Knight-Swift Transportation (NYSE:KNX) Hits New 1-Year High on Better-Than-Expected Earnings

Knight-Swift Transportation Holdings Inc. (NYSE:KNX) shares reached a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $61.51 and last traded at $57.29, with a volume of 1188916 shares traded. The stock had previously closed at $55.00.

The transportation company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. Knight-Swift Transportation had a return on equity of 1.81% and a net margin of 0.50%.

Knight-Swift Transportation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, December 6th. Knight-Swift Transportation’s payout ratio is presently 278.27%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group raised their price target on shares of Knight-Swift Transportation from $45.00 to $51.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Barclays lifted their target price on Knight-Swift Transportation from $62.00 to $68.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Susquehanna upgraded shares of Knight-Swift Transportation from a “neutral” rating to a “positive” rating and raised their price objective for the stock from $48.00 to $67.00 in a report on Friday, January 3rd. Morgan Stanley reduced their target price on shares of Knight-Swift Transportation from $72.00 to $70.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Finally, Bank of America raised their target price on Knight-Swift Transportation from $61.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Knight-Swift Transportation currently has an average rating of “Moderate Buy” and a consensus price target of $59.38.

Insider Activity

In other news, Chairman Kevin P. Knight sold 29,779 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $57.19, for a total transaction of $1,703,061.01. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ploeg David Vander sold 500 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $57.10, for a total transaction of $28,550.00. Following the completion of the transaction, the director now owns 30,729 shares of the company’s stock, valued at approximately $1,754,625.90. The trade was a 1.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Knight-Swift Transportation

A number of hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. bought a new stake in Knight-Swift Transportation during the 3rd quarter worth approximately $70,185,000. Millennium Management LLC boosted its stake in shares of Knight-Swift Transportation by 309.7% in the second quarter. Millennium Management LLC now owns 1,068,323 shares of the transportation company’s stock worth $53,331,000 after acquiring an additional 807,572 shares during the period. Brandes Investment Partners LP purchased a new stake in shares of Knight-Swift Transportation during the second quarter worth about $30,251,000. Fortitude Family Office LLC bought a new stake in Knight-Swift Transportation during the 3rd quarter valued at approximately $26,775,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Knight-Swift Transportation by 13.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 4,075,449 shares of the transportation company’s stock worth $219,870,000 after purchasing an additional 467,647 shares in the last quarter. 88.77% of the stock is currently owned by hedge funds and other institutional investors.

Knight-Swift Transportation Stock Up 5.4 %

The firm has a market capitalization of $9.39 billion, a P/E ratio of 252.45, a P/E/G ratio of 1.03 and a beta of 0.98. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.31. The company has a 50 day simple moving average of $55.24 and a two-hundred day simple moving average of $53.35.

About Knight-Swift Transportation

Knight-Swift Transportation Holdings Inc, together with its subsidiaries, provides freight transportation services in the United States and Mexico. The company operates through four segments: Truckload, Less-than-truckload (LTL), Logistics, and Intermodal. The Truckload segment provides transportation services, which include irregular route and dedicated, refrigerated, expedited, flatbed, and cross-border operations.