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

Kirby Corporation (NYSE:KEX) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $147.48 and last traded at $144.8450, with a volume of 21479 shares changing hands. The stock had previously closed at $142.86.

Wall Street Analysts Forecast Growth

KEX has been the subject of several analyst reports. Zacks Research upgraded Kirby from a “strong sell” rating to a “hold” rating in a report on Friday, March 13th. Wolfe Research reiterated an “outperform” rating and set a $136.00 price objective on shares of Kirby in a report on Friday, January 30th. Citigroup increased their price objective on Kirby from $147.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, April 9th. Evercore reiterated an “outperform” rating and set a $138.00 price objective on shares of Kirby in a report on Monday, March 9th. Finally, BTIG Research upped their target price on Kirby from $135.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, April 15th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $140.20.

Kirby Stock Performance

The company has a current ratio of 1.53, a quick ratio of 0.96 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $132.12 and a 200-day moving average of $117.02. The stock has a market capitalization of $7.68 billion, a price-to-earnings ratio of 22.63, a P/E/G ratio of 1.36 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 (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.06. Kirby had a return on equity of 10.53% and a net margin of 10.54%.The firm had revenue of $851.78 million for the quarter, compared to the consensus estimate of $857.82 million. During the same period in the prior year, the firm earned $1.29 EPS. The firm’s revenue was up 6.2% on a year-over-year basis. As a group, sell-side analysts predict that Kirby Corporation will post 6.81 earnings per share for the current year.

Insider Activity at Kirby

In other Kirby news, CEO David W. Grzebinski sold 34,152 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $130.05, for a total transaction of $4,441,467.60. Following the sale, the chief executive officer directly owned 98,241 shares of the company’s stock, valued at approximately $12,776,242.05. This trade represents a 25.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Christian G. O’neil sold 11,287 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $132.34, for a total value of $1,493,721.58. Following the sale, the chief operating officer directly owned 11,287 shares in the company, valued at $1,493,721.58. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 71,495 shares of company stock worth $9,226,173 in the last three months. Company insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Kirby

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KEX. Goldman Sachs Group Inc. grew its position in Kirby by 30.4% during the 1st 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 grew its position in Kirby by 152.7% during the 1st 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 grew its position in Kirby by 68.6% during the 2nd quarter. Cerity Partners LLC now owns 20,096 shares of the shipping company’s stock worth $2,279,000 after purchasing an additional 8,174 shares during the period. California Public Employees Retirement System grew its position in Kirby by 3.5% during the 2nd quarter. California Public Employees Retirement System now owns 96,565 shares of the shipping company’s stock worth $10,951,000 after purchasing an additional 3,292 shares during the period. Finally, NewEdge Advisors LLC grew its position in Kirby by 52,000.0% during the 2nd quarter. NewEdge Advisors LLC now owns 2,084 shares of the shipping company’s stock worth $236,000 after purchasing an additional 2,080 shares during the period. 96.15% of the stock is owned by institutional investors and hedge funds.

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.