Knight-Swift Transportation Holdings Inc. (NYSE:KNX – Get Rating) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 9,340,000 shares, a drop of 8.6% from the August 15th total of 10,220,000 shares. Based on an average daily trading volume, of 1,640,000 shares, the days-to-cover ratio is presently 5.7 days. Approximately 6.2% of the company's stock are short sold.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on the stock. Credit Suisse Group lowered their target price on shares of Knight-Swift Transportation to $66.00 in a research note on Friday, July 22nd. Wolfe Research raised Knight-Swift Transportation from an "underperform" rating to a "peer perform" rating in a research report on Tuesday, July 12th. Evercore ISI raised Knight-Swift Transportation from an "in-line" rating to an "outperform" rating and set a $35.00 price target for the company in a report on Tuesday, July 12th. Susquehanna increased their price objective on shares of Knight-Swift Transportation from $64.00 to $65.00 and gave the company a "positive" rating in a research report on Thursday, July 21st. Finally, Wells Fargo & Company dropped their target price on shares of Knight-Swift Transportation from $62.00 to $58.00 and set an "overweight" rating on the stock in a research report on Friday, July 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $60.94.
Get Knight-Swift Transportation alerts:Knight-Swift Transportation Stock Performance
Shares of NYSE:KNX traded down $1.20 during trading on Tuesday, hitting $48.18. 1,073,131 shares of the stock traded hands, compared to its average volume of 1,834,236. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.22. The company has a fifty day moving average price of $52.06 and a two-hundred day moving average price of $49.82. Knight-Swift Transportation has a 52-week low of $42.50 and a 52-week high of $62.29. The company has a market cap of $7.74 billion, a price-to-earnings ratio of 9.07, a P/E/G ratio of 0.59 and a beta of 1.26.
Knight-Swift Transportation (NYSE:KNX – Get Rating) last released its quarterly earnings data on Wednesday, July 20th. The transportation company reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.35 by $0.06. Knight-Swift Transportation had a net margin of 12.26% and a return on equity of 14.44%. The company had revenue of $1.96 billion during the quarter, compared to analysts' expectations of $1.85 billion. During the same quarter in the previous year, the company earned $0.98 earnings per share. The firm's revenue for the quarter was up 49.1% on a year-over-year basis. As a group, equities analysts predict that Knight-Swift Transportation will post 5.39 EPS for the current year.Knight-Swift Transportation Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 26th. Stockholders of record on Monday, September 5th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date is Thursday, September 1st. Knight-Swift Transportation's dividend payout ratio (DPR) is presently 8.97%.
Insider Activity at Knight-Swift Transportation
In other Knight-Swift Transportation news, EVP James E. Jr. Updike sold 2,400 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $55.18, for a total transaction of $132,432.00. Following the sale, the executive vice president now owns 19,944 shares of the company's stock, valued at approximately $1,100,509.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.10% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its position in Knight-Swift Transportation by 2.3% during the first quarter. BlackRock Inc. now owns 16,645,263 shares of the transportation company's stock worth $839,919,000 after acquiring an additional 373,181 shares during the period. Vanguard Group Inc. raised its position in shares of Knight-Swift Transportation by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 13,894,447 shares of the transportation company's stock worth $701,114,000 after purchasing an additional 84,898 shares during the last quarter. Wellington Management Group LLP lifted its stake in Knight-Swift Transportation by 13.4% in the 1st quarter. Wellington Management Group LLP now owns 8,219,189 shares of the transportation company's stock valued at $414,739,000 after buying an additional 972,139 shares in the last quarter. State Street Corp boosted its holdings in Knight-Swift Transportation by 2.7% in the 1st quarter. State Street Corp now owns 6,314,648 shares of the transportation company's stock worth $318,637,000 after buying an additional 166,644 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Knight-Swift Transportation by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,850,070 shares of the transportation company's stock worth $194,290,000 after buying an additional 87,876 shares during the last quarter. Hedge funds and other institutional investors own 89.64% of the company's stock.
About Knight-Swift Transportation
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Knight-Swift Transportation Holdings Inc, together with its subsidiaries, provides truckload transportation services in the United States, Mexico, and Canada. The company operates through four segments: Trucking, Logistics, Less-than-truckload (LTL), and Intermodal. Its trucking services include irregular route, dedicated, refrigerated, flatbed, expedited, dry van, drayage, and cross-border transportation of various products, goods, and materials.
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