Kirby (NYSE:KEX) stock witnessed significant insider buying activity recently. Four top executives of the company purchased KEX stock worth $2.37 million. The company provides diesel engines, reduction gears, and ancillary products for marine and power generation.
Leading the race of insider buys was the company’s CEO David W. Grzebinski. He bought 53,983 shares of the company for a total value of $1.81 million.
Further, Dorman Lynn Strahan, President of Kirby’s subsidiary Kirby Engine Systems, also purchased 7,364 shares of the company for $262,503.
Kirby’s Vice President, General Counsel, and Secretary, Amy D. Husted, also made an insider buy transaction. She bought 9,702 shares for a total value of $181,405. Lastly, the company’s Vice President, Controller, and Assistant Secretary, Ronald A. Dragg, made an informative buy transaction of KEX stock worth $124,182.
Overall, corporate insiders have a very positive stance on Kirby. They have bought KEX shares worth $3.5 million over the last three months.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is Kirby Stock to Buy?
Based on a single Buy rating by Bank of America Securities analyst Ken Hoexter, KEX stock has a Moderate Buy consensus rating. The analyst set a price target of $77 which implies upside potential of 18.5% from the current level.
