Zacks Investment Research Upgrades Knight-Swift Transportation (KNX) to Buy
Zacks Investment Research upgraded shares of Knight-Swift Transportation (NYSE:KNX) from a hold rating to a buy rating in a research report report published on Wednesday morning. The firm currently has $52.00 target price on the transportation company’s stock.
According to Zacks, “Knight-Swift Transportation Holdings Inc., is the largest provider of truckload services in North America. Through its Knight Transportation, Swift Transportation and Barr-Nunn branded subsidiaries, it operates truckload fleet primarily in North America as well as extensive rail intermodal and non-asset based freight brokerage and logistics management services. The Company offers dry van, cross border freight transportation, fleet solutions, consulting, brokerage, equipment leasing, temperature controlled transport, and engineering services. Knight-Swift Transportation Holdings serves customers in North America. Knight-Swift Transportation Holdings Inc., formerly known as Knight Transportation Inc., is headquartered in Phoenix, Arizona. “
Several other research analysts have also recently weighed in on KNX. KeyCorp raised shares of Knight-Swift Transportation from a sector weight rating to an overweight rating in a report on Tuesday, November 14th. Knight Equity boosted their price objective on shares of Knight-Swift Transportation to $55.00 and gave the company a buy rating in a report on Thursday, January 18th. JPMorgan Chase & Co. assumed coverage on shares of Knight-Swift Transportation in a report on Thursday, October 12th. They set a neutral rating and a $39.00 price objective for the company. UBS Group decreased their price objective on shares of Knight-Swift Transportation from $53.00 to $51.00 and set a buy rating for the company in a report on Tuesday, November 7th. Finally, Credit Suisse Group decreased their price objective on shares of Knight-Swift Transportation from $41.00 to $40.00 and set a neutral rating for the company in a report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $49.00.
Knight-Swift Transportation (NYSE:KNX) last released its quarterly earnings data on Tuesday, January 30th. The transportation company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.13. Knight-Swift Transportation had a net margin of 12.58% and a return on equity of 5.92%. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same period in the previous year, the company earned $0.29 earnings per share. The firm’s quarterly revenue was up 370.2% on a year-over-year basis. analysts anticipate that Knight-Swift Transportation will post 2.14 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 27th. Shareholders of record on Thursday, March 1st will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.50%. Knight-Swift Transportation’s dividend payout ratio is currently 8.70%.
In other news, General Counsel Todd F. Carlson sold 9,000 shares of the stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $39.24, for a total value of $353,160.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael Garnreiter sold 2,500 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $38.50, for a total transaction of $96,250.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,500 shares of company stock valued at $492,410. 9.90% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its stake in shares of Knight-Swift Transportation by 79.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,007 shares of the transportation company’s stock worth $131,000 after purchasing an additional 1,332 shares in the last quarter. Cigna Investments Inc. New purchased a new stake in shares of Knight-Swift Transportation in the fourth quarter worth $206,000. Oakbrook Investments LLC purchased a new stake in shares of Knight-Swift Transportation in the fourth quarter worth $210,000. Toronto Dominion Bank purchased a new stake in shares of Knight-Swift Transportation in the third quarter worth $234,000. Finally, Ameritas Investment Partners Inc. increased its stake in shares of Knight-Swift Transportation by 11.0% in the second quarter. Ameritas Investment Partners Inc. now owns 6,422 shares of the transportation company’s stock worth $238,000 after purchasing an additional 639 shares in the last quarter. 77.72% of the stock is owned by hedge funds and other institutional investors.
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Knight-Swift Transportation Company Profile
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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