kirby during the 2nd quarter worth approximately $78,256,000. Hood River Capital Management LLC acquired a new position in shares of Kirby during the 2nd quarter worth approximately $73,784,000. Congress Asset Management Co. purchased a new position in shares of Kirby during the 4th quarter valued at approximately $58,385,000. Finally, Appian Way Asset Management LP grew its stake in Kirby by 335.8% in the 3rd quarter. Appian Way Asset Management LP now owns 675,546 shares of the shipping company’s stock valued at $56,374,000 after acquiring an additional 520,535 shares during the period. Hedge funds and other institutional investors own 96.15% of the company’s stock.

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.