Kirby (NYSE:KEX) Shares Gap Up Following Strong Earnings

Shares of Kirby Co. (NYSE:KEX) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $101.05, but opened at $104.15. Kirby shares last traded at $109.19, with a volume of 173,414 shares changing hands.

The shipping company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.22. The business had revenue of $808.00 million during the quarter, compared to the consensus estimate of $784.49 million. Kirby had a net margin of 8.01% and a return on equity of 8.00%. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.68 earnings per share.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on KEX shares. Stifel Nicolaus lifted their price target on shares of Kirby from $100.00 to $118.00 and gave the stock a “buy” rating in a report on Friday, April 19th. BTIG Research lifted their price target on shares of Kirby from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Wolfe Research initiated coverage on shares of Kirby in a report on Monday, April 22nd. They set an “outperform” rating and a $126.00 price target for the company. Stephens reissued an “overweight” rating and issued a $105.00 target price on shares of Kirby in a research report on Monday, February 5th. Finally, StockNews.com raised shares of Kirby from a “hold” rating to a “buy” rating in a research report on Tuesday, April 16th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Kirby currently has an average rating of “Buy” and an average target price of $116.00.

Insider Transactions at Kirby

In other news, VP Scott P. Miller sold 487 shares of the business’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $99.78, for a total transaction of $48,592.86. Following the transaction, the vice president now directly owns 1,000 shares of the company’s stock, valued at $99,780. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Scott P. Miller sold 6,705 shares of Kirby stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $95.05, for a total value of $637,310.25. Following the completion of the sale, the vice president now owns 1,000 shares in the company, valued at $95,050. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Scott P. Miller sold 487 shares of Kirby stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $99.78, for a total transaction of $48,592.86. Following the completion of the sale, the vice president now owns 1,000 shares of the company’s stock, valued at approximately $99,780. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,418 shares of company stock valued at $4,932,521. Corporate insiders own 1.50% of the company’s stock.

Institutional Trading of Kirby

Institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp increased its stake in Kirby by 28.1% during the first quarter. Fifth Third Bancorp now owns 551 shares of the shipping company’s stock valued at $53,000 after purchasing an additional 121 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in Kirby during the fourth quarter valued at $53,000. NBC Securities Inc. bought a new stake in Kirby during the third quarter valued at $59,000. Quest Partners LLC bought a new stake in Kirby during the fourth quarter valued at $58,000. Finally, Kapitalo Investimentos Ltda bought a new stake in Kirby during the fourth quarter valued at $165,000. Institutional investors own 96.15% of the company’s stock.

Kirby Trading Down 0.1 %

The company has a quick ratio of 1.01, a current ratio of 1.68 and a debt-to-equity ratio of 0.32. The firm’s 50 day simple moving average is $93.25 and its two-hundred day simple moving average is $83.77. The stock has a market cap of $6.56 billion, a P/E ratio of 26.49, a price-to-earnings-growth ratio of 1.88 and a beta of 1.21.

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.