Kirby (NYSE:KEX) Reaches New 52-Week High – Here’s Why

Kirby Corporation (NYSE:KEX)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $132.41 and last traded at $129.5610, with a volume of 14140 shares. The stock had previously closed at $130.12.

Wall Street Analyst Weigh In

KEX has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of Kirby from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 18th. Zacks Research cut Kirby from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 12th. Wall Street Zen upgraded Kirby from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. BTIG Research reduced their target price on Kirby from $140.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, January 29th. Finally, Wolfe Research reiterated an “outperform” rating and set a $136.00 price target on shares of Kirby in a research report on Friday, January 30th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Kirby has an average rating of “Moderate Buy” and an average price target of $129.40.

Kirby Price 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 stock has a market cap of $6.96 billion, a P/E ratio of 20.49, a price-to-earnings-growth ratio of 1.17 and a beta of 0.88. The business has a 50-day simple moving average of $121.55 and a 200 day simple moving average of $105.42.

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. The business had revenue of $851.78 million for the quarter, compared to analyst estimates of $857.82 million. Kirby had a net margin of 10.54% and a return on equity of 10.53%. Kirby’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.29 earnings per share. On average, analysts forecast that Kirby Corporation will post 6.57 earnings per share for the current year.

Insider Activity at Kirby

In other news, CEO David W. Grzebinski sold 34,152 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $130.05, for a total transaction of $4,441,467.60. Following the completion of the sale, the chief executive officer owned 98,241 shares of the company’s stock, valued at $12,776,242.05. This trade represents a 25.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP William Matthew Woodruff sold 2,000 shares of Kirby stock in a transaction on Monday, February 9th. The shares were sold at an average price of $121.88, for a total transaction of $243,760.00. Following the completion of the sale, the vice president owned 687 shares of the company’s stock, valued at $83,731.56. This represents a 74.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 69,853 shares of company stock worth $8,750,205 over the last quarter. 0.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kirby

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Kirby by 2.4% during the third quarter. Vanguard Group Inc. now owns 5,667,853 shares of the shipping company’s stock worth $472,982,000 after purchasing an additional 134,261 shares during the period. Goldman Sachs Group Inc. raised its holdings in Kirby by 92.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,612,119 shares of the shipping company’s stock worth $287,803,000 after buying an additional 1,251,700 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Kirby by 3.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,484,508 shares of the shipping company’s stock valued at $273,745,000 after buying an additional 93,676 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of 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 acquiring an additional 959,209 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in Kirby by 109.4% in the 4th quarter. First Trust Advisors LP now owns 2,256,667 shares of the shipping company’s stock valued at $248,640,000 after acquiring an additional 1,178,963 shares in the last quarter. Institutional investors and hedge funds 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.