Kirby Corp. (KEX) Downgraded by Zacks Investment Research to “Hold”
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. “
A number of other equities research analysts also recently weighed in on the company. Wells Fargo & Co. restated a sell rating on shares of Kirby Corp. in a research report on Tuesday, September 20th. Jefferies Group restated a buy rating on shares of Kirby Corp. in a research report on Monday, August 29th. Credit Suisse Group AG downgraded Kirby Corp. from an outperform rating to a neutral rating and set a $60.00 price objective on the stock. in a report on Tuesday, June 21st. Royal Bank Of Canada upgraded Kirby Corp. from a sector perform rating to an outperform rating and lifted their price objective for the stock from $55.00 to $68.00 in a report on Tuesday, September 20th. Finally, Vetr downgraded Kirby Corp. from a hold rating to a sell rating and set a $53.00 price objective on the stock. in a report on Thursday, August 18th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $62.85.
Shares of Kirby Corp. (NYSE:KEX) opened at 61.85 on Tuesday. The company’s 50 day moving average price is $56.37 and its 200 day moving average price is $61.39. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 18.14 and a beta of 1.12. Kirby Corp. has a 12 month low of $44.63 and a 12 month high of $73.25.
Kirby Corp. (NYSE:KEX) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.02. Kirby Corp. had a return on equity of 8.02% and a net margin of 9.63%. The business had revenue of $441.60 million for the quarter, compared to the consensus estimate of $454.12 million. During the same quarter last year, the business posted $1.04 earnings per share. The company’s revenue for the quarter was down 18.7% on a year-over-year basis. On average, equities analysts expect that Kirby Corp. will post $2.61 EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the stock. Citigroup Inc. raised its stake in shares of Kirby Corp. by 0.4% in the second quarter. Citigroup Inc. now owns 8,114 shares of the company’s stock worth $507,000 after buying an additional 32 shares in the last quarter. Veritable L.P. raised its stake in shares of Kirby Corp. by 1.1% in the second quarter. Veritable L.P. now owns 3,422 shares of the company’s stock worth $214,000 after buying an additional 37 shares in the last quarter. Glenmede Trust Co. NA raised its stake in shares of Kirby Corp. by 0.7% in the second quarter. Glenmede Trust Co. NA now owns 12,891 shares of the company’s stock worth $803,000 after buying an additional 86 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Kirby Corp. by 0.4% in the second quarter. Nisa Investment Advisors LLC now owns 27,920 shares of the company’s stock worth $1,742,000 after buying an additional 100 shares in the last quarter. Finally, State Treasurer State of Michigan raised its stake in shares of Kirby Corp. by 0.5% in the second quarter. State Treasurer State of Michigan now owns 21,600 shares of the company’s stock worth $1,348,000 after buying an additional 100 shares in the last quarter. 99.43% of the stock is currently owned by institutional investors and hedge funds.
About Kirby Corp.
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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