Kirby Corporation (KEX) was Downgraded by Cowen to ” Market Perform” according to the research note released today. The brokerage firm has raised the Price Target to $ 65 from a previous price target of $60 . Earlier the firm had a rating of “Outperform ” on the company shares. Cowen advised their investors in a research report released on Apr 29, 2016.
On the company’s financial health, Kirby Corporation reported $0.77 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Apr 27, 2016. Analyst had a consensus of $0.78. The company had revenue of $458.70 million for the quarter, compared to analysts expectations of $462.16 million. The company’s revenue was down -21.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.09 EPS.
Kirby Corporation opened for trading at $64.94 and hit $65.4 on the upside on Wednesday, eventually ending the session at $65.24, with a gain of 0.65% or 0.42 points. The heightened volatility saw the trading volume jump to 4,92,511 shares. Company has a market cap of $3,510 M.
In a different news, on Mar 15, 2016, Amy D. Husted (Vice President – Legal) sold 1,000 shares at $59.65 per share price. According to the SEC, on Mar 14, 2016, Joseph H. Reniers (Sr. VP – Diesel Engine Svc) sold 2,470 shares at $59.81 per share price. On Mar 14, 2016, William M Jr Lamont (director) sold 3,500 shares at $60.19 per share price, according to the Form-4 filing with the securities and exchange commission.
Kirby Corporation is the domestic tank barge operator transporting bulk liquid products. The Company through its subsidiaries operates in two segments: Marine Transportation and Diesel Engine Services. The Marine Transportation segment is a provider of marine transportation services operating tank barges and towing vessels transporting bulk liquid products. The Diesel Engine Services segment sells replacement parts provides service mechanics to overhaul and repair medium-speed and high-speed diesel engines transmissions reduction gears pumps and compression products maintains facilities to rebuild component parts or entire medium-speed and high-speed diesel engines transmissions and entire reduction gears and manufactures and remanufactures oilfield service equipment including pressure pumping units. Its customers include oil service companies offshore fishing companies nuclear power industry compression companies and construction companies among others.