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KIRBY CORPORATION

(KEX)
  Report
Delayed Nyse  -  04:00:01 2023-02-03 pm EST
73.97 USD   +1.09%
02/03Kirby Corp : Entry into a Material Definitive Agreement, Change in Directors or Principal Officers, Other Events (form 8-K)
AQ
02/03Kirby Corporation Appoints Rocky B. Dewbre to Board of Directors
GL
02/03Kirby Corporation Appoints Rocky B. Dewbre to Board of Directors
AQ
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JCP Reportedly Pushing for Breakup or Sale of Kirby

08/25/2022 | 12:12pm EST

Activist investor JCP Investment Management, LLC has built a position in Kirby Corporation (NYSE:KEX) and has been pushing for a strategic review of the barge operator, including breakup or sale of the company, according to people familiar with the matter. JCP, which owns more than a 1% in Kirby, has been privately engaging the company for months about forming a strategic review committee that would include new, independent directors, the people said, asking not to be identified because the matter is private. The investment firm has called for Kirby to explore a separation of its inland marine and distribution and services businesses, which JCP argues have few synergies, the people said.

Failing that, JCP, which is run by James Pappas, has called for an outright sale of the company, they added. A representative for JCP declined to comment, while a representative for Kirby wasn't immediately available for comment. Kirby's shares rose 3.8% in trading on August 25, 2022 as of 9:35 a.m. in New York, giving the company a market value of about $4.2 billion.

The stock has gained about 22% in the past year through Wednesday's close. A tank barge operator that transports bulk liquid products throughout the US, Kirby is also a service provider and distributor of diesel engines, transmission parts and other industrial equipment, according to its website. David Grzebinski, Kirby's chief executive officer, said on an earnings call in July that second-quarter profits were buoyed by tight market conditions due to a limited supply of barges and increasing oilfield activity.

Despite those tailwinds, JCP has raised concerns about the company's long-term underperformance relative to peers and the broader S&P 500 Index in meetings with Kirby's leadership, the people said. It has also raised concerns about its stagnant earnings and its historically large capital expenditures. It has argued that several strategic and financial buyers would be willing to pay a premium for Kirby given its depressed share price and improving markets.


ę S&P Capital IQ 2022
All news about KIRBY CORPORATION
02/03Kirby Corp : Entry into a Material Definitive Agreement, Change in Directors or Principal ..
AQ
02/03Kirby Corporation Appoints Rocky B. Dewbre to Board of Directors
GL
02/03Kirby Corporation Appoints Rocky B. Dewbre to Board of Directors
AQ
02/03Kirby Corporation Appoints Rocky B. Dewbre to Board of Directors
CI
02/01Stephens Adjusts Price Target on Kirby to $90 From $85, Maintains Overweight Rating
MT
01/31Industrials Up After GM Earnings -- Industrials Roundup
DJ
01/31Kirby Corp : Results of Operations and Financial Condition (form 8-K)
AQ
01/31Kirby to Look for Acquisitions
CI
01/31Transcript : Kirby Corporation, Q4 2022 Earnings Call, Jan 31, 2023
CI
01/31Kirby : 4Q 2022 Earnings Presentation
PU
More news
Analyst Recommendations on KIRBY CORPORATION
More recommendations
Financials (USD)
Sales 2022 2 769 M - -
Net income 2022 124 M - -
Net Debt 2022 1 015 M - -
P/E ratio 2022 36,0x
Yield 2022 -
Capitalization 4 430 M 4 430 M -
EV / Sales 2022 1,97x
EV / Sales 2023 1,69x
Nbr of Employees 5 125
Free-Float 90,5%
Chart KIRBY CORPORATION
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Kirby Corporation Technical Analysis Chart | MarketScreener
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Technical analysis trends KIRBY CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Last Close Price 73,97 $
Average target price 84,00 $
Spread / Average Target 13,6%
EPS Revisions
Managers and Directors
David W. Grzebinski President, Chief Executive Officer & Director
Raj Kumar Chief Financial Officer & Executive Vice President
Joseph H. Pyne President
Scott P. Miller Chief Information Officer & Vice President
Richard Ross Stewart Independent Director
Sector and Competitors