Kirby (NYSE:KEX) Sets New 12-Month High - Here's What Happened

Key Points

• Kirby (KEX) hit a new 52-week high of $152.59, trading around $152.61 on the day with roughly 209,540 shares changing hands.
• Analysts are mostly positive—five Buys and two Holds give a consensus Moderate Buy rating with an average target of $140.20, while Citigroup and BTIG recently raised targets to $160.
• Insiders sold 71,495 shares (about $9.23M) last quarter, including CEO and COO sales, even as institutions like Goldman Sachs and First Trust materially increased holdings and institutional ownership stands near 96%.

Kirby Corporation (NYSE:KEX - Get Free Report) shares hit a new 52-week high on Monday . The stock traded as high as $152.59 and last traded at $152.6090, with a volume of 209540 shares trading hands. The stock had previously closed at $150.60.

Wall Street Analyst Weigh In

KEX has been the topic of several research analyst reports. Evercore reissued an "outperform" rating and issued a $138.00 price objective on shares of Kirby in a research report on Monday, March 9th. Citigroup increased their price objective on shares of Kirby from $147.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, April 9th. Weiss Ratings lowered shares of Kirby from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, April 16th. BTIG Research increased their price objective on shares of Kirby from $135.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, April 15th. Finally, Wolfe Research reissued an "outperform" rating and issued a $136.00 price objective on shares of Kirby in a research report on Friday, January 30th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Kirby has an average rating of "Moderate Buy" and a consensus target price of $140.20.

Kirby Trading Up 1.3%

The firm has a market capitalization of $8.18 billion, a P/E ratio of 24.14, a price-to-earnings-growth ratio of 1.44 and a beta of 0.83. The business's 50-day moving average is $134.21 and its 200 day moving average is $118.88. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.53 and a quick ratio of 0.96.

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

Insider Buying and Selling at Kirby

In related news, COO Christian G. O'neil sold 11,287 shares of the firm's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $132.34, for a total transaction of $1,493,721.58. Following the transaction, the chief operating officer directly owned 11,287 shares of the company's stock, valued at approximately $1,493,721.58. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David W. Grzebinski sold 34,152 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer directly owned 98,241 shares in the company, valued at approximately $12,776,242.05. This represents a 25.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 71,495 shares of company stock valued at $9,226,173 in the last quarter. Company insiders own 0.80% of the company's stock.

Hedge Funds Weigh In On Kirby

Several hedge funds have recently bought and sold shares of KEX. Goldman Sachs Group Inc. increased its holdings in Kirby by 92.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,612,119 shares of the shipping company's stock valued at $287,803,000 after buying an additional 1,251,700 shares during the period. First Trust Advisors LP increased its holdings in Kirby by 109.4% in the 4th quarter. First Trust Advisors LP now owns 2,256,667 shares of the shipping company's stock valued at $248,640,000 after buying an additional 1,178,963 shares during the period. Alliancebernstein L.P. increased its holdings in Kirby by 72.5% in the 2nd quarter. Alliancebernstein L.P. now owns 2,282,865 shares of the shipping company's stock valued at $258,900,000 after buying an additional 959,209 shares during the period. Norges Bank bought a new position in Kirby in the 4th quarter valued at about $81,355,000. Finally, Congress Asset Management Co. bought a new position in Kirby in the 4th quarter valued at about $58,385,000. 96.15% of the stock is owned by institutional investors.

Kirby Company Profile

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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