Kirby (NYSE:KEX) Stock Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• Kirby shares crossed above their 200-day moving average, reaching $138.13 compared with the $136.31 average, and were last trading around $137.41.
• Analyst sentiment remains favorable, with seven Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and a $169.17 target price. JPMorgan initiated coverage with a $200 target, while Bank of America raised its target to $182.
• Kirby’s latest quarterly results exceeded expectations, with adjusted EPS of $1.67 versus $1.63 expected and revenue of $922.4 million, up 7.8% year over year. Institutional investors own approximately 96.15% of the stock.

Kirby Corporation (NYSE:KEX - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $136.31 and traded as high as $138.13. Kirby shares last traded at $137.4070, with a volume of 838,734 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. assumed coverage on Kirby in a report on Wednesday, October 14th. They issued an "overweight" rating and a $200.00 target price on the stock. Bank of America upped their target price on Kirby from $169.00 to $182.00 and gave the company a "buy" rating in a report on Wednesday, July 8th. Weiss Ratings raised Kirby from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, September 14th. Wall Street Zen lowered Kirby from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, BTIG Research reissued a "buy" rating and issued a $170.00 price target on shares of Kirby in a research note on Wednesday, July 29th. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $169.17.

Kirby Trading Up 2.1%

The company has a market cap of $7.26 billion, a PE ratio of 21.14 and a beta of 0.84. The business's 50-day simple moving average is $137.02 and its 200-day simple moving average is $136.31.

Kirby (NYSE:KEX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The shipping company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.04. The firm had revenue of $922.40 million for the quarter, compared to analysts' expectations of $870.38 million. During the same quarter in the prior year, the business posted $1.67 earnings per share. Kirby's revenue was up 7.8% on a year-over-year basis. On average, research analysts predict that Kirby Corporation will post 7.10 earnings per share for the current fiscal year.

Institutional Trading of Kirby

Large investors have recently added to or reduced their stakes in the business. Fifth Third Wealth Advisors LLC boosted its holdings in Kirby by 4.2% in the first quarter. Fifth Third Wealth Advisors LLC now owns 1,917 shares of the shipping company's stock worth $255,000 after purchasing an additional 77 shares in the last quarter. Procyon Advisors LLC lifted its position in Kirby by 2.9% during the 1st quarter. Procyon Advisors LLC now owns 2,811 shares of the shipping company's stock worth $374,000 after acquiring an additional 78 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its position in Kirby by 18.2% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 520 shares of the shipping company's stock worth $69,000 after acquiring an additional 80 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in Kirby by 18.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,079 shares of the shipping company's stock valued at $119,000 after acquiring an additional 168 shares during the period. Finally, Nisa Investment Advisors LLC boosted its holdings in Kirby by 3.8% during the third quarter. Nisa Investment Advisors LLC now owns 5,823 shares of the shipping company's stock valued at $764,000 after acquiring an additional 214 shares during the period. 96.15% of the stock is owned by institutional investors.

About Kirby

Kirby Corporation is a Houston-based marine transportation and industrial services company. Through its marine transportation operations, the company is the largest tank barge operator in the United States, transporting bulk liquid products on the nation's inland and coastal waterways.

Kirby's marine transportation business carries petrochemicals, refined petroleum products, black oil, agricultural chemicals and other bulk liquids for industrial customers. Its operations primarily serve the U.S.

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