FY2018 Earnings Forecast for Kirby Co. (KEX) Issued By Seaport Global Securities
Kirby Co. (NYSE:KEX) – Equities research analysts at Seaport Global Securities boosted their FY2018 EPS estimates for Kirby in a report issued on Tuesday, November 13th. Seaport Global Securities analyst K. Sterling now forecasts that the shipping company will post earnings of $2.82 per share for the year, up from their previous forecast of $2.72. Seaport Global Securities also issued estimates for Kirby’s Q4 2018 earnings at $0.67 EPS, Q1 2019 earnings at $0.65 EPS, Q2 2019 earnings at $0.81 EPS, Q3 2019 earnings at $0.93 EPS and FY2019 earnings at $3.35 EPS.
A number of other brokerages have also commented on KEX. Zacks Investment Research raised Kirby from a “sell” rating to a “hold” rating in a report on Friday, September 21st. Gabelli raised Kirby from a “hold” rating to a “buy” rating and set a $96.00 price objective on the stock in a report on Monday, July 30th. ValuEngine raised Kirby from a “hold” rating to a “buy” rating in a report on Monday, July 30th. Finally, Wells Fargo & Co lowered their price objective on Kirby from $91.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $89.25.
Kirby (NYSE:KEX) last issued its quarterly earnings data on Thursday, October 25th. The shipping company reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.06. The business had revenue of $704.85 million for the quarter, compared to analyst estimates of $780.20 million. Kirby had a return on equity of 5.05% and a net margin of 11.30%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. NumerixS Investment Technologies Inc acquired a new stake in Kirby in the 2nd quarter valued at approximately $163,000. Greenwood Capital Associates LLC acquired a new stake in Kirby in the 2nd quarter valued at approximately $206,000. Engineers Gate Manager LP acquired a new stake in Kirby in the 3rd quarter valued at approximately $206,000. CIBC Asset Management Inc acquired a new stake in Kirby in the 2nd quarter valued at approximately $210,000. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in Kirby in the 2nd quarter valued at approximately $225,000. 90.10% of the stock is currently owned by hedge funds and other institutional investors.
In other Kirby news, Director J H. Pyne sold 52,934 shares of the firm’s stock in a transaction that occurred on Tuesday, August 28th. The stock was sold at an average price of $87.88, for a total value of $4,651,839.92. Following the sale, the director now owns 225,233 shares of the company’s stock, valued at approximately $19,793,476.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Amy D. Husted sold 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, November 13th. The shares were sold at an average price of $74.79, for a total value of $89,748.00. Following the completion of the sale, the vice president now directly owns 15,246 shares in the company, valued at approximately $1,140,248.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 57,304 shares of company stock worth $5,016,998. 2.40% of the stock is currently owned by insiders.
Kirby Corporation operates domestic tank barges in the United States. It operates in two segments, Marine Transportation and Distribution and Services. The Marine Transportation segment provides marine transportation services and towing vessels transporting bulk liquid products, as well as operates tank barges throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii.
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