Arcadia Investment Management Corp MI lowered its stake in Knight Transportation, Inc. (NYSE:KNX) by 48.7% during the second quarter, Holdings Channel reports. The institutional investor owned 29,600 shares of the transportation company’s stock after selling 28,147 shares during the period. Arcadia Investment Management Corp MI’s holdings in Knight Transportation were worth $1,097,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP raised its position in shares of Knight Transportation by 3.4% in the first quarter. Wellington Management Group LLP now owns 9,403,622 shares of the transportation company’s stock valued at $294,802,000 after buying an additional 309,790 shares in the last quarter. BlackRock Inc. raised its position in Knight Transportation by 129,468.0% in the first quarter. BlackRock Inc. now owns 7,898,465 shares of the transportation company’s stock valued at $247,616,000 after buying an additional 7,892,369 shares during the period. Vanguard Group Inc. raised its position in Knight Transportation by 5.1% in the first quarter. Vanguard Group Inc. now owns 5,689,091 shares of the transportation company’s stock valued at $178,353,000 after buying an additional 275,392 shares during the period. JPMorgan Chase & Co. raised its position in Knight Transportation by 17.7% in the first quarter. JPMorgan Chase & Co. now owns 3,460,276 shares of the transportation company’s stock valued at $108,480,000 after buying an additional 520,401 shares during the period. Finally, State Street Corp raised its position in Knight Transportation by 2.9% in the first quarter. State Street Corp now owns 1,722,067 shares of the transportation company’s stock valued at $53,986,000 after buying an additional 48,647 shares during the period. 89.30% of the stock is owned by institutional investors and hedge funds.

Shares of Knight Transportation, Inc. (NYSE KNX) opened at 38.35 on Tuesday. Knight Transportation, Inc. has a 52 week low of $26.85 and a 52 week high of $38.80. The stock has a 50 day moving average price of $36.33 and a 200 day moving average price of $33.96. The firm has a market capitalization of $3.09 billion, a P/E ratio of 39.54 and a beta of 0.86.

Knight Transportation (NYSE:KNX) last released its quarterly earnings results on Wednesday, July 26th. The transportation company reported $0.25 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.25. Knight Transportation had a net margin of 7.03% and a return on equity of 10.39%. The company had revenue of $273.20 million during the quarter, compared to the consensus estimate of $283.88 million. During the same period in the prior year, the firm earned $0.31 earnings per share. Knight Transportation’s revenue was down 1.1% on a year-over-year basis. Analysts forecast that Knight Transportation, Inc. will post $0.99 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date is Wednesday, August 30th. Knight Transportation’s dividend payout ratio is 25.00%.

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KNX has been the subject of several research analyst reports. Bank of America Corporation reissued a “buy” rating and issued a $43.00 price objective (up from $41.00) on shares of Knight Transportation in a research report on Monday, July 10th. Zacks Investment Research lowered Knight Transportation from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Robert W. Baird raised Knight Transportation from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $35.00 to $36.00 in a research report on Monday, April 17th. BidaskClub lowered Knight Transportation from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 12th. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $39.00 price objective (down from $40.00) on shares of Knight Transportation in a research report on Friday, April 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $38.13.

In other Knight Transportation news, COO Kevin Quast sold 3,469 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $31.71, for a total transaction of $110,001.99. Following the completion of the transaction, the chief operating officer now owns 63,497 shares of the company’s stock, valued at $2,013,489.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David A. Jackson sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $32.00, for a total transaction of $400,000.00. Following the transaction, the insider now directly owns 34,577 shares of the company’s stock, valued at approximately $1,106,464. The disclosure for this sale can be found here. Insiders have sold 20,644 shares of company stock valued at $678,577 in the last ninety days. Insiders own 9.90% of the company’s stock.

About Knight Transportation

Knight Transportation, Inc is a provider of multiple truckload transportation and logistics services, which involve the movement of trailer or container loads of freight from origin to destination for a single customer. The Company operates through two segments: Trucking and Logistics. Its Trucking segment consists of three operating units: dry van truckload, temperature-controlled truckload and drayage services.

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Institutional Ownership by Quarter for Knight Transportation (NYSE:KNX)

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