Swift Transportation Company (NYSE:SWFT) Earns “Buy” Rating from Bank of America Corporation
Bank of America Corporation restated their buy rating on shares of Swift Transportation Company (NYSE:SWFT) in a research note released on Monday, July 10th. The firm currently has a $31.00 price objective on the transportation company’s stock, up from their prior price objective of $29.00.
Other equities analysts have also issued research reports about the stock. Longbow Research raised shares of Swift Transportation from a neutral rating to a buy rating and set a $26.00 price target for the company in a report on Tuesday, March 21st. Barclays PLC lowered shares of Swift Transportation from an overweight rating to an equal weight rating and decreased their price target for the company from $29.00 to $24.00 in a report on Friday, March 24th. Zacks Investment Research raised shares of Swift Transportation from a sell rating to a hold rating in a report on Tuesday, April 4th. Vetr cut shares of Swift Transportation from a strong-buy rating to a hold rating and set a $25.00 price objective on the stock. in a research report on Monday, April 10th. Finally, Stephens cut shares of Swift Transportation from an overweight rating to an equal weight rating in a research report on Tuesday, April 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $28.18.
Shares of Swift Transportation (NYSE SWFT) traded up 0.42% during midday trading on Monday, hitting $26.41. The stock had a trading volume of 977,444 shares. Swift Transportation has a one year low of $18.05 and a one year high of $27.23. The stock has a 50 day moving average of $25.88 and a 200-day moving average of $23.57. The company has a market cap of $3.54 billion, a P/E ratio of 33.86 and a beta of 1.96.
Swift Transportation (NYSE:SWFT) last issued its quarterly earnings results on Monday, July 24th. The transportation company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.05. The business had revenue of $1,000 million during the quarter, compared to analyst estimates of $1.02 billion. Swift Transportation had a net margin of 2.99% and a return on equity of 22.23%. Swift Transportation’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.34 earnings per share. Analysts forecast that Swift Transportation will post $0.98 EPS for the current fiscal year.
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In other Swift Transportation news, CFO Virginia Henkels sold 20,325 shares of the stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $23.90, for a total transaction of $485,767.50. Following the transaction, the chief financial officer now owns 53,772 shares in the company, valued at approximately $1,285,150.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Richard Stocking sold 80,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $24.25, for a total transaction of $1,940,000.00. Following the transaction, the insider now owns 93,902 shares in the company, valued at approximately $2,277,123.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 221,280 shares of company stock worth $5,341,261. Company insiders own 44.90% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. TrimTabs Asset Management LLC increased its stake in shares of Swift Transportation by 89.0% in the first quarter. TrimTabs Asset Management LLC now owns 5,013 shares of the transportation company’s stock worth $103,000 after buying an additional 2,360 shares during the period. James Investment Research Inc. increased its position in shares of Swift Transportation by 51.5% in the first quarter. James Investment Research Inc. now owns 5,150 shares of the transportation company’s stock valued at $106,000 after buying an additional 1,750 shares during the last quarter. Exane Derivatives bought a new position in shares of Swift Transportation during the first quarter valued at approximately $124,000. Ameritas Investment Partners Inc. bought a new position in shares of Swift Transportation during the first quarter valued at approximately $133,000. Finally, FNY Partners Fund LP increased its position in shares of Swift Transportation by 20,933.3% in the first quarter. FNY Partners Fund LP now owns 7,500 shares of the transportation company’s stock valued at $154,000 after buying an additional 7,536 shares during the last quarter. 75.22% of the stock is owned by institutional investors.
About Swift Transportation
Swift Transportation Company is a multi-faceted transportation services company. As of December 31, 2016, the Company operated fleets of truckload equipment in North America from over 40 terminals near key freight centers and traffic lanes. The Company’ segments include Truckload, Dedicated, Swift Refrigerated and Intermodal.
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