Kirby (KEX) Upgraded by Zacks Investment Research to “Hold”

Kirby (NYSE:KEX) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Thursday.

According to Zacks, “Kirby Corporation operates a fleet of inland tank barges. It is the nation’s largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts, and in Alaska and Hawaii. Kirby transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. Kirby also operates offshore dry-bulk barge and tugboat units engaged in the offshore transportation of dry-bulk cargoes in the United States coastal trade. Kirby also rents equipment including generators, fork lifts, pumps, and compressors for use in a variety of industrial markets, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for land-based oilfield service customers. “

KEX has been the subject of several other research reports. Gabelli initiated coverage on shares of Kirby in a research report on Tuesday, January 16th. They set a “hold” rating and a $80.00 price target for the company. Stifel Nicolaus reissued a “hold” rating and set a $67.00 price target on shares of Kirby in a research report on Friday, November 3rd. Jefferies Group initiated coverage on shares of Kirby in a research report on Monday, December 18th. They set a “buy” rating and a $85.00 price target for the company. Wells Fargo & Co raised shares of Kirby from a “market perform” rating to an “outperform” rating and set a $83.00 price target for the company in a research report on Monday, January 22nd. Finally, Stephens reissued a “hold” rating and set a $70.00 price target on shares of Kirby in a research report on Wednesday, January 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $76.25.

Shares of Kirby (KEX) opened at $77.35 on Thursday. The firm has a market cap of $4,614.58, a P/E ratio of 36.66, a P/E/G ratio of 3.81 and a beta of 1.04. The company has a current ratio of 1.93, a quick ratio of 1.23 and a debt-to-equity ratio of 0.36. Kirby has a 1 year low of $59.25 and a 1 year high of $79.65.

Kirby (NYSE:KEX) last announced its quarterly earnings results on Wednesday, November 1st. The shipping company reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.08. The company had revenue of $541.30 million during the quarter, compared to the consensus estimate of $517.54 million. Kirby had a net margin of 5.88% and a return on equity of 4.48%. The firm’s quarterly revenue was up 24.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.59 earnings per share. research analysts forecast that Kirby will post 2.02 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of the business. Citigroup Inc. grew its position in Kirby by 0.6% in the 2nd quarter. Citigroup Inc. now owns 7,699 shares of the shipping company’s stock worth $515,000 after purchasing an additional 48 shares during the period. Ameritas Investment Partners Inc. grew its position in Kirby by 1.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 16,161 shares of the shipping company’s stock worth $1,080,000 after purchasing an additional 285 shares during the period. Prudential Financial Inc. grew its position in Kirby by 1.2% in the 2nd quarter. Prudential Financial Inc. now owns 33,710 shares of the shipping company’s stock worth $2,254,000 after purchasing an additional 410 shares during the period. Royal Bank of Canada grew its position in Kirby by 4.1% in the 2nd quarter. Royal Bank of Canada now owns 17,636 shares of the shipping company’s stock worth $1,179,000 after purchasing an additional 689 shares during the period. Finally, Turtle Creek Asset Management Inc. grew its position in Kirby by 5.9% in the 3rd quarter. Turtle Creek Asset Management Inc. now owns 14,400 shares of the shipping company’s stock worth $950,000 after purchasing an additional 800 shares during the period. 96.36% of the stock is owned by institutional investors and hedge funds.

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Kirby Company Profile

Kirby Corporation is a domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii. The Company, through its subsidiaries, operates in two segments: Marine Transportation and Diesel Engine Services.

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