Kirby Corp. (KEX) Downgraded by Zacks Investment Research
Kirby Corp. (NYSE:KEX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Kirby Corporation conducts operations in two business segments: marine transportation and diesel repair. The Company’s marine transportation segment is engaged in the inland transportation of industrial chemicals, petrochemical feedstocks, agricultural chemicals and refined petroleum products by tank barge; and in the offshore transportation of refined petroleum products by tanker and tank barge, and dry-bulk, container and palletized cargoes by barge and break-bulk ship. The Company’s diesel repair segment is engaged in the sale, overhaul and repair of diesel engines and related parts sales. “
Several other brokerages also recently weighed in on KEX. Vetr downgraded shares of Kirby Corp. from a “hold” rating to a “sell” rating and set a $53.00 target price for the company. in a research note on Monday, August 8th. Wells Fargo & Co. restated a “sell” rating on shares of Kirby Corp. in a research note on Tuesday, September 20th. Credit Suisse Group AG downgraded shares of Kirby Corp. from an “outperform” rating to a “neutral” rating and set a $60.00 target price for the company. in a research note on Tuesday, June 21st. RBC Capital Markets upgraded shares of Kirby Corp. from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $55.00 to $68.00 in a research note on Tuesday, September 20th. Finally, Stifel Nicolaus raised their target price on shares of Kirby Corp. from $50.00 to $54.00 and gave the company a “hold” rating in a research note on Wednesday, September 28th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $62.85.
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Kirby Corp. (NYSE:KEX) traded down 1.68% during midday trading on Tuesday, hitting $60.77. The stock had a trading volume of 525,592 shares. The firm has a 50-day moving average of $56.95 and a 200 day moving average of $61.39. Kirby Corp. has a 52-week low of $44.63 and a 52-week high of $73.25. The firm has a market capitalization of $3.27 billion, a P/E ratio of 17.83 and a beta of 1.12.
Kirby Corp. (NYSE:KEX) last announced its earnings results on Wednesday, July 27th. The company reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.02. The company earned $441.60 million during the quarter, compared to the consensus estimate of $454.12 million. Kirby Corp. had a net margin of 9.63% and a return on equity of 8.02%. Kirby Corp.’s revenue was down 18.7% compared to the same quarter last year. During the same period last year, the firm earned $1.04 earnings per share. On average, equities analysts forecast that Kirby Corp. will post $2.61 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Kirby Corp. by 3.4% in the second quarter. Vanguard Group Inc. now owns 3,676,166 shares of the company’s stock worth $229,356,000 after buying an additional 119,761 shares during the last quarter. Atlanta Capital Management Co. L L C boosted its position in Kirby Corp. by 1.5% in the second quarter. Atlanta Capital Management Co. L L C now owns 3,335,828 shares of the company’s stock worth $208,122,000 after buying an additional 49,335 shares during the last quarter. Baillie Gifford & Co. boosted its position in Kirby Corp. by 2.1% in the second quarter. Baillie Gifford & Co. now owns 3,220,647 shares of the company’s stock worth $200,935,000 after buying an additional 66,587 shares during the last quarter. BlackRock Fund Advisors boosted its position in Kirby Corp. by 0.6% in the second quarter. BlackRock Fund Advisors now owns 2,238,323 shares of the company’s stock worth $139,649,000 after buying an additional 13,229 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Kirby Corp. by 5.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,596,180 shares of the company’s stock worth $99,600,000 after buying an additional 79,516 shares during the last quarter. 99.43% of the stock is owned by institutional investors.
Kirby Corp. Company Profile
Kirby Corporation is a domestic tank barge operator, transporting bulk liquid products. The Company, through its subsidiaries, operates in two segments: Marine Transportation and Diesel Engine Services. The Company, through its Marine Transportation segment, is a provider of marine transportation services, operating tank barges and towing vessels transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all the three United States coasts and in Alaska and Hawaii.
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