Kirby (NYSE:KEX) Sees Strong Trading Volume Following Better-Than-Expected Earnings

Shares of Kirby Co. (NYSE:KEX) saw unusually-high trading volume on Wednesday following a stronger than expected earnings report. Approximately 338,903 shares changed hands during mid-day trading, a decline of 25% from the previous session’s volume of 451,669 shares.The stock last traded at $119.25 and had previously closed at $123.05.

The shipping company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.08. Kirby had a net margin of 9.37% and a return on equity of 9.49%. The firm had revenue of $831.10 million during the quarter, compared to analyst estimates of $824.42 million. During the same quarter last year, the business earned $1.05 EPS. The company’s revenue was up 8.7% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on KEX. StockNews.com downgraded Kirby from a “buy” rating to a “hold” rating in a report on Sunday, September 22nd. Bank of America boosted their price objective on Kirby from $138.00 to $141.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Kirby presently has an average rating of “Moderate Buy” and an average target price of $123.80.

Insiders Place Their Bets

In related news, CEO David W. Grzebinski sold 26,358 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $120.46, for a total value of $3,175,084.68. Following the completion of the sale, the chief executive officer now directly owns 63,399 shares of the company’s stock, valued at $7,637,043.54. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO David W. Grzebinski sold 26,358 shares of Kirby stock in a transaction on Monday, September 16th. The shares were sold at an average price of $120.46, for a total value of $3,175,084.68. Following the completion of the sale, the chief executive officer now owns 63,399 shares of the company’s stock, valued at approximately $7,637,043.54. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Amy D. Husted sold 2,853 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $126.54, for a total transaction of $361,018.62. Following the transaction, the vice president now owns 5,280 shares in the company, valued at approximately $668,131.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,012 shares of company stock worth $5,571,267. 1.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Kirby

Institutional investors and hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC increased its stake in Kirby by 420.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 208 shares of the shipping company’s stock valued at $25,000 after buying an additional 168 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Kirby in the second quarter valued at approximately $26,000. ORG Wealth Partners LLC purchased a new stake in shares of Kirby during the third quarter valued at approximately $30,000. ORG Partners LLC bought a new stake in Kirby during the second quarter worth $32,000. Finally, Opal Wealth Advisors LLC bought a new stake in Kirby during the second quarter worth $33,000. 96.15% of the stock is owned by hedge funds and other institutional investors.

Kirby Stock Performance

The firm has a market cap of $6.64 billion, a PE ratio of 22.03, a PEG ratio of 0.71 and a beta of 1.17. The company has a quick ratio of 1.05, a current ratio of 1.70 and a debt-to-equity ratio of 0.32. The company has a 50-day simple moving average of $120.84 and a two-hundred day simple moving average of $117.94.

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.