StockNews.com Downgrades Kirby (NYSE:KEX) to Hold

Kirby (NYSE:KEX) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Sunday.

Separately, Bank of America boosted their target price on shares of Kirby from $138.00 to $141.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $123.80.

Kirby Stock Performance

NYSE KEX opened at $124.58 on Friday. The company has a market capitalization of $7.29 billion, a price-to-earnings ratio of 29.45, a PEG ratio of 0.71 and a beta of 1.17. The company has a quick ratio of 1.05, a current ratio of 1.70 and a debt-to-equity ratio of 0.32. Kirby has a twelve month low of $72.11 and a twelve month high of $130.90. The stock has a fifty day simple moving average of $118.53 and a 200 day simple moving average of $112.60.

Kirby (NYSE:KEX) last posted its quarterly earnings data on Thursday, August 1st. The shipping company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.11. Kirby had a return on equity of 8.70% and a net margin of 8.72%. The company had revenue of $824.40 million for the quarter, compared to analyst estimates of $821.65 million. During the same period in the previous year, the firm earned $0.95 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. Sell-side analysts expect that Kirby will post 5.46 EPS for the current year.

Insiders Place Their Bets

In other news, CEO David W. Grzebinski sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $120.31, for a total value of $360,930.00. Following the completion of the sale, the chief executive officer now directly owns 63,399 shares in the company, valued at approximately $7,627,533.69. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO David W. Grzebinski sold 3,000 shares of the stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $120.31, for a total value of $360,930.00. Following the transaction, the chief executive officer now directly owns 63,399 shares in the company, valued at approximately $7,627,533.69. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Amy D. Husted sold 2,853 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $126.54, for a total transaction of $361,018.62. Following the sale, the vice president now owns 5,280 shares of the company’s stock, valued at approximately $668,131.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,012 shares of company stock worth $5,932,197. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Kirby

Several large investors have recently added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Kirby in the second quarter worth approximately $108,000. Sanctuary Advisors LLC purchased a new stake in Kirby in the 2nd quarter valued at $970,000. Clearbridge Investments LLC bought a new position in Kirby during the 2nd quarter valued at $239,000. Truist Financial Corp purchased a new position in Kirby during the 2nd quarter worth $1,050,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of Kirby in the 2nd quarter worth $11,186,000. Institutional investors own 96.15% of the company’s stock.

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.