Kirby (NYSE:KEX) Shares Down 4.5% Following Analyst Downgrade

Key Points

• Kirby Corporation shares dropped by 4.5% after Bank of America downgraded their price target from $110.00 to $107.00, despite maintaining a buy rating.
• Institutional investors hold 96.15% of Kirby's stock, with significant increases in holdings from firms like Hudson Bay Capital Management and Tower Research Capital.
• Kirby reported $1.67 earnings per share for the last quarter, exceeding analyst expectations and marking a 3.8% year-over-year revenue increase.

Kirby Corporation (NYSE:KEX - Get Free Report)'s share price fell 4.5% during trading on Wednesday after Bank of America lowered their price target on the stock from $110.00 to $107.00. Bank of America currently has a buy rating on the stock. Kirby traded as low as $91.34 and last traded at $90.72. 62,044 shares traded hands during trading, a decline of 90% from the average session volume of 617,714 shares. The stock had previously closed at $95.01.

Institutional Investors Weigh In On Kirby

Large investors have recently bought and sold shares of the business. American Trust bought a new stake in shares of Kirby during the 2nd quarter valued at about $264,000. Orion Porfolio Solutions LLC lifted its holdings in Kirby by 11.5% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 25,324 shares of the shipping company's stock worth $2,872,000 after purchasing an additional 2,615 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Kirby by 0.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 46,824 shares of the shipping company's stock worth $5,310,000 after purchasing an additional 344 shares in the last quarter. Hudson Bay Capital Management LP raised its holdings in shares of Kirby by 100.8% during the 2nd quarter. Hudson Bay Capital Management LP now owns 200,507 shares of the shipping company's stock worth $22,739,000 after acquiring an additional 100,645 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Kirby by 149.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,503 shares of the shipping company's stock worth $511,000 after acquiring an additional 2,700 shares in the last quarter. 96.15% of the stock is currently owned by institutional investors.

Kirby Stock Down 6.5%

The firm has a market capitalization of $4.96 billion, a PE ratio of 16.79, a PEG ratio of 0.97 and a beta of 1.09. The company has a fifty day moving average price of $107.61 and a 200-day moving average price of $104.66. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.12 and a current ratio of 1.74.

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

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.

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