Stephens Lowers Kirby Corp. (KEX) to Equal Weight
Stephens downgraded shares of Kirby Corp. (NYSE:KEX) from an overweight rating to an equal weight rating in a research note published on Monday morning. The brokerage currently has $68.00 price target on the stock, down from their prior price target of $70.00.
Several other analysts also recently issued reports on the stock. Jefferies Group reissued a buy rating on shares of Kirby Corp. in a research report on Monday, August 1st. Zacks Investment Research downgraded shares of Kirby Corp. from a buy rating to a hold rating in a research report on Tuesday, October 4th. Stifel Nicolaus lifted their price target on shares of Kirby Corp. from $50.00 to $54.00 and gave the company a hold rating in a research report on Wednesday, September 28th. Seaport Global Securities assumed coverage on shares of Kirby Corp. in a research report on Thursday, November 10th. They issued a neutral rating and a $55.00 price target for the company. Finally, RBC Capital Markets raised shares of Kirby Corp. from a sector perform rating to an outperform rating and lifted their price target for the company from $55.00 to $68.00 in a research report on Tuesday, September 20th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of Hold and an average price target of $62.08.
Kirby Corp. (NYSE:KEX) opened at 63.45 on Monday. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of 21.41 and a beta of 1.03. Kirby Corp. has a 12 month low of $44.63 and a 12 month high of $73.25. The stock has a 50 day moving average of $61.15 and a 200 day moving average of $61.10.
Kirby Corp. (NYSE:KEX) last released its quarterly earnings data on Wednesday, October 26th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.04. The company earned $434.70 million during the quarter, compared to analyst estimates of $274.21 million. Kirby Corp. had a net margin of 8.78% and a return on equity of 6.85%. Kirby Corp.’s revenue for the quarter was down 18.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.04 EPS. Equities analysts anticipate that Kirby Corp. will post $2.60 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of KEX. Capital World Investors increased its position in shares of Kirby Corp. by 214.8% in the third quarter. Capital World Investors now owns 1,747,000 shares of the company’s stock worth $108,594,000 after buying an additional 1,192,000 shares during the period. Lazard Asset Management LLC bought a new position in shares of Kirby Corp. during the third quarter worth $69,786,000. RS Investment Management Co. LLC bought a new position in shares of Kirby Corp. during the second quarter worth $52,392,000. Wells Fargo & Company MN increased its position in shares of Kirby Corp. by 46.2% in the third quarter. Wells Fargo & Company MN now owns 2,307,814 shares of the company’s stock worth $143,452,000 after buying an additional 729,001 shares during the period. Finally, Neuberger Berman Group LLC bought a new position in shares of Kirby Corp. during the second quarter worth $39,343,000. 99.40% of the stock is currently owned by institutional investors.
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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