Gabelli Comments on Kirby Co.’s FY2019 Earnings (KEX)
Kirby Co. (NYSE:KEX) – Stock analysts at Gabelli upped their FY2019 earnings per share estimates for Kirby in a research note issued on Monday. Gabelli analyst J. Bergner now expects that the shipping company will post earnings of $3.65 per share for the year, up from their prior estimate of $3.50. Gabelli currently has a “Hold” rating and a $80.00 target price on the stock. Gabelli also issued estimates for Kirby’s FY2020 earnings at $4.45 EPS and FY2022 earnings at $5.60 EPS.
Other research analysts have also issued research reports about the stock. Stephens reaffirmed a “hold” rating and set a $70.00 price objective on shares of Kirby in a research report on Wednesday, January 10th. Evercore ISI raised shares of Kirby from an “in-line” rating to an “outperform” rating and set a $86.00 price objective for the company in a research report on Thursday, February 1st. Zacks Investment Research raised shares of Kirby from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 25th. Wells Fargo & Co raised shares of Kirby from a “market perform” rating to an “outperform” rating and set a $83.00 price objective for the company in a research report on Monday, January 22nd. Finally, Bank of America upped their price objective on shares of Kirby from $66.00 to $69.00 and gave the company an “underperform” rating in a research report on Thursday, February 1st. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $79.40.
Kirby (NYSE:KEX) last released its earnings results on Wednesday, January 31st. The shipping company reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.03. The firm had revenue of $708.10 million during the quarter, compared to analyst estimates of $612.61 million. Kirby had a net margin of 14.14% and a return on equity of 4.37%. The business’s revenue was up 62.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 EPS.
In related news, insider Dorman Lynn Strahan sold 1,735 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $76.51, for a total value of $132,744.85. Following the sale, the insider now owns 28,484 shares of the company’s stock, valued at $2,179,310.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Monte J. Miller sold 2,336 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $77.10, for a total transaction of $180,105.60. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ladenburg Thalmann Financial Services Inc. increased its stake in Kirby by 79.8% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,931 shares of the shipping company’s stock valued at $127,000 after acquiring an additional 857 shares during the period. Advisory Services Network LLC increased its stake in Kirby by 4,295.2% in the fourth quarter. Advisory Services Network LLC now owns 2,725 shares of the shipping company’s stock valued at $182,000 after acquiring an additional 2,663 shares during the period. Verition Fund Management LLC bought a new stake in Kirby in the second quarter valued at about $204,000. State of Alaska Department of Revenue bought a new stake in Kirby in the fourth quarter valued at about $207,000. Finally, Trust Co bought a new stake in Kirby in the third quarter valued at about $208,000. 96.05% of the stock is currently owned by institutional investors and hedge funds.
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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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