Here’s Why Kirby Corp. (KEX) Landed in Diamond Hill Capital’s Detractor List

Diamond Hill Capital, an investment management firm, published its “Diamond Hill Small Cap Fund” third-quarter 2021 investor letter – a copy of which can be downloaded here. The portfolio outpaced the Russell 2000® Index in the quarter, delivering nearly a 2% positive return against the index’s negative return and adding to year-to-date outperformance.  You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

Diamond Hill Small Cap Fund, in its Q3 2021 investor letter, mentioned Kirby Corporation (NYSE: KEX) and discussed its stance on the firm. Kirby Corporation is a Houston, Texas-based tank barge operator with a $3.2 billion market capitalization. KEX delivered a 5.60% return since the beginning of the year, while its 12-month returns are up by 14.33%. The stock closed at $54.73 per share on November 19, 2021.

Here is what Diamond Hill Small Cap Fund has to say about Kirby Corporation in its Q3 2021 investor letter:

“Bottom contributors in Q3 included Kirby Corporation. Kirby, a U.S.-based tank barge transporter of bulk liquid products, retreated from its Q2 highs. The recovery in hydrocarbon product volumes slowed due in part to delta-variant related disruptions and an active hurricane season in the Gulf Coast, which restricted refinery operations.”

Photo by Shaah Shahidh on Unsplash

Based on our calculations, Kirby Corporation (NYSE: KEX) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. KEX was in 21 hedge fund portfolios at the end of the first half of 2021, compared to 23 funds in the previous quarter. Kirby Corporation (NYSE: KEX) delivered a 3.91% return in the past 3 months.

Disclosure: None. This article is originally published at Insider Monkey.