Country Trust Bank Reduces Stake in Knight-Swift Transportation

Country Trust Bank has decreased its holdings in Knight-Swift Transportation Holdings Inc. (NYSE: KNX) by 3.4% during the second quarter of 2023, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). The bank now owns 571,996 shares of the transportation company after selling 20,397 shares during this period, which has left its stake at approximately 0.35%, valued at around $25.3 million.

Other institutional investors have also adjusted their positions in Knight-Swift. Washington Capital Management Inc. acquired a new stake valued at $464,000, while Two Point Capital Management Inc. and Entropy Technologies LP made new purchases worth $5.4 million and $1.2 million, respectively. Allspring Global Investments Holdings LLC increased its holdings by 8.1%, now owning 3,595,397 shares valued at $165.7 million. Meanwhile, Vanguard Group Inc. enhanced its stake by 3.6% in the first quarter, bringing its total to 14,935,845 shares worth approximately $649.6 million. Currently, institutional investors control about 88.77% of Knight-Swift’s stock.

Market Performance and Financials

As of Wednesday, Knight-Swift’s shares opened at $45.49. The company’s 50-day simple moving average stands at $43.30, and its 200-day simple moving average is $43.81. With a market capitalization of $7.38 billion, Knight-Swift shows a price-to-earnings ratio of 51.69 and a PEG ratio of 0.89. The stock has fluctuated between a 12-month low of $36.69 and a 12-month high of $61.51. The company’s current ratio is 1.33, quick ratio is 0.89, and the debt-to-equity ratio is 0.31.

Additionally, Knight-Swift recently announced a quarterly dividend of $0.18, scheduled to be paid on December 22, 2023. Shareholders on record as of December 5, 2023 will qualify for this dividend, which translates to an annualized amount of $0.72 and a dividend yield of 1.6%. The current dividend payout ratio is about 81.82%.

Insider Activity and Analyst Ratings

In related news, Chief Accounting Officer Cary M. Flanagan sold 4,300 shares on November 7, 2023, with an average sale price of $45.04, totaling $193,672. Following this transaction, Flanagan retains 5,644 shares valued at approximately $254,205.76. Executive Vice President Michael K. Liu also sold 3,420 shares on September 3, 2023, for about $148,462.20. Insiders currently hold 3.00% of the company’s stock.

Several analysts have provided insights into Knight-Swift’s stock performance. Citigroup lowered its price target from $54.00 to $53.00, maintaining a “buy” rating. Weiss Ratings reiterated a “sell (d)” rating, while Benchmark reaffirmed a “buy” rating. Morgan Stanley adjusted its price target from $68.00 to $67.00 and rated the stock as “overweight.” Bank of America upgraded Knight-Swift from “neutral” to “buy,” raising its price objective from $41.00 to $50.00.

Currently, two analysts rate the stock as a Strong Buy, twelve as Buy, four as Hold, and two as Sell. According to data from MarketBeat.com, the average price target stands at $53.29, reflecting a consensus rating of “Moderate Buy.”

Knight-Swift Transportation Holdings Inc. is a major player in the freight transportation sector, providing services across the United States and Mexico. The company operates through four segments: Truckload, Less-than-truckload (LTL), Logistics, and Intermodal, catering to a broad range of transportation needs.