Zacks: Brokerages Expect Kirby Co. (NYSE:KEX) Will Announce Quarterly Sales of $540.30 Million

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Wall Street brokerages forecast that Kirby Co. (NYSE:KEX) will announce $540.30 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Kirby’s earnings. The highest sales estimate is $548.59 million and the lowest is $532.00 million. Kirby reported sales of $541.16 million in the same quarter last year, which would suggest a negative year over year growth rate of 0.2%. The firm is scheduled to report its next earnings report on Thursday, July 29th.

On average, analysts expect that Kirby will report full year sales of $2.24 billion for the current financial year, with estimates ranging from $2.18 billion to $2.31 billion. For the next fiscal year, analysts anticipate that the business will report sales of $2.50 billion, with estimates ranging from $2.32 billion to $2.75 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Kirby.

Kirby (NYSE:KEX) last posted its quarterly earnings data on Thursday, April 29th. The shipping company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.17). Kirby had a positive return on equity of 3.90% and a negative net margin of 8.27%. The company had revenue of $496.85 million for the quarter, compared to analyst estimates of $474.03 million. During the same period in the previous year, the business posted $0.59 earnings per share. The firm’s revenue was down 22.8% compared to the same quarter last year.

Separately, Jefferies Financial Group raised their price target on Kirby from $48.00 to $58.00 and gave the company a “hold” rating in a report on Thursday, April 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $48.25.

In other news, VP Scott P. Miller sold 607 shares of Kirby stock in a transaction on Monday, May 3rd. The stock was sold at an average price of $66.02, for a total value of $40,074.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David W. Grzebinski sold 2,000 shares of Kirby stock in a transaction on Tuesday, March 2nd. The shares were sold at an average price of $64.11, for a total value of $128,220.00. Following the completion of the sale, the chief executive officer now directly owns 66,836 shares of the company’s stock, valued at approximately $4,284,855.96. The disclosure for this sale can be found here. Insiders have sold 40,581 shares of company stock valued at $2,419,497 in the last three months. 1.70% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of KEX. Morgan Stanley boosted its holdings in Kirby by 222.1% in the third quarter. Morgan Stanley now owns 69,567 shares of the shipping company’s stock valued at $2,516,000 after acquiring an additional 47,967 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of Kirby during the third quarter worth about $1,637,000. Norman Fields Gottscho Capital Management LLC acquired a new position in shares of Kirby during the fourth quarter worth about $207,000. Fruth Investment Management lifted its stake in shares of Kirby by 19.7% during the fourth quarter. Fruth Investment Management now owns 24,522 shares of the shipping company’s stock worth $1,270,000 after purchasing an additional 4,033 shares in the last quarter. Finally, James Hambro & Partners acquired a new position in shares of Kirby in the fourth quarter worth about $402,000. Hedge funds and other institutional investors own 90.26% of the company’s stock.

Shares of KEX traded down $0.31 during mid-day trading on Thursday, hitting $65.63. The company’s stock had a trading volume of 490,352 shares, compared to its average volume of 427,498. The company has a current ratio of 2.36, a quick ratio of 1.64 and a debt-to-equity ratio of 0.51. The firm has a 50-day simple moving average of $62.89 and a 200 day simple moving average of $55.18. The firm has a market capitalization of $3.94 billion, a P/E ratio of -20.44, a P/E/G ratio of 4.27 and a beta of 1.42. Kirby has a 1-year low of $35.10 and a 1-year high of $70.00.

About Kirby

Kirby Corporation operates domestic tank barges in the United States. Its 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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