Q3 2023 Earnings Forecast for Kirby Co. Issued By Zacks Research (NYSE:KEX)

Kirby Co. (NYSE:KEX – Get Rating) – Stock analysts at Zacks Research boosted their Q3 2023 earnings per share (EPS) estimates for shares of Kirby in a note issued to investors on Tuesday, May 23rd. Zacks Research analyst S. Goswami now forecasts that the shipping company will earn $0.99 per share for the quarter, up from their previous forecast of $0.98. The consensus estimate for Kirby’s current full-year earnings is $3.55 per share. Zacks Research also issued estimates for Kirby’s Q1 2025 earnings at $1.30 EPS and FY2025 earnings at $5.41 EPS.

Kirby (NYSE:KEX – Get Rating) last issued its quarterly earnings results on Thursday, April 27th. The shipping company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.03. Kirby had a return on equity of 4.99% and a net margin of 4.98%. The company had revenue of $750.44 million for the quarter, compared to the consensus estimate of $723.67 million. During the same quarter in the prior year, the business earned $0.29 EPS. Kirby’s revenue was up 22.9% on a year-over-year basis.

A number of other analysts have also recently weighed in on KEX. Bank of America increased their price objective on Kirby from $77.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, February 7th. StockNews.com began coverage on Kirby in a report on Thursday, May 18th. They set a “hold” rating on the stock. Stephens lifted their target price on Kirby from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 1st. Stifel Nicolaus lifted their target price on Kirby from $83.00 to $85.00 in a report on Friday, April 28th. Finally, BTIG Research lifted their target price on Kirby from $80.00 to $90.00 and gave the company a “buy” rating in a report on Monday, March 6th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $86.75.

Kirby Trading Up 0.7 %

KEX opened at $73.29 on Friday. The company has a market cap of $4.40 billion, a P/E ratio of 30.29, a PEG ratio of 1.70 and a beta of 1.27. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.95. Kirby has a one year low of $55.03 and a one year high of $76.34. The business’s 50-day simple moving average is $69.88 and its 200-day simple moving average is $68.61.

Insider Activity

In other news, VP Kurt A. Niemietz sold 750 shares of the company’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $74.23, for a total transaction of $55,672.50. Following the completion of the transaction, the vice president now directly owns 675 shares of the company’s stock, valued at $50,105.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Kurt A. Niemietz sold 750 shares of the company’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $74.23, for a total transaction of $55,672.50. Following the completion of the transaction, the vice president now directly owns 675 shares of the company’s stock, valued at $50,105.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rocky Dewbre bought 1,400 shares of the stock in a transaction dated Tuesday, February 28th. The shares were bought at an average cost of $73.00 per share, with a total value of $102,200.00. Following the completion of the acquisition, the director now directly owns 2,079 shares of the company’s stock, valued at approximately $151,767. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 5,750 shares of company stock valued at $412,383. 1.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Kirby

Several hedge funds and other institutional investors have recently made changes to their positions in KEX. JPMorgan Chase & Co. boosted its position in shares of Kirby by 1.8% during the first quarter. JPMorgan Chase & Co. now owns 99,767 shares of the shipping company’s stock worth $7,202,000 after buying an additional 1,756 shares during the period. American Century Companies Inc. acquired a new position in shares of Kirby during the first quarter worth approximately $201,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Kirby during the first quarter worth approximately $392,000. MetLife Investment Management LLC lifted its position in Kirby by 33.4% in the first quarter. MetLife Investment Management LLC now owns 38,864 shares of the shipping company’s stock worth $2,806,000 after purchasing an additional 9,734 shares during the period. Finally, Rhumbline Advisers lifted its position in Kirby by 1.9% in the first quarter. Rhumbline Advisers now owns 164,306 shares of the shipping company’s stock worth $11,861,000 after purchasing an additional 3,103 shares during the period. 94.94% of the stock is currently owned by institutional investors and hedge funds.

About Kirby

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Kirby Corp. is a tank barge operator, which engages in transporting bulk liquid products. It transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals. It operates through Marine Transportation and Distribution and Services segments. The Marine Transportation segment provides marine transportation by United States flagged vessels principally of liquid cargoes throughout the United States inland waterway system.