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Luminus Management disclosed the purchase of 87,120 shares of Kirby Corporation (KEX -2.17%), with an estimated transaction value of $8.8 million in an Oct. 3 SEC filing.

What happened

According to the Oct. 3 filing with the Securities and Exchange Commission, Luminus Management increased its stake in Kirby Corporation by over 87,000 shares during the third quarter of 2025. The estimated trade value is $8.75 million, based on the average closing price for the quarter. Following the transaction, the fund holds 116,956 shares valued at $9.8 million as of September 30, 2025.

What else to know

Luminus Management’s increase in its Kirby stake means that stock now comprises 8.8% of reported AUM as of September 30, 2025.

Top holdings after the filing are:

• NYSE:CC: $27.96 million (25.1% of AUM) as of September 30, 2025
• NYSE:OI: $26.53 million (23.8% of AUM) as of September 30, 2025
• NYSE:SEE: $17.65 million (15.9% of AUM) as of September 30, 2025
• NYSE:KEX: $9.76 million (8.8% of AUM) as of September 30, 2025
• NYSE:KWR: $7.97 million (7.1603% of AUM) as of September 30, 2025

As of October 2, 2025, Kirby shares were priced at $83.71, down 31.8% over the past year, underperforming the S&P 500 by 49.3 percentage points over the past year.

Company Overview

Company Snapshot

Kirby Corporation is a leading U.S. marine shipping and services company with significant scale in tank barge transportation and industrial equipment distribution. Its integrated business model leverages a large fleet and technical expertise to support critical supply chains for energy and industrial customers. The company’s broad service offering and national footprint provide a competitive edge in reliability and operational reach.

Image source: Getty Images.

Kirby provides marine transportation of bulk liquid products, including petrochemicals, black oil, refined petroleum products, and agricultural chemicals. It also offers after-market services, parts, and equipment for engines, power systems, and oilfield applications.

The company generates revenue through barge and towing operations across U.S. inland and coastal waterways, as well as through distribution, servicing, and manufacturing of specialized industrial and energy equipment.

Kirby serves industrial customers in the petrochemical, oil refining, and agricultural sectors, along with U.S. government entities.

Foolish take

Luminus Management is an investment company focused on the energy and chemical sectors. Its stake in the Kirby Corporation aligns with this focus, since Kirby is a leading provider of marine transportation for the energy and petrochemical industries.

Luminus added to its existing Kirby position in a big way. The investment company previously held less than 30,000 shares. Now, that number is north of 116,000, demonstrating a belief the stock is destined for upside after Kirby shares dropped over 30% in the trailing 12 months. The stock hovers around a 52-week low as of Oct. 10.

The share price decline is understandable. Through the first half of 2025, Kirby’s sales of $1.6 billion were flat compared to 2024. Harsh winter weather conditions during the first quarter, and an uncertain macroeconomic environment on the trade policy front, cut into demand for the company’s services, resulting in lackluster sales.

However, Kirby management expects to end 2025 with a 15% to 25% year-over-year increase in earnings. Its net earnings through two quarters are up around 10%. If it misses this earnings goal, Kirby shares could sink further than it already has this year. So while the share price decline looks like a buy opportunity given Kirby’s leadership in the marine transport space, investing in the stock holds some risk.

Glossary

13F reportable AUM: Assets under management that must be disclosed by institutional investment managers in quarterly SEC Form 13F filings.
AUM (Assets Under Management): The total market value of investments managed on behalf of clients by a fund or firm.
Quarterly average price: The average price of a security over a specific three-month period, often used to estimate transaction values.
Post-trade position: The total holdings of a security after the most recent buy or sell transaction is completed.
Filing: An official document submitted to a regulatory authority, such as the SEC, disclosing financial or operational information.
Tank barge transportation: The movement of bulk liquid cargo using specialized flat-bottomed vessels on inland or coastal waterways.
Distribution (in industrial context): The sale and delivery of products, parts, or equipment to customers or service providers.
After-market services: Support, maintenance, and parts provided for equipment after its initial sale.
Integrated business model: A strategy where a company controls multiple stages of its supply chain or service process.
National footprint: The presence and operational reach of a company across multiple regions or the entire country.
TTM: The 12-month period ending with the most recent quarterly report.

Sunday was one of those cloudless late-summer Dodger Stadium afternoons in which the flags in center field stirred lazily in the slight breeze and the air felt far hotter than the thermometer said.

The temperature was 83 degrees at the matinee’s first pitch, yet many fans crowded into the top rows of the reserved and loge levels and stood atop the outfield pavilions in search of shade from an unrelenting sun that hovered directly overhead.

As for the Dodgers, they were just as hot as the weather until the bullpen gate swung open at the start of the eighth inning Sunday, with relievers Blake Treinen and Alex Vesia giving up three solo home runs in the span of six batters in a 5-4 loss to the Toronto Blue Jays.

The deciding run scored when second baseman Ernie Clement drove Vesia’s first pitch over the wall in left field for this eighth homer of the season, ruining another splendid outing from starter Tyler Glasnow and a big offensive day from Shohei Ohtani, who reached base four times before striking out against reliever Mason Fluharty with the bases loaded in the ninth.

Mookie Betts followed by grounding into a force out, the second time in as many innings the Dodgers left the bases loaded. The Dodgers had 10 hits and 13 walks on the afternoon but were one for 10 with runners in scoring position, stranding 16.

Even more important: The loss, combined with the Padres’ win over the Boston Red Sox in San Diego, cut the Dodgers’ lead in the National League West to two games.

The Blue Jays came to Los Angeles after a three-game sweep of the Rockies in Colorado in which they scored 45 runs and had 63 hits. Against the Dodgers, Toronto scored just three times and had just 17 hits entering the fifth inning. Glasnow did his part, giving up two runs and four hits through 5 2/3 innings, striking out eight. It was his fifth stellar start in six outings since returning from an inflamed shoulder last month and he left with a 3-2 lead, the first time since his first start of the season in March that he left a game with a chance at a win.

But the bullpen couldn’t hold it, with Treinen giving up back-to-back homers to Vladimir Guerrero Jr. and Addison Barger with one out in the eighth. After the Dodgers came back to tie the score on a bases-loaded walk to Freddie Freeman in the bottom of the inning, Vesia gave the lead right back in the ninth.

Glasnow, as he has all season, deserved a better fate. He has given up more than two runs just once in his last nine starts and has given up just 20 hits in 34 2/3 innings since returning from the injured list. Yet he has little positive to show for it, with nine of his 11 starts ending with no decision despite a 3.06 ERA and .172 opponents’ batting average.

“I really like the way that he’s got the blinders on it, and nothing’s affecting him,” Dodger manager Dave Roberts said before the game. “To say a player, specifically Tyler, is unflappable is a big compliment, and I think that that’s something he’s worked on because he gets emotional.

“There’s things that you can’t control at times, and his ability to kind of lock back in, he’s been really, really impressive.”

Glasnow got off to a slow start, getting an out on his first pitch then missing the strike zone on five of his next six before Guerrero — who came in hitting .364 lifetime against Glasnow — drove a run-scoring double to the wall in center field.

But by the time Glasnow came out to start the second inning, he had a lead. Ohtani evened the score, lining his 23^rd career leadoff home run into the right-field bleachers to run his hitting streak to nine games, matching his season high. Two outs later, Freeman put the Dodgers in front, slicing an 0-2 pitch over the wall in left-center for his 14^th homer of the season.

Glasnow, who continued to struggle with his control, nearly gave the lead back, loading the bases on two walks sandwiched around a double by Joey Loperfido. But after a mound visit from pitching coach Mark Prior, the right-hander got Nathan Lukes to ground into an inning-ending double play.

That allowed the Dodgers to extend their lead to 3-1 in the bottom of the second when Freeman walked with the bases loaded.

Glasnow wouldn’t be in trouble again until the sixth, when Bo Bichette led off with a single and came around to score on a two-out flare to right by Ty France, cutting the lead to 3-2. That drove Glasnow from the mound an out short of the seventh inning.

The Dodgers missed a chance to add to that lead shortly after Glasnow left when Ohtani was thrown out at third on the front end of a double steal with two on and two out and Freeman at the plate to end the sixth. That proved costly when Treinen, the fourth reliever summoned to close out the game, coughed on the lead on the back-to-back homers.

Freeman wouldn’t be denied his next opportunity, drawing his second bases-loaded walk of the game, and the fourth walk of the inning, on a full-count pitch to tie the score with two out in the eighth.

But while the Dodgers would load the bases again the ninth, they would get no more.

Reporting from Washington — At the center of his foreign policy vision, Donald Trump has put “America First,” a phrase with an anti-Semitic and isolationist history going back to the years before the U.S. entry into World War II.

Trump started using the slogan in the later months of his campaign, and despite requests from the Anti-Defamation League that he drop it, he stuck with it.

Friday, he embraced the words as a unifying theme for his inaugural address.

“From this day forward, a new vision will govern our land,” Trump said on the Capitol steps. “From this day forward, it’s going to be only America First. America First.”

Those same words galvanized a mass populist movement against U.S. entry into the war in Europe, even as the German army rolled through France and Belgium in the spring of 1940.

A broad-based coalition of politicians and business leaders on the right and left came together as the America First Committee to oppose President Franklin D. Roosevelt’s support for France and Great Britain. The movement grew to more than 800,000 members.

While the America First Committee attracted a wide array of support, the movement was marred by anti-Semitic and pro-fascist rhetoric. Its highest profile spokesman, Charles Lindbergh, blamed American Jews for pushing the country into war.

“The British and the Jewish races,” he said at a rally in September 1941, “for reasons which are not American, wish to involve us in the war.”

The “greatest danger” Jews posed to the U.S. “lies in their large ownership and influence in our motion pictures, our press, our radio, and our government,” Lindbergh said.

It is unclear if Trump is bothered by the ugly history of the phrase. What is clear is that he is determined to make the words his own. He has used them to sell his promises to impose trade barriers, keep manufacturing jobs inside the U.S. and restrict illegal and legal immigration.

Inauguration Day live updates: ‘American carnage stops’ here and now, Trump says »

“Every decision on trade, on taxes, on immigration, on foreign affairs, will be made to benefit American workers and American families,” Trump said in Friday’s inaugural speech.

“We must protect our borders from the ravages of other countries making our products, stealing our companies, and destroying our jobs,” he said.

“It is such a toxic phrase with such a putrid history,” said Susan Dunn, professor of humanities at Williams College and an expert in American political history, in an interview.

Lindbergh and other prominent members of the America First organization believed democracy was in decline and that fascism represented a new future, Dunn said.

Those words “carry an enormous weight,” said Lynne Olson, author of “Those Angry Days,” a book about the clash between Lindbergh and Roosevelt over entering the war.

“That time was strikingly familiar to now,” Olson said. “There was an enormous amount of economic and social turmoil in the country, anti-Semitism rose dramatically as well as general nativism and populism.”

Shortly after Trump took the oath of office, White House aides posted a 500-word description of Trump’s approach to the world titled “America First Foreign Policy.”

“The world must know that we do not go abroad in search of enemies, that we are always happy when old enemies become friends, and when old friends become allies,” the statement read. It added that defeating radical Islamic terror groups will be the “highest priority,” and that Trump’s administration would add ships to the Navy and build the Air Force back up to Cold War levels.

Trump also plans to withdraw from the Trans-Pacific Partnership and renegotiate the terms of NAFTA with Canada and Mexico.

Trump appears to have first tried out the phrase “America First” during an interview with the New York Times in March, when he was asked if he was taking an isolationist, “America First” approach to foreign policy.

“Not isolationist, I’m not isolationist, but I am ‘America First.’ So I like the expression. I’m ‘America First,’” Trump said at the time. “We have been disrespected, mocked and ripped off for many, many years by people that were smarter, shrewder, tougher,” he added.

Twitter: @ByBrianBennett

[email protected]

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