Knight-Swift Transportation Holdings Inc. $KNX Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring cut its Knight-Swift stake by 49.8% in the third quarter, selling 1,072,851 shares. It retained 1,083,602 shares, valued at about $70.9 million.
• Institutional investors own 88.77% of the company’s stock, while insiders sold 171,354 shares worth approximately $12.4 million over the past three months.
• Knight-Swift beat quarterly earnings and revenue estimates, reporting EPS of $0.83 and revenue of $2.20 billion; analysts’ consensus rating is “Moderate Buy,” with an average price target of $83.22.

Allspring Global Investments Holdings LLC trimmed its position in shares of Knight-Swift Transportation Holdings Inc. (NYSE:KNX - Free Report) by 49.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,083,602 shares of the transportation company's stock after selling 1,072,851 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.67% of Knight-Swift Transportation worth $70,878,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of KNX. Manning & Napier Advisors LLC purchased a new position in shares of Knight-Swift Transportation in the second quarter valued at approximately $173,669,000. Encompass Capital Advisors LLC purchased a new position in Knight-Swift Transportation in the 1st quarter valued at approximately $28,790,000. Assenagon Asset Management S.A. purchased a new position in Knight-Swift Transportation in the 3rd quarter valued at approximately $29,990,000. Waycross Partners LLC purchased a new position in Knight-Swift Transportation in the 3rd quarter valued at approximately $24,038,000. Finally, Norris Perne & French LLP MI grew its stake in shares of Knight-Swift Transportation by 248.3% in the third quarter. Norris Perne & French LLP MI now owns 473,393 shares of the transportation company's stock worth $30,103,000 after acquiring an additional 337,461 shares in the last quarter. 88.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Knight-Swift Transportation

In other news, Director David Vander Ploeg sold 2,200 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $52.33, for a total value of $115,126.00. Following the completion of the sale, the director directly owned 30,252 shares of the company's stock, valued at $1,583,087.16. This trade represents a 6.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Reid Dove sold 126,864 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $73.13, for a total value of $9,277,564.32. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 171,354 shares of company stock valued at $12,416,002 over the last three months. Corporate insiders own 2.90% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on KNX shares. Wall Street Zen raised Knight-Swift Transportation from a "hold" rating to a "buy" rating in a research report on Saturday, October 31st. Zacks Research cut Knight-Swift Transportation from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 31st. Raymond James Financial reiterated a "strong-buy" rating and issued a $84.00 target price on shares of Knight-Swift Transportation in a report on Thursday, October 22nd. TD Cowen boosted their target price on Knight-Swift Transportation from $82.00 to $86.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Finally, Bank of America cut their price target on Knight-Swift Transportation from $98.00 to $92.00 and set a "buy" rating on the stock in a report on Wednesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Knight-Swift Transportation presently has a consensus rating of "Moderate Buy" and an average target price of $83.22.

Knight-Swift Transportation Price Performance

Knight-Swift Transportation stock opened at $61.64 on Tuesday. The stock has a market cap of $10.03 billion, a P/E ratio of 30.13, a price-to-earnings-growth ratio of 0.51 and a beta of 1.20. The company has a fifty day simple moving average of $64.82 and a 200-day simple moving average of $66.07. Knight-Swift Transportation Holdings Inc. has a 12-month low of $41.24 and a 12-month high of $82.86. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.30.

Knight-Swift Transportation (NYSE:KNX - Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The transportation company reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.07. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.16 billion. Knight-Swift Transportation had a return on equity of 4.71% and a net margin of 1.92%. Knight-Swift Transportation's revenue for the quarter was up 14.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.32 EPS. Equities analysts expect that Knight-Swift Transportation Holdings Inc. will post 2.47 EPS for the current fiscal year.

Knight-Swift Transportation Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Monday, December 7th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, December 7th. Knight-Swift Transportation's payout ratio is presently 86.02%.

About Knight-Swift Transportation

Knight-Swift Transportation Holdings is a transportation and logistics company providing freight services primarily across North America. Its offerings include truckload transportation, less-than-truckload shipping, freight brokerage, logistics and intermodal services.

The company's truckload operations serve a range of shipping needs, including dry van, refrigerated, flatbed and dedicated transportation. Its network also supports cross-border freight movements between the United States, Mexico and Canada.

Knight-Swift was formed in 2017 through the merger of Knight Transportation and Swift Transportation.

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