Kirby (NYSE:KEX) Given New $160.00 Price Target at Citigroup

Key Points

• Citigroup raised its price target on Kirby to $160.00 (from $147.00) and kept a "buy" rating, implying roughly a 13% upside from the prior close.
• Overall analyst sentiment is a "Moderate Buy" with six Buys and one Hold and a consensus target of $135.20, meaning Citigroup's target is materially higher than the street average.
• Insiders have been net sellers recently (CEO sold 34,152 shares; insiders sold 71,495 shares worth ~$9.23M), while large institutions like Goldman Sachs, First Trust and AllianceBernstein significantly increased stakes, leaving institutional ownership at 96.15%.

Kirby (NYSE:KEX - Get Free Report) had its price target lifted by equities research analysts at Citigroup from $147.00 to $160.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the shipping company's stock. Citigroup's target price indicates a potential upside of 13.04% from the company's previous close.

A number of other research firms have also issued reports on KEX. Evercore reiterated an "outperform" rating and set a $138.00 price objective on shares of Kirby in a research note on Monday, March 9th. Weiss Ratings upgraded shares of Kirby from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, March 27th. BTIG Research dropped their price objective on shares of Kirby from $140.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, January 29th. Zacks Research upgraded shares of Kirby from a "strong sell" rating to a "hold" rating in a research note on Friday, March 13th. Finally, Wolfe Research reiterated an "outperform" rating and set a $136.00 price objective on shares of Kirby in a research note on Friday, January 30th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $135.20.

Kirby Stock Up 0.6%

Shares of KEX traded up $0.85 during mid-day trading on Thursday, reaching $141.54. 232,407 shares of the stock traded hands, compared to its average volume of 777,571. The firm has a market cap of $7.59 billion, a price-to-earnings ratio of 22.34, a P/E/G ratio of 1.22 and a beta of 0.83. The stock has a fifty day simple moving average of $128.64 and a 200 day simple moving average of $113.56. Kirby has a 12-month low of $79.51 and a 12-month high of $143.29. The company has a quick ratio of 0.96, a current ratio of 1.53 and a debt-to-equity ratio of 0.27.

Kirby (NYSE:KEX - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The shipping company reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.06. The company had revenue of $851.78 million for the quarter, compared to analyst estimates of $857.82 million. Kirby had a net margin of 10.54% and a return on equity of 10.53%. The business's quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.29 earnings per share. Sell-side analysts expect that Kirby will post 6.57 EPS for the current fiscal year.

Insider Activity

In related news, CEO David W. Grzebinski sold 34,152 shares of Kirby stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $130.05, for a total value of $4,441,467.60. Following the completion of the transaction, the chief executive officer directly owned 98,241 shares in the company, valued at approximately $12,776,242.05. This trade represents a 25.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Ronald A. Dragg sold 5,429 shares of Kirby stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $122.00, for a total value of $662,338.00. Following the completion of the transaction, the vice president owned 10,399 shares of the company's stock, valued at $1,268,678. This trade represents a 34.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 71,495 shares of company stock worth $9,226,173 over the last ninety days. Insiders own 0.80% of the company's stock.

Institutional Trading of Kirby

Several institutional investors have recently added to or reduced their stakes in KEX. Goldman Sachs Group Inc. increased its stake in Kirby by 92.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,612,119 shares of the shipping company's stock valued at $287,803,000 after purchasing an additional 1,251,700 shares during the last quarter. First Trust Advisors LP increased its stake in Kirby by 109.4% during the fourth quarter. First Trust Advisors LP now owns 2,256,667 shares of the shipping company's stock valued at $248,640,000 after purchasing an additional 1,178,963 shares during the last quarter. Alliancebernstein L.P. increased its stake in Kirby by 72.5% during the second quarter. Alliancebernstein L.P. now owns 2,282,865 shares of the shipping company's stock valued at $258,900,000 after purchasing an additional 959,209 shares during the last quarter. Norges Bank bought a new stake in Kirby during the fourth quarter valued at $81,355,000. Finally, Congress Asset Management Co. bought a new stake in Kirby during the fourth quarter valued at $58,385,000. Institutional investors own 96.15% of the company's stock.

About Kirby

Kirby Corporation is a leading domestic maritime transporter of bulk liquid products in the United States. Through its Marine Transportation segment, the company operates one of North America's largest fleets of inland tank barges and towing vessels. Kirby's fleet moves petrochemicals, black oil, refined petroleum products and agricultural chemicals along coastal and inland waterways, providing critical logistical support to energy, chemical and agricultural producers.

In addition to its marine operations, Kirby's Distribution and Services segment offers diesel engine and power generation services, along with aftermarket parts sales.

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