Kirby Corp (NYSE:KEX) CEO David W. Grzebinski has sold a portion of his company shares, according to a recent regulatory filing. The transaction, which took place on June 26, involved the sale of 3,000 shares of Kirby Corp's common stock at a price of $120.31 per share, amounting to a total value of $360,930.
The sale was disclosed in a Form 4 filing with the Securities and Exchange Commission (SEC), which was submitted on June 28. Following this transaction, Grzebinski's remaining ownership in the company consists of 63,399 shares of Kirby Corp's common stock.
Kirby Corp, headquartered in Houston, Texas, is a prominent player in the water transportation industry. The company's stock is traded under the ticker symbol KEX on the New York Stock Exchange.
Investors often monitor the buying and selling activities of company insiders like CEOs as it can provide insights into their perspective on the company's current valuation and future prospects. However, such transactions can be motivated by a variety of personal or financial reasons and do not necessarily indicate a change in company fundamentals.
The disclosed transaction represents a notable movement in the ownership of Kirby Corp's shares by one of its key executives. As of now, there has been no comment from Kirby Corp or Grzebinski regarding the details or intent behind the recent stock sale.
In other recent news, Kirby Corporation has been in the spotlight following several positive analyst actions and an impressive financial performance. Stifel, a financial services firm, increased the price target for Kirby Corporation shares to $132, maintaining a Buy rating. This decision was influenced by the company's potential for growth, particularly in the power generation market, as data centers expand.
Moreover, Kirby Corporation reported a strong start to 2024 with first-quarter earnings and revenue surpassing analyst estimates. The company announced earnings per share of $1.19 and revenue of $808 million, both exceeding expectations. This performance represents a significant improvement over the same period last year, with revenue showing a 7.7% increase.
On another note, Wolfe Research initiated coverage of Kirby Corporation with an Outperform rating and a price target of $126.00. The research firm highlighted the company's unique position in the public transportation sector and a favorable multi-year supply/demand outlook for the barge industry.
Furthermore, BTIG updated its financial outlook for Kirby Corporation, raising the share price target to $115 while maintaining a Buy rating. The firm emphasized the continuous rise in inland spot barge pricing, predicting this trend to persist into the typically stronger spring and summer months.
All these developments underscore the positive outlook for Kirby Corporation from various market analysts, reflecting the company's resilience and potential for growth.
InvestingPro Insights
In light of Kirby Corp CEO David W. Grzebinski's recent sale of company shares, investors may find the following metrics and insights from InvestingPro particularly informative. Kirby Corp (NYSE:KEX), as of the last twelve months ending in Q1 2024, boasts a market capitalization of $7.06 billion and a Price to Earnings (P/E) ratio of 28.24, reflecting a slight adjustment from the previously reported 28.45. This P/E ratio is considered low relative to the company's near-term earnings growth, which is an InvestingPro Tip that could suggest the stock is undervalued.
The company's solid financial performance can be further highlighted by its revenue growth of 7.69% during the same period, along with a substantial 52.04% price total return over the last six months. This impressive return aligns with another InvestingPro Tip, indicating a strong return over the last three months, with the company's stock price increasing by 25.94% during that timeframe.
Furthermore, Kirby Corp operates with a moderate level of debt and has liquid assets that exceed its short-term obligations, which may provide investors with confidence in the company's financial stability. Additionally, analysts predict that Kirby Corp will be profitable this year, a forecast supported by the company's profitability over the last twelve months and a notable 60.88% price total return over the last year.
For investors seeking more comprehensive analysis and additional InvestingPro Tips, there are 9 more tips available for Kirby Corp at InvestingPro. These tips could provide valuable insights into the company's stock performance and future outlook. To access these insights, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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