Investment analysts at J P Morgan Chase & Co started coverage on shares of Swift Transportation Company (NYSE:KNX) in a research report issued to clients and investors on Thursday. The firm set a “neutral” rating and a $39.00 price target on the transportation company’s stock. J P Morgan Chase & Co’s target price would indicate a potential downside of 1.04% from the stock’s previous close.
KNX has been the topic of a number of other research reports. BidaskClub cut Swift Transportation from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 12th. Deutsche Bank AG set a $45.00 price target on Swift Transportation and gave the stock a “buy” rating in a research report on Monday, July 31st. Zacks Investment Research cut Swift Transportation from a “buy” rating to a “hold” rating and set a $40.00 price target on the stock. in a research report on Wednesday, July 12th. Citigroup Inc. assumed coverage on Swift Transportation in a research report on Tuesday, September 19th. They issued a “buy” rating and a $48.00 price target on the stock. Finally, UBS AG raised their price target on Swift Transportation from $43.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, September 29th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company. Swift Transportation currently has a consensus rating of “Buy” and a consensus target price of $40.41.
Shares of Swift Transportation (KNX) traded down 3.05% during midday trading on Thursday, hitting $39.41. 2,054,500 shares of the stock traded hands. The stock has a 50 day moving average of $40.17 and a 200 day moving average of $36.08. The company has a market capitalization of $3.18 billion, a P/E ratio of 40.63 and a beta of 1.97. Swift Transportation has a 1-year low of $26.85 and a 1-year high of $44.45.
Swift Transportation (NYSE:KNX) last posted its quarterly earnings data on Wednesday, July 26th. The transportation company reported $0.25 earnings per share for the quarter, hitting the consensus estimate of $0.25. Swift Transportation had a return on equity of 22.23% and a net margin of 2.99%. The firm had revenue of $273.20 million for the quarter, compared to analysts’ expectations of $283.88 million. During the same quarter last year, the business earned $0.31 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities research analysts predict that Swift Transportation will post $1.21 earnings per share for the current fiscal year.
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In other news, Director G D. Madden sold 1,875 shares of Swift Transportation stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $36.52, for a total transaction of $68,475.00. Following the sale, the director now directly owns 56,011 shares of the company’s stock, valued at $2,045,521.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Todd F. Carlson sold 3,000 shares of Swift Transportation stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $37.86, for a total value of $113,580.00. Following the sale, the general counsel now directly owns 23,638 shares in the company, valued at $894,934.68. The disclosure for this sale can be found here. Company insiders own 9.90% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Wasatch Advisors Inc. boosted its stake in shares of Swift Transportation by 2.1% during the second quarter. Wasatch Advisors Inc. now owns 5,133,380 shares of the transportation company’s stock valued at $190,192,000 after purchasing an additional 105,640 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Swift Transportation by 5.8% during the second quarter. Public Employees Retirement System of Ohio now owns 269,658 shares of the transportation company’s stock valued at $9,991,000 after purchasing an additional 14,872 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new stake in shares of Swift Transportation during the second quarter valued at about $535,000. Ameritas Investment Partners Inc. boosted its stake in shares of Swift Transportation by 11.0% during the second quarter. Ameritas Investment Partners Inc. now owns 6,422 shares of the transportation company’s stock valued at $238,000 after purchasing an additional 639 shares in the last quarter. Finally, Castleark Management LLC acquired a new stake in shares of Swift Transportation during the second quarter valued at about $3,188,000.
About Swift 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. Its Trucking segment consists of three operating units: dry van truckload, temperature-controlled truckload and drayage services.
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