Skylands Capital Invests Heavily in Kirby Corp. (KEX) With a 46,750 Share Purchase

Hedge fund Skylands Capital significantly increased its position in Kirby Corporation (KEX) by 46,750 shares, valuing the stake at $8.77 million and representing 1.21% of its 13F AUM, as per a November 6, 2025 SEC filing. This substantial investment, made despite KEX's prior underperformance against the S&P 500, proved timely as the stock reportedly surged 29% from late September to early November. Kirby Corporation's strong Q3 results, including a $40 million sales increase, 6% EPS growth, and a 56% rise in power generation revenue, underscore the operational strength attracting such institutional interest.

Analysis

Skylands Capital significantly increased its stake in Kirby Corporation (KEX) by 46,750 shares, valued at $8.77 million, as per a November 6, 2025 SEC filing. This strategic buy, representing 1.21% of Skylands' 13F AUM, proved timely as KEX shares surged 29% from late September to November 7, 2025. This move suggests conviction despite KEX's prior 9.2% one-year decline and 26.8 percentage point underperformance against the S&P 500.

Kirby Corporation's underlying business fundamentals appear robust, supporting Skylands' investment thesis. The company reported a $40 million year-over-year sales increase and 6% EPS growth in the third quarter. Notably, its power generation revenue soared 56% year-over-year, driven by demand for data center power, offsetting underperformance in the coastal marine segment.

Despite the substantial increase, KEX remains the 23rd largest holding in Skylands' 163-position portfolio, indicating a high-conviction but not yet dominant position. The company's ability to grow amidst a challenging global trade environment, including new tariffs, highlights its operational resilience and diversified service offerings in marine transportation and diesel engine services.

Key Decisions for Investors

• Consider Kirby Corporation (KEX) for potential upside, given strong institutional conviction from Skylands Capital and recent positive share price momentum following robust Q3 earnings.
• Evaluate KEX's fundamental strength, particularly the significant 56% year-over-year growth in power generation revenue, which provides a strong growth driver offsetting challenges in other segments.
• Monitor the performance of KEX's coastal marine segment and the broader impact of global trade conditions, while acknowledging the company's resilience in navigating tariff environments.