In a recent transaction, Amy D. Husted, the Executive Vice President, General Counsel & Secretary of Kirby Corp (NYSE:KEX), sold shares in the company. The sale was executed on September 19, 2024, and the total value of the shares sold amounted to approximately $361,018.
The shares were sold at a weighted average price of $126.54, with individual sales prices ranging from $126.50 to $126.74. The exact number of shares traded at each price point within this range was not disclosed in the report, but the total number of shares sold was 2,853. This transaction resulted in a decrease in Husted's direct ownership of Kirby Corp's common stock to 5,280 shares following the sale.
On the same day, Husted also acquired 2,853 shares of Kirby Corp's common stock at a price of $75.5 per share, totaling $215,401. This transaction was related to the exercise of employee stock options. Following this acquisition, Husted's direct ownership in the company increased, reflecting a balance of 8,133 shares.
Investors and market watchers often pay close attention to insider transactions such as these, as they can provide valuable insights into the perspectives of high-level executives and their outlook on the company's future performance. Kirby Corp, with its headquarters in Houston, Texas, specializes in water transportation and operates under the standard industrial classification of Water Transportation.
The transactions took place under the Securities and Exchange Commission's regulations, and the details were made public through a Form 4 filing, which documents insider trading activities.
In other recent news, Kirby Corporation, a prominent player in marine transportation and distribution services, reported a substantial rise in its earnings per share (EPS) for Q2 2024, achieving $1.43, a notable increase from $0.95 in the same quarter of the previous year. Despite weather-related and navigational challenges, Kirby's inland and coastal revenues experienced significant growth, with the company poised to reach the high-end of its earnings growth guidance for the full year. Analysts from various firms noted that the company's barge utilization rates remained high in both inland and coastal sectors, and the Distribution and Services segment reported robust demand with growth in revenue and operating income.
Moreover, Kirby Corporation expects year-over-year earnings growth to be at the high-end of the 30% to 40% range. The company also anticipates generating between $300 million to $350 million of free cash flow in 2024. Despite a decline in oil and gas revenues, the marine market conditions are improving with strong demand and pricing gains expected.
However, it is important to note the company's challenges, including a 33% decrease in oil and gas revenues compared to the previous year and weather and navigational challenges, including Hurricane Beryl. Despite these hurdles, the company remains optimistic about the future, expecting continued improvement in market conditions and solid financial performance in upcoming periods.
InvestingPro Insights
Kirby Corp (NYSE:KEX) has been drawing attention not only due to insider transactions but also its financial performance and market valuation. As of the last twelve months ending Q2 2024, Kirby Corp's market capitalization stands at a robust $7.21 billion. The company's price-to-earnings (P/E) ratio has been recorded at 26.38, which adjusts slightly to 26.09 when considering the same period, indicating a stable valuation relative to its earnings.
One of the key metrics that stands out is Kirby Corp's price-to-earnings-growth (PEG) ratio, which at 0.41 suggests that the stock may be undervalued relative to its earnings growth. This aligns with one of the InvestingPro Tips, which notes that Kirby Corp is trading at a low P/E ratio compared to its near-term earnings growth potential. Moreover, the company's revenue growth has been positive, with a 6.41% increase over the last twelve months as of Q2 2024.
Investors may also take note of Kirby Corp's impressive price performance. The stock has experienced a significant uptick, with a 39.52% return over the last six months and a remarkable 61.85% year-to-date return, reflecting strong investor confidence and market momentum. This is corroborated by another InvestingPro Tip highlighting the company's high return over the last year.
For those looking for more insights, there are additional InvestingPro Tips available on the platform, which include analysis on Kirby Corp's liquidity, debt levels, and profitability. For instance, the company operates with a moderate level of debt and has liquid assets that exceed its short-term obligations, providing it with financial flexibility. Analysts also predict that Kirby Corp will be profitable this year, a sentiment that is backed by its profitability over the last twelve months.
For further detailed analysis and additional InvestingPro Tips on Kirby Corp, interested parties can visit https://www.investing.com/pro/KEX. The platform offers a comprehensive list of tips, with additional metrics and insights to help investors make informed decisions.
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