Kirby Corp: A Director’s Sale and the Weight of Numbers

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On February 10, 2026, Scott P. Miller, a Vice President and Chief Investment Officer of Kirby Corporation (KEX +1.96%), disposed of 3,960 shares of the company’s stock, realizing approximately $478,000. This is not, in itself, a matter for alarm. Such transactions occur. However, the scale, and the context, invite a closer examination. It is a small act, a subtraction from a larger ledger, but ledgers, after all, tell stories.

The Numbers, Stripped Bare

Metric Value
Shares Sold (Direct) 3,960
Transaction Value $478,000
Post-Transaction Shares (Direct) 3,565
Post-Transaction Value (Direct Ownership) $429,000

Transaction value is based on the SEC Form 4 reported price of $120.68. Post-transaction value reflects the market close price on February 10, 2026, as reported in the SEC filing.

The sale represented 52.62% of Mr. Miller’s direct holdings. To put it plainly, more than half of his personal stake was relinquished. While the remaining 3,565 shares still carry a value of approximately $429,000, the decision to part with such a significant portion warrants scrutiny. It is not a betrayal, necessarily, but a signal. A signal of what, is the question.

There were no indirect entities or derivative securities involved. The transaction was direct, uncomplicated. A clear line from seller to market. This simplicity, paradoxically, adds to the weight of the matter.

Kirby Corporation: A Profile in Bulk

Metric Value
Revenue (TTM) $3.36 billion
Net Income (TTM) $354.52 million
1-Year Price Change (as of Feb. 22, 2026) 21.20%

*1-year price change calculated using February 21, 2026, as the reference date.

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Kirby Corporation is, in essence, a mover of things. Bulk commodities, primarily. Petrochemicals, agricultural chemicals, industrial oils, refined petroleum – the lifeblood of modern industry. They operate one of the largest fleets of tank barges and towboats in the United States, a network of waterways and steel that underpins a considerable portion of the nation’s supply chain. It is not glamorous work, but it is essential.

Interpreting the Signals

Kirby recently reported strong fourth-quarter earnings for fiscal year 2025, exceeding expectations. Earnings per share reached $1.68, a respectable figure. The company has enjoyed five consecutive years of growth, and the stock is up 18% this year. These are positive indicators, certainly. But numbers, like all narratives, can be selectively presented.

Kirby’s business is largely invisible to the average consumer. They do not sell directly to the public. They operate in the shadows of the larger economy, providing a critical, yet often overlooked, service. This lack of public profile, combined with the scale of their operations, allows them a degree of insulation from the immediate pressures of consumer sentiment. They are beholden to the demands of industry, not the whims of the marketplace.

Their fleet of tank barges, pushed and pulled along inland waterways, are a relic of a different era. A slow, deliberate mode of transport in a world obsessed with speed. They are a reminder that some things, despite the relentless march of progress, remain stubbornly, necessarily, unchanged.

For investors seeking a unique opportunity, one that lies outside the well-trodden paths of the tech and consumer sectors, Kirby Corporation presents a viable option. But it is an investment that demands careful consideration. A director’s sale, a subtraction from the ledger, is not, in itself, a condemnation. But it is a signal. And signals, in the world of finance, should always be heeded.

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2026-02-22 15:33