Kirby (KEX) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Kirby (NYSE:KEX) from a hold rating to a sell rating in a research report sent to investors on Thursday morning.

According to Zacks, “Kirby Corporation operates a fleet of inland tank barges. It is the nation’s largest 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. Kirby transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. Kirby also operates offshore dry-bulk barge and tugboat units engaged in the offshore transportation of dry-bulk cargoes in the United States coastal trade. Kirby also rents equipment including generators, fork lifts, pumps, and compressors for use in a variety of industrial markets, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for land-based oilfield service customers. “

KEX has been the topic of several other reports. Jefferies Group reissued a buy rating and issued a $85.00 target price on shares of Kirby in a research report on Monday, October 16th. Stifel Nicolaus reissued a hold rating and issued a $67.00 target price on shares of Kirby in a research report on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $75.40.

Kirby (NYSE:KEX) opened at $69.20 on Thursday. The stock has a market capitalization of $4,130.00, a PE ratio of 32.95, a price-to-earnings-growth ratio of 3.50 and a beta of 1.04. 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 has a 12-month low of $59.25 and a 12-month high of $74.50.

Kirby (NYSE:KEX) last announced its earnings results on Wednesday, November 1st. The shipping company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.08. The business had revenue of $541.30 million for the quarter, compared to analysts’ expectations of $517.54 million. Kirby had a return on equity of 4.48% and a net margin of 5.88%. The business’s revenue for the quarter was up 24.5% on a year-over-year basis. During the same period last year, the firm posted $0.59 earnings per share. equities analysts anticipate that Kirby will post 2.03 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nomura Holdings Inc. bought a new position in shares of Kirby in the second quarter worth about $344,000. Northern Trust Corp raised its stake in shares of Kirby by 4.8% in the second quarter. Northern Trust Corp now owns 500,297 shares of the shipping company’s stock worth $33,444,000 after buying an additional 22,956 shares during the period. Koch Industries Inc. bought a new position in shares of Kirby in the second quarter worth about $216,000. Chicago Equity Partners LLC bought a new position in shares of Kirby in the third quarter worth about $293,000. Finally, California Public Employees Retirement System raised its stake in shares of Kirby by 5.2% in the second quarter. California Public Employees Retirement System now owns 110,300 shares of the shipping company’s stock worth $7,374,000 after buying an additional 5,500 shares during the period. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

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Kirby Company Profile

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.

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