Brokerages Set Kirby Corporation (NYSE:KEX) Target Price at $129.40

Kirby Corporation (NYSE:KEX) has been given an average recommendation of “Moderate Buy” by the seven research firms that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $129.40.

Several equities research analysts have recently commented on KEX shares. Evercore upped their price target on Kirby from $109.00 to $122.00 and gave the stock an “outperform” rating in a research note on Thursday, October 30th. BTIG Research dropped their price objective on shares of Kirby from $140.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, January 29th. Wall Street Zen upgraded shares of Kirby from a “hold” rating to a “buy” rating in a research report on Saturday, November 1st. Citigroup raised their target price on shares of Kirby from $145.00 to $147.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Finally, Zacks Research lowered shares of Kirby from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 12th.

Insider Activity at Kirby

In other news, VP Ronald A. Dragg sold 5,429 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $122.00, for a total transaction of $662,338.00. Following the completion of the transaction, the vice president directly owned 10,399 shares of the company’s stock, valued at approximately $1,268,678. This represents a 34.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Scott P. Miller sold 3,960 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $120.68, for a total value of $477,892.80. Following the completion of the sale, the vice president directly owned 3,565 shares of the company’s stock, valued at $430,224.20. This represents a 52.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 24,034 shares of company stock worth $2,799,844 in the last three months. 0.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kirby

Several institutional investors have recently made changes to their positions in KEX. Peregrine Capital Management LLC increased its stake in shares of Kirby by 18.4% during the 3rd quarter. Peregrine Capital Management LLC now owns 131,000 shares of the shipping company’s stock valued at $10,932,000 after acquiring an additional 20,399 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in Kirby in the third quarter valued at approximately $2,030,000. Luminus Management LLC grew its holdings in Kirby by 292.0% in the third quarter. Luminus Management LLC now owns 116,956 shares of the shipping company’s stock valued at $9,760,000 after purchasing an additional 87,120 shares during the period. VELA Investment Management LLC increased its position in Kirby by 11.5% during the third quarter. VELA Investment Management LLC now owns 160,475 shares of the shipping company’s stock worth $13,392,000 after purchasing an additional 16,615 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Kirby by 312.7% during the third quarter. State of Alaska Department of Revenue now owns 26,006 shares of the shipping company’s stock worth $2,170,000 after purchasing an additional 19,705 shares during the period. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

Kirby Trading Up 2.0%

NYSE KEX opened at $130.85 on Thursday. The firm’s fifty day moving average is $120.35 and its two-hundred day moving average is $104.81. Kirby has a one year low of $79.51 and a one year high of $132.18. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.53. The firm has a market cap of $7.02 billion, a PE ratio of 20.67, a P/E/G ratio of 1.17 and a beta of 0.88.

Kirby (NYSE:KEX) last announced its earnings results on Thursday, January 29th. The shipping company reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.06. The business had revenue of $851.78 million during the quarter, compared to the consensus estimate of $857.82 million. Kirby had a net margin of 10.54% and a return on equity of 10.53%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.29 earnings per share. Analysts expect that Kirby will post 6.57 earnings per share for the current year.

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.