Kirby (NYSE:KEX) Hits New 52-Week High – Time to Buy?

Shares of Kirby Corporation (NYSE:KEX) hit a new 52-week high during trading on Tuesday . The company traded as high as $135.11 and last traded at $135.0750, with a volume of 120772 shares trading hands. The stock had previously closed at $130.76.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on KEX. Evercore restated an “outperform” rating and issued a $138.00 price objective on shares of Kirby in a research report on Monday, March 9th. Weiss Ratings cut Kirby from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, March 10th. Zacks Research raised shares of Kirby from a “strong sell” rating to a “hold” rating in a report on Friday, March 13th. Wolfe Research reaffirmed an “outperform” rating and issued a $136.00 price target on shares of Kirby in a research note on Friday, January 30th. Finally, BTIG Research decreased their price objective on shares of Kirby from $140.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, January 29th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $132.60.

Kirby Stock Up 3.4%

The company has a current ratio of 1.53, a quick ratio of 0.96 and a debt-to-equity ratio of 0.27. The company’s 50 day simple moving average is $126.50 and its 200-day simple moving average is $109.52. The firm has a market cap of $7.25 billion, a P/E ratio of 21.36, a PEG ratio of 1.17 and a beta of 0.83.

Kirby (NYSE:KEX) last announced its earnings results on Thursday, January 29th. The shipping company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.06. Kirby had a return on equity of 10.53% and a net margin of 10.54%.The business had revenue of $851.78 million for the quarter, compared to analysts’ expectations of $857.82 million. During the same period last year, the firm posted $1.29 earnings per share. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. Research analysts forecast that Kirby Corporation will post 6.57 earnings per share for the current fiscal year.

Insider Activity

In other Kirby news, COO Christian G. O’neil sold 11,287 shares of Kirby stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $132.34, for a total value of $1,493,721.58. Following the sale, the chief operating officer owned 11,287 shares of the company’s stock, valued at $1,493,721.58. The trade was a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Amy D. Husted sold 11,667 shares of the business’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $129.33, for a total transaction of $1,508,893.11. Following the completion of the sale, the vice president owned 14,814 shares in the company, valued at $1,915,894.62. This represents a 44.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 71,495 shares of company stock valued at $9,226,173. Company insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Kirby

A number of large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its stake in Kirby by 92.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,612,119 shares of the shipping company’s stock worth $287,803,000 after purchasing an additional 1,251,700 shares in the last quarter. First Trust Advisors LP increased its position in shares of Kirby by 109.4% during the fourth quarter. First Trust Advisors LP now owns 2,256,667 shares of the shipping company’s stock worth $248,640,000 after purchasing an additional 1,178,963 shares in the last quarter. Alliancebernstein L.P. increased its position in Kirby by 72.5% during the 2nd quarter. Alliancebernstein L.P. now owns 2,282,865 shares of the shipping company’s stock valued at $258,900,000 after buying an additional 959,209 shares in the last quarter. Norges Bank purchased a new position in shares of Kirby in the 4th quarter valued at approximately $81,355,000. Finally, Hood River Capital Management LLC purchased a new position in shares of Kirby in the second quarter worth $73,784,000. 96.15% of the stock is owned by hedge funds and other institutional investors.

About Kirby

Kirby Corporation is a leading domestic maritime transporter of bulk liquid products in the United States. Through its Marine Transportation segment, the company operates one of North America’s largest fleets of inland tank barges and towing vessels. Kirby’s fleet moves petrochemicals, black oil, refined petroleum products and agricultural chemicals along coastal and inland waterways, providing critical logistical support to energy, chemical and agricultural producers.

In addition to its marine operations, Kirby’s Distribution and Services segment offers diesel engine and power generation services, along with aftermarket parts sales.