Kirby (KEX) Price Target Raised to $69.00 at Bank of America

Kirby (NYSE:KEX) had its price objective hoisted by equities researchers at Bank of America from $66.00 to $69.00 in a report released on Thursday, February 1st. The brokerage presently has an “underperform” rating on the shipping company’s stock. Bank of America’s target price would suggest a potential downside of 9.74% from the stock’s previous close.

KEX has been the topic of several other research reports. Zacks Investment Research lowered Kirby from a “hold” rating to a “sell” rating in a research report on Thursday, January 4th. Gabelli initiated coverage on Kirby in a research report on Tuesday, January 16th. They set a “hold” rating and a $80.00 price target on the stock. Stifel Nicolaus reaffirmed 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 Kirby in a research report on Monday, December 18th. They set a “buy” rating and a $85.00 price target on the stock. Finally, Wells Fargo & Co raised Kirby from a “market perform” rating to an “outperform” rating and set a $83.00 price target on the stock in a research report on Monday, January 22nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $79.10.

Shares of Kirby (NYSE:KEX) opened at $76.45 on Thursday. Kirby has a 1 year low of $59.25 and a 1 year high of $80.90. The stock has a market capitalization of $4,605.62, a P/E ratio of 14.21, a P/E/G ratio of 3.43 and a beta of 1.03. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.93 and a quick ratio of 1.23.

Kirby (NYSE:KEX) last posted its quarterly earnings results on Wednesday, January 31st. The shipping company reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.03. The firm had revenue of $708.10 million for the quarter, compared to analyst estimates of $612.61 million. Kirby had a return on equity of 4.37% and a net margin of 14.14%. The business’s quarterly revenue was up 62.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.60 EPS. equities analysts expect that Kirby will post 2.81 earnings per share for the current year.

In other news, Director Monte J. Miller sold 2,336 shares of Kirby stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $77.10, for a total transaction of $180,105.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.70% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. New Mexico Educational Retirement Board bought a new position in shares of Kirby during the 4th quarter worth approximately $888,000. California Public Employees Retirement System boosted its stake in shares of Kirby by 7.2% during the 4th quarter. California Public Employees Retirement System now owns 123,320 shares of the shipping company’s stock worth $8,238,000 after acquiring an additional 8,285 shares during the period. Teacher Retirement System of Texas bought a new position in shares of Kirby during the 4th quarter worth approximately $304,000. Blue Sky Asset Management LLC bought a new position in shares of Kirby during the 4th quarter worth approximately $703,000. Finally, Linscomb & Williams Inc. boosted its stake in shares of Kirby by 18.2% during the 4th quarter. Linscomb & Williams Inc. now owns 18,474 shares of the shipping company’s stock worth $1,234,000 after acquiring an additional 2,846 shares during the period. Institutional investors own 96.21% of the company’s stock.

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About Kirby

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.

Analyst Recommendations for Kirby (NYSE:KEX)

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