Kirby (NYSE:KEX) Share Price Crosses Below Two Hundred Day Moving Average on Insider Selling

Kirby Corporation (NYSE:KEX)’s share price crossed below its two hundred day moving average during trading on Wednesday following insider selling activity. The stock has a two hundred day moving average of $136.78 and traded as low as $124.51. Kirby shares last traded at $127.8410, with a volume of 1,217,140 shares traded.

Specifically, CEO David Grzebinski sold 18,310 shares of the firm’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $141.32, for a total value of $2,587,569.20. Following the transaction, the chief executive officer directly owned 79,931 shares of the company’s stock, valued at approximately $11,295,848.92. This trade represents a 18.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several research firms have recently issued reports on KEX. BTIG Research reiterated a “buy” rating and issued a $170.00 target price on shares of Kirby in a research note on Wednesday, July 29th. JPMorgan Chase & Co. raised their price target on shares of Kirby from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, October 29th. Weiss Ratings upgraded shares of Kirby from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, September 14th. Bank of America upped their price objective on shares of Kirby from $169.00 to $182.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Finally, Stephens increased their price objective on shares of Kirby from $170.00 to $175.00 and gave the company an “overweight” rating in a research note on Thursday, October 29th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $171.43.

Kirby Stock Performance

The company has a quick ratio of 1.12, a current ratio of 1.68 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $6.75 billion, a PE ratio of 18.42, a PEG ratio of 1.23 and a beta of 0.81. The company has a 50-day moving average price of $137.23 and a two-hundred day moving average price of $136.78.

Kirby (NYSE:KEX) last posted its earnings results on Wednesday, October 28th. The shipping company reported $2.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.00 by $0.09. Kirby had a net margin of 10.39% and a return on equity of 10.94%. The business had revenue of $977.21 million for the quarter, compared to analyst estimates of $938.84 million. During the same quarter in the prior year, the firm posted $1.65 EPS. Kirby’s revenue was up 12.2% on a year-over-year basis. Analysts predict that Kirby Corporation will post 7.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Provenance Wealth Advisors LLC purchased a new stake in Kirby in the 3rd quarter worth about $27,000. Pension & Wealth Management Advisors Inc. purchased a new position in shares of Kirby during the third quarter valued at approximately $45,000. Root Financial Partners LLC boosted its position in shares of Kirby by 182.9% during the first quarter. Root Financial Partners LLC now owns 430 shares of the shipping company’s stock valued at $57,000 after buying an additional 278 shares during the period. Parkside Financial Bank & Trust boosted its position in shares of Kirby by 488.9% during the second quarter. Parkside Financial Bank & Trust now owns 477 shares of the shipping company’s stock valued at $65,000 after buying an additional 396 shares during the period. Finally, Fulcrum Asset Management LLP bought a new position in shares of Kirby during the third quarter valued at approximately $67,000. Hedge funds and other institutional investors own 96.15% of the company’s stock.

About Kirby

Kirby Corporation is a Houston-based marine transportation and industrial services company. Through its marine transportation operations, the company is the largest tank barge operator in the United States, transporting bulk liquid products on the nation’s inland and coastal waterways.

Kirby’s marine transportation business carries petrochemicals, refined petroleum products, black oil, agricultural chemicals and other bulk liquids for industrial customers. Its operations primarily serve the U.S.