Kirby (NYSE:KEX) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Kirby (NYSE:KEX) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.

Kirby Stock Up 0.2 %

Shares of NYSE KEX opened at $118.05 on Tuesday. The company’s 50-day simple moving average is $123.73 and its 200-day simple moving average is $120.95. Kirby has a 52-week low of $72.74 and a 52-week high of $132.21. The firm has a market cap of $6.78 billion, a price-to-earnings ratio of 22.66, a price-to-earnings-growth ratio of 0.70 and a beta of 1.18. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.29.

Kirby (NYSE:KEX) last announced its earnings results on Wednesday, October 30th. The shipping company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $824.42 million. During the same quarter last year, the business earned $1.05 earnings per share. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts predict that Kirby will post 5.45 EPS for the current fiscal year.

Insider Transactions at Kirby

In other news, Director Richard Ross Stewart sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $128.21, for a total value of $1,025,680.00. Following the transaction, the director now directly owns 15,488 shares of the company’s stock, valued at approximately $1,985,716.48. This trade represents a 34.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Ronald A. Dragg sold 2,313 shares of Kirby stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $127.30, for a total transaction of $294,444.90. Following the transaction, the vice president now directly owns 7,683 shares in the company, valued at $978,045.90. This trade represents a 23.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,596 shares of company stock valued at $8,541,440. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Kirby

A number of institutional investors have recently bought and sold shares of KEX. Select Equity Group L.P. purchased a new position in Kirby during the second quarter worth about $65,928,000. Encompass Capital Advisors LLC raised its stake in shares of Kirby by 33.9% in the 2nd quarter. Encompass Capital Advisors LLC now owns 887,384 shares of the shipping company’s stock valued at $106,246,000 after acquiring an additional 224,802 shares during the period. Victory Capital Management Inc. raised its stake in shares of Kirby by 68.7% in the 3rd quarter. Victory Capital Management Inc. now owns 477,233 shares of the shipping company’s stock valued at $58,428,000 after acquiring an additional 194,410 shares during the period. Artemis Investment Management LLP purchased a new stake in shares of Kirby in the 3rd quarter valued at approximately $22,106,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Kirby by 27.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 699,052 shares of the shipping company’s stock valued at $85,585,000 after acquiring an additional 152,146 shares during the period. 96.15% of the stock is owned by hedge funds and other 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.