Knight-Swift Transportation Holdings Inc. $KNX Shares Sold by Redmond Asset Management LLC

Key Points

• Redmond Asset Management cut its Knight-Swift Transportation position by 49.2% in the third quarter, selling 18,876 shares and retaining 19,527 shares valued at approximately $1.24 million. Institutional investors collectively own 88.77% of KNX.
• Knight-Swift reported quarterly EPS of $0.83, beating estimates of $0.76, while revenue rose 14.2% year over year to $2.20 billion. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $83.22.
• KNX opened at $60.77, below its 52-week high of $82.86, and recently announced a quarterly dividend of $0.20 per share, representing a 1.3% yield.

Redmond Asset Management LLC lowered its position in shares of Knight-Swift Transportation Holdings Inc. (NYSE:KNX - Free Report) by 49.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,527 shares of the transportation company's stock after selling 18,876 shares during the quarter. Redmond Asset Management LLC's holdings in Knight-Swift Transportation were worth $1,242,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of KNX. North Dakota State Investment Board lifted its holdings in shares of Knight-Swift Transportation by 3.4% during the 3rd quarter. North Dakota State Investment Board now owns 4,842 shares of the transportation company's stock worth $308,000 after acquiring an additional 160 shares during the last quarter. MCF Advisors LLC increased its stake in Knight-Swift Transportation by 55.8% in the second quarter. MCF Advisors LLC now owns 676 shares of the transportation company's stock valued at $53,000 after acquiring an additional 242 shares during the last quarter. VestGen Advisors LLC increased its stake in Knight-Swift Transportation by 6.1% in the third quarter. VestGen Advisors LLC now owns 4,764 shares of the transportation company's stock valued at $303,000 after acquiring an additional 274 shares during the last quarter. Blue Trust Inc. increased its stake in Knight-Swift Transportation by 123.9% in the first quarter. Blue Trust Inc. now owns 544 shares of the transportation company's stock valued at $31,000 after acquiring an additional 301 shares during the last quarter. Finally, IFP Advisors Inc raised its position in Knight-Swift Transportation by 10.6% during the third quarter. IFP Advisors Inc now owns 3,391 shares of the transportation company's stock valued at $216,000 after purchasing an additional 326 shares in the last quarter. Hedge funds and other institutional investors own 88.77% of the company's stock.

Analyst Upgrades and Downgrades

KNX has been the subject of a number of research reports. Wells Fargo & Company cut their price objective on Knight-Swift Transportation from $81.00 to $79.00 and set an "overweight" rating for the company in a report on Thursday, October 22nd. Zacks Research lowered Knight-Swift Transportation from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 31st. UBS Group reissued a "buy" rating on shares of Knight-Swift Transportation in a report on Thursday, October 22nd. JPMorgan Chase & Co. boosted their target price on Knight-Swift Transportation from $68.00 to $74.00 and gave the stock a "neutral" rating in a research report on Thursday, October 22nd. Finally, Benchmark upped their target price on Knight-Swift Transportation from $75.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. Two investment 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 company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $83.22.

Knight-Swift Transportation Stock Performance

Knight-Swift Transportation stock opened at $60.77 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $9.89 billion, a PE ratio of 65.35, a P/E/G ratio of 0.48 and a beta of 1.21. The firm has a fifty day simple moving average of $66.14 and a two-hundred day simple moving average of $65.90. Knight-Swift Transportation Holdings Inc. has a twelve month low of $41.24 and a twelve month high of $82.86.

Knight-Swift Transportation (NYSE:KNX - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The transportation company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.07. Knight-Swift Transportation had a net margin of 1.92% and a return on equity of 4.71%. The business had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the prior year, the business posted $0.32 earnings per share. The company's revenue was up 14.2% on a year-over-year basis. Research analysts expect that Knight-Swift Transportation Holdings Inc. will post 2.45 EPS for the current year.

Knight-Swift Transportation Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Friday, September 4th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, September 4th. This represents a $0.80 annualized dividend and a yield of 1.3%. Knight-Swift Transportation's dividend payout ratio is currently 86.02%.

Insider Activity at Knight-Swift Transportation

In other Knight-Swift Transportation news, CAO Cary M. Flanagan sold 3,600 shares of the business's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $70.82, for a total value of $254,952.00. Following the completion of the sale, the chief accounting officer owned 5,405 shares in the company, valued at approximately $382,782.10. The trade was a 39.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Reid Dove sold 126,864 shares of the firm'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 transaction of $9,277,564.32. The SEC filing for this sale provides additional information. Insiders sold 224,954 shares of company stock worth $16,183,454 in the last ninety days. 2.90% of the stock is owned by company insiders.

Knight-Swift Transportation Profile

Knight-Swift Transportation Holdings Inc is a transportation and logistics company that provides freight services across North America. The company operates one of the largest truckload fleets in the United States and serves a broad range of industries through its network of company-owned equipment, independent contractors, terminals and distribution facilities.

Its services include dry-van, refrigerated and flatbed truckload transportation; dedicated and expedited delivery; less-than-truckload shipping; freight brokerage; intermodal transportation; cross-border logistics; and warehousing and other supply-chain services.

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