Kirby Corporation (NYSE:KEX) Upgraded to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Kirby Corporation (NYSE:KEX) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday morning. They currently have $75.00 price objective on the shipping company’s stock.
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. “
Several other equities research analysts also recently commented on KEX. BidaskClub downgraded shares of Kirby Corporation from a hold rating to a sell rating in a research note on Monday, July 24th. Cowen and Company lifted their price objective on shares of Kirby Corporation from $65.00 to $70.00 and gave the stock a market perform rating in a research note on Thursday, April 27th. Stifel Nicolaus lowered their price objective on shares of Kirby Corporation from $71.00 to $69.00 and set a hold rating for the company in a research note on Thursday, June 15th. Jefferies Group LLC reiterated a buy rating and set a $85.00 price objective on shares of Kirby Corporation in a research note on Tuesday, May 30th. Finally, Credit Suisse Group upgraded shares of Kirby Corporation from a neutral rating to an outperform rating and lifted their price objective for the stock from $58.00 to $80.00 in a research note on Wednesday, April 19th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Hold and an average price target of $69.22.
Shares of Kirby Corporation (KEX) opened at 62.40 on Wednesday. Kirby Corporation has a 52 week low of $50.80 and a 52 week high of $74.50. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of 28.64 and a beta of 1.03. The firm’s 50-day moving average is $65.30 and its 200-day moving average is $67.76.
Kirby Corporation (NYSE:KEX) last posted its quarterly earnings data on Wednesday, July 26th. The shipping company reported $0.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.01. Kirby Corporation had a net margin of 6.41% and a return on equity of 4.88%. The business had revenue of $473.33 million during the quarter, compared to the consensus estimate of $478.85 million. During the same period in the previous year, the firm posted $0.72 earnings per share. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. Analysts forecast that Kirby Corporation will post $2.03 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently modified their holdings of KEX. Huntington National Bank boosted its position in shares of Kirby Corporation by 11.3% in the second quarter. Huntington National Bank now owns 2,453 shares of the shipping company’s stock valued at $164,000 after buying an additional 249 shares during the period. World Asset Management Inc boosted its position in shares of Kirby Corporation by 0.9% in the first quarter. World Asset Management Inc now owns 3,300 shares of the shipping company’s stock valued at $233,000 after buying an additional 28 shares during the period. Virtu Financial LLC acquired a new position in shares of Kirby Corporation during the first quarter valued at about $301,000. LS Investment Advisors LLC boosted its position in shares of Kirby Corporation by 16.9% in the second quarter. LS Investment Advisors LLC now owns 4,291 shares of the shipping company’s stock valued at $287,000 after buying an additional 620 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in shares of Kirby Corporation by 1.4% in the first quarter. Envestnet Asset Management Inc. now owns 4,701 shares of the shipping company’s stock valued at $330,000 after buying an additional 67 shares during the period.
Kirby Corporation 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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