Swift Transportation’s (SWFT) Buy Rating Reaffirmed at Cowen and Company
Cowen and Company reaffirmed their buy rating on shares of Swift Transportation Company (NYSE:SWFT) in a research note published on Monday. Cowen and Company currently has a $25.00 price target on the transportation company’s stock.
Several other brokerages have also issued reports on SWFT. Bank of America Corporation reiterated a buy rating and issued a $31.00 target price (up previously from $29.00) on shares of Swift Transportation in a research report on Monday, July 10th. Zacks Investment Research upgraded shares of Swift Transportation from a hold rating to a strong-buy rating and set a $30.00 price target on the stock in a research report on Thursday, July 27th. Stifel Nicolaus restated a hold rating and set a $27.00 price target on shares of Swift Transportation in a research report on Tuesday, July 25th. UBS AG restated a buy rating and set a $31.00 price target (up from $29.00) on shares of Swift Transportation in a research report on Tuesday, July 25th. Finally, BidaskClub upgraded shares of Swift Transportation from a hold rating to a buy rating in a research report on Wednesday, June 28th. Eight investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Swift Transportation presently has an average rating of Buy and an average target price of $27.99.
Shares of Swift Transportation (SWFT) opened at 27.64 on Monday. The stock has a market cap of $3.70 billion, a P/E ratio of 35.44 and a beta of 1.96. The company has a 50 day moving average price of $26.08 and a 200-day moving average price of $23.93. Swift Transportation has a 12 month low of $18.40 and a 12 month high of $27.81.
Swift Transportation (NYSE:SWFT) last announced its earnings results on Monday, July 24th. The transportation company reported $0.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.05. Swift Transportation had a net margin of 2.99% and a return on equity of 22.23%. The business had revenue of $1,000 million for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the business earned $0.34 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities research analysts predict that Swift Transportation will post $0.98 earnings per share for the current year.
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In other news, CFO Virginia Henkels sold 20,325 shares of the business’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $23.90, for a total value of $485,767.50. Following the sale, the chief financial officer now directly owns 53,772 shares of the company’s stock, valued at approximately $1,285,150.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Richard Stocking sold 126,722 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $27.30, for a total transaction of $3,459,510.60. Following the completion of the sale, the insider now directly owns 133,902 shares in the company, valued at $3,655,524.60. The disclosure for this sale can be found here. Insiders have sold 193,251 shares of company stock worth $5,203,839 over the last ninety days. 44.90% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Swift Transportation by 40,731.1% in the first quarter. BlackRock Inc. now owns 4,864,210 shares of the transportation company’s stock worth $99,912,000 after buying an additional 4,852,297 shares during the period. Bank of New York Mellon Corp increased its stake in Swift Transportation by 972.9% in the second quarter. Bank of New York Mellon Corp now owns 4,783,355 shares of the transportation company’s stock worth $126,758,000 after buying an additional 4,337,518 shares during the period. CNH Partners LLC bought a new stake in Swift Transportation during the second quarter worth about $57,360,000. Renaissance Technologies LLC bought a new stake in Swift Transportation during the first quarter worth about $38,449,000. Finally, UBS Oconnor LLC bought a new stake in Swift Transportation during the first quarter worth about $20,797,000. 74.86% of the stock is currently owned by institutional investors and hedge funds.
About Swift Transportation
Swift Transportation Company is a multi-faceted transportation services company. As of December 31, 2016, the Company operated fleets of truckload equipment in North America from over 40 terminals near key freight centers and traffic lanes. The Company’ segments include Truckload, Dedicated, Swift Refrigerated and Intermodal.
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