Kirby (NYSE:KEX) Shares Gap Down - Here's Why

Key Points

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Kirby Corporation (NYSE:KEX - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $120.00, but opened at $112.00. Kirby shares last traded at $96.89, with a volume of 743,509 shares trading hands.

Wall Street Analyst Weigh In

Separately, Bank of America raised their price objective on Kirby from $116.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, May 16th.

Kirby Trading Up 2.7%

The company has a market cap of $5.50 billion, a PE ratio of 18.53, a PEG ratio of 0.86 and a beta of 1.01. The company has a current ratio of 1.58, a quick ratio of 0.96 and a debt-to-equity ratio of 0.33. The stock has a 50 day moving average price of $113.62 and a 200 day moving average price of $106.20.

Kirby (NYSE:KEX - Get Free Report) last released its earnings results on Thursday, July 31st. The shipping company reported $1.67 EPS for the quarter, beating analysts' consensus estimates of $1.59 by $0.08. Kirby had a return on equity of 10.07% and a net margin of 9.25%. The company had revenue of $855.46 million during the quarter, compared to analysts' expectations of $851.94 million. During the same quarter last year, the business posted $1.43 EPS. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. Sell-side analysts predict that Kirby Corporation will post 6.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Kirby by 244.8% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 231 shares of the shipping company's stock worth $26,000 after purchasing an additional 164 shares in the last quarter. Colonial Trust Co SC grew its holdings in shares of Kirby by 295.3% in the fourth quarter. Colonial Trust Co SC now owns 253 shares of the shipping company's stock worth $27,000 after acquiring an additional 189 shares during the period. Opal Wealth Advisors LLC purchased a new position in Kirby during the first quarter valued at $28,000. Maseco LLP purchased a new position in Kirby during the second quarter valued at $28,000. Finally, IFP Advisors Inc purchased a new position in Kirby during the second quarter valued at $29,000. 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.