Zacks Research Weighs in on Kirby Co.’s Q3 2023 Earnings (NYSE:KEX)

Kirby Co. (NYSE:KEX – Get Rating) – Analysts at Zacks Research upped their Q3 2023 earnings per share estimates for Kirby in a report released on Tuesday, May 23rd. Zacks Research analyst S. Goswami now expects that the shipping company will earn $0.99 per share for the quarter, up from their prior forecast of $0.98. The consensus estimate for Kirby’s current full-year earnings is $3.55 per share. Zacks Research also issued estimates for Kirby’s Q1 2025 earnings at $1.30 EPS and FY2025 earnings at $5.41 EPS.

Kirby (NYSE:KEX – Get Rating) last posted its quarterly earnings data on Thursday, April 27th. The shipping company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.03. Kirby had a return on equity of 4.99% and a net margin of 4.98%. The company had revenue of $750.44 million for the quarter, compared to analyst estimates of $723.67 million. During the same period in the previous year, the firm earned $0.29 earnings per share. The firm’s quarterly revenue was up 22.9% on a year-over-year basis.

Several other equities analysts have also issued reports on the company. TheStreet raised Kirby from a “c+” rating to a “b-” rating in a research note on Monday, March 13th. StockNews.com assumed coverage on shares of Kirby in a report on Thursday, May 18th. They issued a “hold” rating for the company. Bank of America increased their price objective on shares of Kirby from $77.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, February 7th. Stifel Nicolaus upped their price target on Kirby from $83.00 to $85.00 in a research note on Friday, April 28th. Finally, Stephens increased their price target on Kirby from $85.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 1st. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.75.

Kirby Stock Performance

Shares of KEX opened at $72.80 on Friday. The firm’s fifty day simple moving average is $69.62 and its two-hundred day simple moving average is $68.55. Kirby has a 12 month low of $55.03 and a 12 month high of $76.34. The company has a current ratio of 1.95, a quick ratio of 1.18 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $4.37 billion, a P/E ratio of 30.08, a price-to-earnings-growth ratio of 1.70 and a beta of 1.27.

Insider Buying and Selling

In other Kirby news, CEO David W. Grzebinski sold 2,000 shares of the stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $69.65, for a total value of $139,300.00. Following the completion of the sale, the chief executive officer now owns 82,006 shares in the company, valued at approximately $5,711,717.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO David W. Grzebinski sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $72.47, for a total value of $217,410.00. Following the transaction, the chief executive officer now directly owns 84,006 shares of the company’s stock, valued at approximately $6,087,914.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David W. Grzebinski sold 2,000 shares of the stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $69.65, for a total transaction of $139,300.00. Following the transaction, the chief executive officer now owns 82,006 shares of the company’s stock, valued at approximately $5,711,717.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,750 shares of company stock worth $412,383. 1.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley raised its holdings in shares of Kirby by 923.2% in the 4th quarter. Morgan Stanley now owns 4,248,727 shares of the shipping company’s stock worth $273,406,000 after purchasing an additional 3,833,471 shares during the period. Neuberger Berman Group LLC raised its stake in shares of Kirby by 51.9% in the third quarter. Neuberger Berman Group LLC now owns 3,407,011 shares of the shipping company’s stock valued at $207,043,000 after buying an additional 1,163,601 shares during the period. FMR LLC lifted its position in shares of Kirby by 74.3% during the 1st quarter. FMR LLC now owns 1,790,462 shares of the shipping company’s stock valued at $124,795,000 after buying an additional 763,476 shares during the last quarter. Norges Bank purchased a new position in shares of Kirby during the 4th quarter valued at $42,762,000. Finally, ArrowMark Colorado Holdings LLC grew its stake in shares of Kirby by 29.8% during the 1st quarter. ArrowMark Colorado Holdings LLC now owns 1,775,311 shares of the shipping company’s stock worth $123,739,000 after acquiring an additional 407,226 shares during the period. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

About Kirby

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Kirby Corp. is a tank barge operator, which engages in transporting bulk liquid products. It transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals. It operates through Marine Transportation and Distribution and Services segments. The Marine Transportation segment provides marine transportation by United States flagged vessels principally of liquid cargoes throughout the United States inland waterway system.