Kirby (NYSE:KEX) Shares Gap Up on Better-Than-Expected Earnings

Kirby Co. (NYSE:KEX)’s share price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $101.05, but opened at $104.15. Kirby shares last traded at $109.19, with a volume of 173,414 shares traded.

The shipping company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.22. Kirby had a return on equity of 8.00% and a net margin of 8.01%. The business had revenue of $808.00 million during the quarter, compared to analyst estimates of $784.49 million. During the same quarter in the prior year, the business posted $0.68 EPS. Kirby’s revenue for the quarter was up 7.7% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. StockNews.com raised shares of Kirby from a “hold” rating to a “buy” rating in a report on Tuesday, April 16th. BTIG Research raised their target price on shares of Kirby from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Stephens reaffirmed an “overweight” rating and set a $105.00 target price on shares of Kirby in a research report on Monday, February 5th. Stifel Nicolaus lifted their price objective on shares of Kirby from $100.00 to $118.00 and gave the company a “buy” rating in a report on Friday, April 19th. Finally, Wolfe Research assumed coverage on shares of Kirby in a research note on Monday, April 22nd. They issued an “outperform” rating and a $126.00 target price for the company. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Kirby has a consensus rating of “Buy” and a consensus target price of $116.00.

Insider Buying and Selling at Kirby

In other Kirby news, VP Ronald A. Dragg sold 1,413 shares of Kirby stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $84.68, for a total value of $119,652.84. Following the completion of the transaction, the vice president now owns 10,651 shares of the company’s stock, valued at $901,926.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Scott P. Miller sold 1,828 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $79.60, for a total transaction of $145,508.80. Following the completion of the sale, the vice president now owns 1,000 shares of the company’s stock, valued at $79,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Ronald A. Dragg sold 1,413 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $84.68, for a total transaction of $119,652.84. Following the sale, the vice president now directly owns 10,651 shares of the company’s stock, valued at approximately $901,926.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,418 shares of company stock valued at $4,932,521. Corporate insiders own 1.50% of the company’s stock.

Institutional Trading of Kirby

A number of institutional investors and hedge funds have recently modified their holdings of KEX. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Kirby during the fourth quarter worth about $53,000. Fifth Third Bancorp grew its stake in Kirby by 28.1% during the 1st quarter. Fifth Third Bancorp now owns 551 shares of the shipping company’s stock valued at $53,000 after acquiring an additional 121 shares in the last quarter. Quest Partners LLC purchased a new stake in Kirby during the 4th quarter valued at about $58,000. NBC Securities Inc. purchased a new stake in Kirby during the 3rd quarter valued at about $59,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in Kirby during the 4th quarter valued at about $165,000. Hedge funds and other institutional investors own 96.15% of the company’s stock.

Kirby Stock Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.68. The company has a market cap of $6.56 billion, a PE ratio of 26.49, a PEG ratio of 1.88 and a beta of 1.21. The firm’s 50 day moving average is $93.25 and its 200-day moving average is $83.77.

About Kirby

Kirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation service and towing vessel transporting bulk liquid product, as well as operates tank barge throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii.