Canada Pension Plan Investment Board Sells 106,000 Shares of Knight Transportation, Inc. (KNX)
Canada Pension Plan Investment Board reduced its position in Knight Transportation, Inc. (NYSE:KNX) by 36.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 188,600 shares of the transportation company’s stock after selling 106,000 shares during the period. Canada Pension Plan Investment Board owned approximately 0.23% of Knight Transportation worth $6,988,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in KNX. LS Investment Advisors LLC increased its stake in Knight Transportation by 33.5% in the first quarter. LS Investment Advisors LLC now owns 3,363 shares of the transportation company’s stock worth $105,000 after buying an additional 844 shares in the last quarter. FNY Managed Accounts LLC acquired a new stake in Knight Transportation during the first quarter worth $122,000. Huntington National Bank increased its stake in Knight Transportation by 17.4% in the first quarter. Huntington National Bank now owns 3,976 shares of the transportation company’s stock worth $125,000 after buying an additional 590 shares in the last quarter. Victory Capital Management Inc. increased its stake in Knight Transportation by 43.6% in the first quarter. Victory Capital Management Inc. now owns 4,578 shares of the transportation company’s stock worth $144,000 after buying an additional 1,390 shares in the last quarter. Finally, Capital One National Association acquired a new stake in Knight Transportation during the second quarter worth $212,000. 89.30% of the stock is currently owned by hedge funds and other institutional investors.
Knight Transportation, Inc. (KNX) opened at 37.20 on Monday. The firm’s 50-day moving average is $36.37 and its 200 day moving average is $34.06. The company has a market cap of $3.00 billion, a PE ratio of 38.35 and a beta of 0.86. Knight Transportation, Inc. has a 1-year low of $26.85 and a 1-year high of $38.80.
Knight Transportation (NYSE:KNX) last announced its quarterly earnings results on Wednesday, July 26th. The transportation company reported $0.25 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.25. Knight Transportation had a return on equity of 10.39% and a net margin of 7.03%. The business had revenue of $273.20 million for the quarter, compared to analyst estimates of $283.88 million. During the same quarter in the prior year, the company posted $0.31 EPS. The company’s quarterly revenue was down 1.1% on a year-over-year basis. Analysts predict that Knight Transportation, Inc. will post $0.99 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend is Wednesday, August 30th. Knight Transportation’s payout ratio is 25.00%.
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A number of analysts have recently weighed in on the stock. UBS AG raised shares of Knight Transportation from a “neutral” rating to a “buy” rating and upped their target price for the stock from $35.00 to $43.00 in a research report on Monday, April 24th. BidaskClub upgraded shares of Knight Transportation from a “hold” rating to a “buy” rating in a research note on Wednesday, August 9th. Zacks Investment Research upgraded shares of Knight Transportation from a “sell” rating to a “hold” rating and set a $41.00 price target on the stock in a research note on Wednesday, July 5th. Deutsche Bank AG set a $45.00 price target on shares of Knight Transportation and gave the stock a “buy” rating in a research note on Monday, July 31st. Finally, Stephens upgraded shares of Knight Transportation from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $36.00 to $42.00 in a research note on Monday, June 12th. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $38.13.
In related news, VP James E. Jr. Updike sold 2,800 shares of the stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $35.75, for a total transaction of $100,100.00. Following the transaction, the vice president now owns 16,096 shares of the company’s stock, valued at approximately $575,432. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Todd F. Carlson sold 3,000 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $37.86, for a total value of $113,580.00. Following the transaction, the general counsel now directly owns 23,638 shares in the company, valued at approximately $894,934.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,675 shares of company stock worth $282,155. 9.90% of the stock is owned by corporate insiders.
Knight Transportation Company Profile
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. Its Trucking segment consists of three operating units: dry van truckload, temperature-controlled truckload and drayage services.
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