Knight-Swift Transportation (NYSE:KNX) Given New $54.00 Price Target at Bank of America

Knight-Swift Transportation (NYSE:KNX) had its price objective cut by Bank of America from $58.00 to $54.00 in a report published on Thursday, Benzinga reports. They currently have a buy rating on the transportation company’s stock.

Several other brokerages also recently issued reports on KNX. Barclays cut their price objective on Knight-Swift Transportation from $65.00 to $62.00 and set an overweight rating for the company in a research report on Monday, April 1st. JPMorgan Chase & Co. cut their price objective on Knight-Swift Transportation from $62.00 to $60.00 and set a neutral rating for the company in a research report on Tuesday, April 9th. TD Cowen dropped their target price on Knight-Swift Transportation from $58.00 to $52.00 and set a buy rating for the company in a research report on Thursday. Susquehanna dropped their target price on Knight-Swift Transportation from $62.00 to $59.00 and set a neutral rating for the company in a research report on Monday, March 25th. Finally, Loop Capital downgraded Knight-Swift Transportation from a buy rating to a hold rating and dropped their target price for the stock from $63.00 to $53.00 in a research report on Thursday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a 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 $57.77.

Knight-Swift Transportation Price Performance

Shares of KNX stock opened at $47.88 on Thursday. The stock’s fifty day simple moving average is $54.83 and its 200 day simple moving average is $54.19. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $7.73 billion, a price-to-earnings ratio of 36.00, a P/E/G ratio of 1.40 and a beta of 0.99. Knight-Swift Transportation has a one year low of $45.73 and a one year high of $60.99.

Knight-Swift Transportation (NYSE:KNX) last issued its quarterly earnings data on Wednesday, January 24th. The transportation company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.38). Knight-Swift Transportation had a net margin of 3.04% and a return on equity of 3.93%. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.92 billion. On average, analysts expect that Knight-Swift Transportation will post 2.3 earnings per share for the current fiscal year.

Knight-Swift Transportation Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were issued a $0.16 dividend. This is an increase from Knight-Swift Transportation’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 1.34%. The ex-dividend date was Thursday, March 7th. Knight-Swift Transportation’s dividend payout ratio is 48.12%.

Insiders Place Their Bets

In other Knight-Swift Transportation news, CAO Cary M. Flanagan sold 2,000 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $56.24, for a total value of $112,480.00. Following the completion of the sale, the chief accounting officer now directly owns 5,118 shares in the company, valued at $287,836.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of KNX. Victory Capital Management Inc. grew its holdings in shares of Knight-Swift Transportation by 908.9% during the fourth quarter. Victory Capital Management Inc. now owns 4,181,899 shares of the transportation company’s stock worth $241,086,000 after buying an additional 3,767,408 shares in the last quarter. Norges Bank acquired a new position in Knight-Swift Transportation during the fourth quarter valued at approximately $201,232,000. Wellington Management Group LLP boosted its position in Knight-Swift Transportation by 15.7% during the fourth quarter. Wellington Management Group LLP now owns 15,715,804 shares of the transportation company’s stock valued at $906,016,000 after purchasing an additional 2,137,296 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Knight-Swift Transportation by 94.1% during the second quarter. Goldman Sachs Group Inc. now owns 1,841,620 shares of the transportation company’s stock valued at $85,249,000 after purchasing an additional 892,933 shares during the last quarter. Finally, Balyasny Asset Management L.P. boosted its position in Knight-Swift Transportation by 225.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 865,235 shares of the transportation company’s stock valued at $49,881,000 after purchasing an additional 599,193 shares during the last quarter. 88.77% of the stock is currently owned by institutional investors.

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.