Kirby (NYSE:KEX) Hits New 12-Month High – Here’s Why

Shares of Kirby Co. (NYSE:KEX) hit a new 52-week high during trading on Wednesday . The company traded as high as $132.21 and last traded at $128.45, with a volume of 121785 shares. The stock had previously closed at $128.30.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Bank of America increased their price objective on shares of Kirby from $138.00 to $141.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. StockNews.com cut Kirby from a “buy” rating to a “hold” rating in a research report on Sunday, September 22nd. 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $123.80.

Kirby Price Performance

The stock has a market capitalization of $7.37 billion, a price-to-earnings ratio of 24.63, a price-to-earnings-growth ratio of 0.76 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.67 and a quick ratio of 1.05. The company has a 50-day simple moving average of $122.99 and a two-hundred day simple moving average of $120.14.

Kirby (NYSE:KEX) last released its quarterly earnings results on Wednesday, October 30th. The shipping company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.08. Kirby had a net margin of 9.37% and a return on equity of 9.43%. The business had revenue of $831.10 million for the quarter, compared to the consensus estimate of $824.42 million. During the same quarter last year, the firm earned $1.05 EPS. Kirby’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, equities research analysts predict that Kirby Co. will post 5.45 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Ronald A. Dragg sold 2,313 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $127.30, for a total transaction of $294,444.90. Following the sale, the vice president now directly owns 7,683 shares in the company, valued at approximately $978,045.90. This represents a 23.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Christian G. O’neil sold 15,041 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $130.00, for a total transaction of $1,955,330.00. Following the completion of the transaction, the chief operating officer now directly owns 7,746 shares in the company, valued at $1,006,980. The trade was a 66.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,596 shares of company stock worth $7,515,760. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Kirby

Large investors have recently added to or reduced their stakes in the business. Quest Partners LLC grew its holdings in shares of Kirby by 0.7% in the third quarter. Quest Partners LLC now owns 12,462 shares of the shipping company’s stock worth $1,526,000 after purchasing an additional 89 shares during the last quarter. Americana Partners LLC grew its stake in Kirby by 2.1% in the 3rd quarter. Americana Partners LLC now owns 4,900 shares of the shipping company’s stock valued at $600,000 after acquiring an additional 100 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in shares of Kirby by 0.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 29,299 shares of the shipping company’s stock worth $2,792,000 after acquiring an additional 108 shares during the period. Huntington National Bank lifted its position in Kirby by 8.5% in the third quarter. Huntington National Bank now owns 1,668 shares of the shipping company’s stock valued at $204,000 after buying an additional 130 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its stake in Kirby by 3.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 4,372 shares of the shipping company’s stock worth $523,000 after purchasing an additional 133 shares during the period. 96.15% of the stock is currently owned by institutional investors.

Kirby Company Profile

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.