Kirby (NYSE:KEX) Reaches New 1-Year Low - Here's What Happened

Key Points

• Kirby Corporation's stock recently reached a new 12-month low, trading as low as $83.93, which reflects a significant decline in share value.
• Analyst ratings have shifted, with Bank of America lowering its price target from $110 to $107 while Zacks upgraded their rating from "strong sell" to "hold," indicating mixed investor sentiment.
• Despite the stock's decline, Kirby reported an earnings per share of $1.67 for the last quarter, exceeding analysts' estimates and showing a year-over-year revenue increase of 3.8%.

Kirby Corporation (NYSE:KEX - Get Free Report)'s share price hit a new 52-week low during trading on Tuesday . The company traded as low as $83.93 and last traded at $84.43, with a volume of 33555 shares changing hands. The stock had previously closed at $84.46.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on KEX shares. BTIG Research restated a "buy" rating and set a $125.00 target price on shares of Kirby in a report on Thursday. Zacks Research upgraded Kirby from a "strong sell" rating to a "hold" rating in a report on Wednesday, September 3rd. Finally, Bank of America reduced their price target on Kirby from $110.00 to $107.00 and set a "buy" rating on the stock in a research report on Wednesday, September 3rd. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $122.33.

Kirby Stock Down 0.1%

The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.12 and a current ratio of 1.74. The firm has a market cap of $4.69 billion, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 0.86 and a beta of 1.09. The firm has a 50-day moving average price of $100.02 and a two-hundred day moving average price of $103.12.

Kirby (NYSE:KEX - Get Free Report) last issued its earnings results on Thursday, July 31st. The shipping company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.08. Kirby had a return on equity of 10.02% and a net margin of 9.25%.The business had revenue of $855.46 million for the quarter, compared to analyst estimates of $851.94 million. During the same quarter last year, the company earned $1.43 EPS. The business's quarterly revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts forecast that Kirby Corporation will post 6.57 earnings per share for the current year.

Institutional Trading of Kirby

Several institutional investors and hedge funds have recently bought and sold shares of the business. Osaic Holdings Inc. increased its holdings in shares of Kirby by 39.3% in the second quarter. Osaic Holdings Inc. now owns 4,496 shares of the shipping company's stock valued at $510,000 after purchasing an additional 1,269 shares during the period. American Trust acquired a new position in shares of Kirby in the second quarter valued at approximately $264,000. Orion Porfolio Solutions LLC increased its holdings in shares of Kirby by 11.5% in the second quarter. Orion Porfolio Solutions LLC now owns 25,324 shares of the shipping company's stock valued at $2,872,000 after purchasing an additional 2,615 shares during the period. Thrivent Financial for Lutherans increased its holdings in shares of Kirby by 0.7% in the second quarter. Thrivent Financial for Lutherans now owns 46,824 shares of the shipping company's stock valued at $5,310,000 after purchasing an additional 344 shares during the period. Finally, Hudson Bay Capital Management LP boosted its stake in shares of Kirby by 100.8% in the second quarter. Hudson Bay Capital Management LP now owns 200,507 shares of the shipping company's stock valued at $22,739,000 after buying an additional 100,645 shares in the last quarter. Hedge funds and other institutional investors own 96.15% of the company's stock.

About Kirby

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.