Knight Transportation Inc. (KNX) Downgraded by Zacks Investment Research to “Sell”
Knight Transportation Inc. (NYSE:KNX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “KNIGHT TRANSPORTATION INC. is a short to medium-haul, dry van truckload carrier operating in the western region of the United States. Co. transports general commodities, including consumer goods, packaged foodstuffs, paper products, beverage containers and imported and exported commodities. “
Several other research analysts have also recently issued reports on the stock. Citigroup Inc. raised their target price on shares of Knight Transportation from $27.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, September 16th. Barclays PLC raised their target price on shares of Knight Transportation from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, September 12th. Deutsche Bank AG raised their target price on shares of Knight Transportation from $27.00 to $29.00 and gave the stock a “hold” rating in a report on Friday, July 29th. Macquarie cut shares of Knight Transportation from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $29.00 to $27.00 in a report on Thursday, July 28th. Finally, Credit Suisse Group AG cut shares of Knight Transportation from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $28.00 to $26.00 in a report on Thursday, July 7th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $29.42.
Knight Transportation (NYSE:KNX) opened at 29.00 on Tuesday. Knight Transportation has a 12-month low of $20.56 and a 12-month high of $30.38. The firm has a market cap of $2.32 billion, a P/E ratio of 22.12 and a beta of 0.83. The firm’s 50-day moving average is $28.54 and its 200 day moving average is $27.26.
Knight Transportation (NYSE:KNX) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.30 by $0.01. The firm had revenue of $276.30 million for the quarter, compared to the consensus estimate of $283.13 million. Knight Transportation had a net margin of 9.37% and a return on equity of 14.55%. The business’s revenue was down 8.4% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share. Equities analysts forecast that Knight Transportation will post $1.18 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 2nd were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date of this dividend was Wednesday, August 31st. Knight Transportation’s dividend payout ratio (DPR) is 18.18%.
In other Knight Transportation news, VP Wayne Yu sold 3,200 shares of the business’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $29.59, for a total value of $94,688.00. Following the completion of the transaction, the vice president now owns 8,279 shares of the company’s stock, valued at approximately $244,975.61. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Gary J. Knight sold 99,339 shares of the business’s stock in a transaction dated Wednesday, August 31st. The stock was sold at an average price of $28.09, for a total value of $2,790,432.51. The disclosure for this sale can be found here. 11.60% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of KNX. Bank of Montreal Can acquired a new position in shares of Knight Transportation during the second quarter worth $107,000. BlackRock Inc. raised its position in shares of Knight Transportation by 125.3% in the first quarter. BlackRock Inc. now owns 4,206 shares of the company’s stock worth $109,000 after buying an additional 2,339 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Knight Transportation by 3,916.4% in the second quarter. Tower Research Capital LLC TRC now owns 4,418 shares of the company’s stock worth $118,000 after buying an additional 4,308 shares during the period. Creative Planning raised its position in shares of Knight Transportation by 57.1% in the second quarter. Creative Planning now owns 5,500 shares of the company’s stock worth $146,000 after buying an additional 2,000 shares during the period. Finally, Huntington National Bank raised its position in shares of Knight Transportation by 7.5% in the second quarter. Huntington National Bank now owns 6,789 shares of the company’s stock worth $180,000 after buying an additional 471 shares during the period. 91.16% of the stock is owned by institutional investors and hedge funds.
About Knight Transportation
Knight Transportation, Inc is a provider of multiple truckload transportation and logistics services, which involve the movement of trailer or container loads of freight from origin to destination for a single customer. The Company operates through two segments: Trucking and Logistics. The Company operates primarily in the United States with minor operations in Canada and Mexico.
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