Gabelli Comments on Kirby Co.’s FY2021 Earnings (NYSE:KEX)

Kirby Co. (NYSE:KEX) – Investment analysts at Gabelli decreased their FY2021 earnings per share estimates for shares of Kirby in a report issued on Monday, July 29th. Gabelli analyst J. Bergner now forecasts that the shipping company will post earnings per share of $4.95 for the year, down from their previous estimate of $5.20. Gabelli also issued estimates for Kirby’s FY2022 earnings at $5.45 EPS and FY2023 earnings at $5.85 EPS.

Kirby (NYSE:KEX) last released its quarterly earnings data on Thursday, July 25th. The shipping company reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.02). The business had revenue of $771.00 million for the quarter, compared to analyst estimates of $767.04 million. Kirby had a return on equity of 5.50% and a net margin of 3.70%. Kirby’s revenue was down 3.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.78 EPS.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Co increased their price objective on shares of Kirby from $74.00 to $80.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 24th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Kirby from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. Stephens upgraded shares of Kirby from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $93.00 to $96.00 in a research report on Monday. TheStreet upgraded shares of Kirby from a “c+” rating to a “b” rating in a research report on Thursday, May 2nd. Finally, Bank of America upgraded shares of Kirby from an “underperform” rating to a “buy” rating in a research report on Friday, May 3rd. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $81.13.

KEX opened at $78.36 on Tuesday. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of 27.40, a price-to-earnings-growth ratio of 2.41 and a beta of 1.02. Kirby has a fifty-two week low of $60.63 and a fifty-two week high of $88.78. The stock’s 50-day simple moving average is $77.61. The company has a current ratio of 1.92, a quick ratio of 1.08 and a debt-to-equity ratio of 0.55.

In other Kirby news, Director Monte J. Miller sold 4,937 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $84.91, for a total value of $419,200.67. Following the completion of the transaction, the director now owns 19,126 shares in the company, valued at approximately $1,623,988.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William M. Waterman sold 20,000 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $82.35, for a total transaction of $1,647,000.00. Following the completion of the transaction, the director now owns 91,260 shares of the company’s stock, valued at approximately $7,515,261. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,508 shares of company stock valued at $2,368,898. 1.80% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of KEX. Stevens Capital Management LP purchased a new stake in Kirby in the 2nd quarter worth approximately $339,000. Municipal Employees Retirement System of Michigan increased its stake in shares of Kirby by 1.4% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 9,960 shares of the shipping company’s stock worth $787,000 after purchasing an additional 140 shares during the last quarter. Pegasus Partners Ltd. acquired a new position in shares of Kirby during the 2nd quarter worth $304,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Kirby by 32.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 823 shares of the shipping company’s stock worth $65,000 after purchasing an additional 201 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Kirby by 41.5% during the 2nd quarter. SG Americas Securities LLC now owns 64,941 shares of the shipping company’s stock worth $5,130,000 after purchasing an additional 19,031 shares during the last quarter. Institutional investors and hedge funds own 95.31% of the company’s stock.

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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Earnings History and Estimates for Kirby (NYSE:KEX)

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