Harvey Investment Co. LLC increased its position in Knight Transportation Inc. (NYSE:KNX) by 1.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 481,789 shares of the company’s stock after buying an additional 7,784 shares during the period. Knight Transportation makes up approximately 2.8% of Harvey Investment Co. LLC’s investment portfolio, making the stock its 12th largest position. Harvey Investment Co. LLC’s holdings in Knight Transportation were worth $12,806,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of KNX. Wellington Management Group LLP raised its stake in shares of Knight Transportation by 31.5% in the first quarter. Wellington Management Group LLP now owns 5,602,282 shares of the company’s stock worth $146,500,000 after buying an additional 1,341,814 shares in the last quarter. Eagle Asset Management Inc. bought a new stake in shares of Knight Transportation during the second quarter worth $13,068,000. TimesSquare Capital Management LLC raised its stake in shares of Knight Transportation by 27.1% in the first quarter. TimesSquare Capital Management LLC now owns 2,028,320 shares of the company’s stock worth $53,041,000 after buying an additional 432,720 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Knight Transportation by 1,384.7% in the first quarter. Goldman Sachs Group Inc. now owns 217,396 shares of the company’s stock worth $5,685,000 after buying an additional 202,754 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Knight Transportation by 7.6% in the first quarter. JPMorgan Chase & Co. now owns 2,216,239 shares of the company’s stock worth $57,956,000 after buying an additional 156,055 shares in the last quarter. 91.16% of the stock is owned by institutional investors.
Shares of Knight Transportation Inc. (NYSE:KNX) traded down 1.21% on Wednesday, reaching $28.55. 753,746 shares of the company were exchanged. The stock has a 50 day moving average price of $28.57 and a 200-day moving average price of $27.27. Knight Transportation Inc. has a 12 month low of $20.56 and a 12 month high of $30.38. The stock has a market capitalization of $2.28 billion, a P/E ratio of 21.78 and a beta of 0.83.
Knight Transportation (NYSE:KNX) last issued its earnings results on Wednesday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.01. The company had revenue of $276.30 million for the quarter, compared to analyst estimates of $283.13 million. Knight Transportation had a net margin of 9.37% and a return on equity of 14.55%. The company’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.39 EPS. On average, equities analysts expect that Knight Transportation Inc. will post $1.18 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 2nd were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.83%. The ex-dividend date was Wednesday, August 31st. Knight Transportation’s dividend payout ratio (DPR) is presently 18.18%.
A number of analysts have recently weighed in on KNX shares. Credit Suisse Group AG lowered shares of Knight Transportation from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $28.00 to $26.00 in a research note on Thursday, July 7th. Zacks Investment Research raised shares of Knight Transportation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 23rd. Macquarie lowered shares of Knight Transportation from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $29.00 to $27.00 in a research note on Thursday, July 28th. Bank of America Corp. reiterated a “neutral” rating and issued a $29.00 target price (up from $28.00) on shares of Knight Transportation in a report on Tuesday, June 21st. Finally, Avondale Partners downgraded shares of Knight Transportation from a “market perform” rating to an “underperform” rating and dropped their target price for the stock from $27.00 to $21.00 in a report on Thursday, June 23rd. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the stock. Knight Transportation currently has a consensus rating of “Hold” and an average price target of $29.42.
In related news, Vice Chairman Gary J. Knight sold 29,386 shares of the stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $28.53, for a total value of $838,382.58. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman Gary J. Knight sold 99,339 shares of the stock in a transaction that occurred on Wednesday, August 31st. The shares were sold at an average price of $28.09, for a total transaction of $2,790,432.51. The disclosure for this sale can be found here. 11.60% of the stock is currently owned by 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. The Company operates primarily in the United States with minor operations in Canada and Mexico.
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