Scott P. Miller, Vice President and CIO of Kirby Corporation (KEX), has been a consistent seller of company stock over the past two years, with no open-market purchases recorded in his recent Form 4 filings. Across 36 transactions, all of his discretionary trading activity has been on the sell side, totaling approximately $1.99 million in value. The most recent open-market sale occurred on February 10, 2026, when Miller disposed of KEX shares worth $477,892.80, following earlier sales of $386,405 on February 6, 2025, $133,866.84 on February 5, 2025, and $637,310.25 on March 26, 2024.
The transaction pattern is dominated by sales, but the surrounding activity reveals a largely mechanical process. The bulk of Miller's filings involve option exercises (code M) valued at $0, which are typically paired with share withholdings to cover tax obligations (code F) and equity grants (code A) that carry no cash value. For example, on February 3, 2026, Miller exercised multiple options and had $158,211.48 in shares withheld for taxes, while a January 30, 2026 grant added shares at no cost. Similar clusters appear in early 2025 and late January of both years, suggesting these are routine compensation events rather than discretionary trades.
The only true open-market transactions are the four sales listed above, all in KEX, with no corresponding purchases. This creates a clear directional bias toward reducing his position, though the timing of the sales—clustered around February and March—aligns with post-compensation windows. The most recent sale on February 10, 2026, is the largest single disposal in the dataset, and with no buys recorded, the overall trajectory is one of steady, periodic liquidation rather than accumulation.
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