Kirby (NYSE:KEX) Shares Gap Up on Earnings Beat

Shares of Kirby Co. (NYSE:KEX) gapped up before the market opened 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.

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

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, CEO David W. Grzebinski sold 7,000 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.72, for a total value of $593,040.00. Following the transaction, the chief executive officer now owns 84,399 shares of the company’s stock, valued at $7,150,283.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Kirby news, CEO David W. Grzebinski sold 7,000 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.72, for a total transaction of $593,040.00. Following the completion of the sale, the chief executive officer now owns 84,399 shares in the company, valued at $7,150,283.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Scott P. Miller sold 1,828 shares of the company’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $79.60, for a total value of $145,508.80. Following the sale, the vice president now owns 1,000 shares of the company’s stock, valued at approximately $79,600. The disclosure for this sale can be found here. Insiders have sold a total of 56,418 shares of company stock valued at $4,932,521 over the last quarter. 1.50% of the stock is owned by corporate insiders.

Institutional Trading of Kirby

Hedge funds have recently bought and sold shares of the stock. Raymond James & Associates lifted its holdings in shares of Kirby by 80.5% during the 3rd quarter. Raymond James & Associates now owns 5,809 shares of the shipping company’s stock valued at $481,000 after purchasing an additional 2,590 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in shares of Kirby during the 3rd quarter valued at $869,000. Washington Capital Management Inc. purchased a new stake in shares of Kirby during the 3rd quarter valued at $1,389,000. Panagora Asset Management Inc. purchased a new stake in shares of Kirby during the 3rd quarter valued at $226,000. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Kirby by 10.4% during the 3rd quarter. Teacher Retirement System of Texas now owns 14,028 shares of the shipping company’s stock valued at $1,162,000 after purchasing an additional 1,327 shares during the last quarter. Hedge funds and other institutional investors own 96.15% of the company’s stock.

Kirby Stock Performance

The firm has a fifty day moving average price of $93.25 and a 200 day moving average price of $83.77. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.68. The stock has a market cap of $6.56 billion, a PE 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.