Wells Fargo & Co. analysts reiterated its Sell rating on Kirby Corp. (NYSE: KEX) in a note to investors, making it one of the more closely watched stocks on Wall Street. The company currently has a rating of Sell on the stock. As a means of comparison, a number of other analysts have spoken on the company recently, and Kirby Corp. has earned a consensus one-year price target of $57.78, less than the opening price of $58.17. Kirby Corp. stock has a 52-week high of $73.25. Share prices often shift to the upside on recommendations and new price targets of professional analysts.
U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.
The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.
The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.
Shares of Kirby Corp. (NYSE: KEX) opened at $58.17 yesterday trading between $57.84 and $59.00, and last traded at $58.49, a spike of $1.49 from the previous closing price.
Kirby Corp. (NYSE: KEX) currently has a market cap of 3.15B.
1,002,047 shares traded hands yesterday, 74 percent higher than normal, out of a total float 52,467,000. Heavy volume accumulation by institutional investors may be on the horizon as the combination of substantial increases in trading volume and price appreciation can be determining components.
However, just a day of high volume buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a cue that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have teams of analysts that research thousands of stocks, so it is good confirmation to see them buying a stock you’re considering.
Traders are able to make make more impactful decisions on trades when they follow the activity of professional investors.
Trades for Kirby Corp. (NYSE: KEX) have ranged from $44.63 – 73.25, and the stock now has a 50-day MA of $54.59 and 200-day MA of $61.37. Today’s last price is 0.20% lower than the 52 week high of $73.25.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors look for companies that have increased their earnings at least 25% or more over 3 consecutive years.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.