Kirby (NYSE:KEX) Hits New 52-Week High - Here's What Happened

Key Points

• Kirby hit a new 52-week high, trading as high as $147.48 (last at $144.85) after closing previously at $142.86, on volume of 21,479 shares.
• Wall Street sentiment is positive: several analysts raised price targets (BTIG and Citigroup to $160) and the consensus rating is a "Moderate Buy" with an average target of $140.20.
• Insider selling has been notable: the CEO and VP sold sizable stakes this year (total insider sales of 71,495 shares worth ~$9.23M in the last 90 days), while institutional investors own about 96.15% of the stock.

Kirby Corporation (NYSE:KEX - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $147.48 and last traded at $144.8450, with a volume of 21479 shares trading hands. The stock had previously closed at $142.86.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. BTIG Research increased their price objective on Kirby from $135.00 to $160.00 and gave the stock a "buy" rating in a research note on Wednesday, April 15th. Weiss Ratings cut Kirby from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday. Zacks Research raised Kirby from a "strong sell" rating to a "hold" rating in a research note on Friday, March 13th. Citigroup increased their price objective on Kirby from $147.00 to $160.00 and gave the stock a "buy" rating in a research note on Thursday, April 9th. Finally, Evercore reissued an "outperform" rating and issued a $138.00 price objective on shares of Kirby in a research note on Monday, March 9th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Kirby presently has an average rating of "Moderate Buy" and a consensus price target of $140.20.

Kirby Stock Performance

The business has a fifty day simple moving average of $132.12 and a two-hundred day simple moving average of $117.02. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.53 and a quick ratio of 0.96. The company has a market cap of $7.68 billion, a PE ratio of 22.63, a price-to-earnings-growth ratio of 1.36 and a beta of 0.83.

Kirby (NYSE:KEX - Get Free Report) last posted its earnings results on Thursday, January 29th. The shipping company reported $1.68 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.06. The company had revenue of $851.78 million during the quarter, compared to analyst estimates of $857.82 million. Kirby had a return on equity of 10.53% and a net margin of 10.54%.Kirby's revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.29 earnings per share. Research analysts anticipate that Kirby Corporation will post 6.81 earnings per share for the current year.

Insider Activity at Kirby

In other Kirby news, CEO David W. Grzebinski sold 34,152 shares of the company's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $130.05, for a total transaction of $4,441,467.60. Following the completion of the sale, the chief executive officer owned 98,241 shares in the company, valued at $12,776,242.05. This represents a 25.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Amy D. Husted sold 11,667 shares of the company's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $129.33, for a total value of $1,508,893.11. Following the sale, the vice president owned 14,814 shares of the company's stock, valued at approximately $1,915,894.62. This represents a 44.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 71,495 shares of company stock valued at $9,226,173 over the last 90 days. Insiders own 0.80% of the company's stock.

Institutional Trading of Kirby

A number of hedge funds have recently bought and sold shares of KEX. Maseco LLP purchased a new stake in shares of Kirby during the 4th quarter valued at $27,000. First Horizon Corp purchased a new stake in shares of Kirby during the 3rd quarter valued at $30,000. Rothschild Investment LLC lifted its holdings in shares of Kirby by 2,600.0% during the 4th quarter. Rothschild Investment LLC now owns 270 shares of the shipping company's stock valued at $30,000 after purchasing an additional 260 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Kirby by 537.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 306 shares of the shipping company's stock valued at $34,000 after purchasing an additional 258 shares during the last quarter. Finally, Parallel Advisors LLC lifted its holdings in shares of Kirby by 50.0% during the 4th quarter. Parallel Advisors LLC now owns 402 shares of the shipping company's stock valued at $44,000 after purchasing an additional 134 shares during the last quarter. Hedge funds and other 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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