Swift Transportation Company (NYSE:KNX) Rating Lowered to Sell at Zacks Investment Research

Swift Transportation Company (NYSE:KNX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, October 18th.

According to Zacks, “Knight-Swift Transportation Holdings Inc. through its Knight Transportation, Swift Transportation and Barr-Nunn branded subsidiaries, operates truckload fleet primarily in North America as well as extensive rail intermodal and non-asset based freight brokerage and logistics management services. The Company’s services includes irregular route, dedicated, expedited, port drayage and cross-border U.S; Mexico; Canada transport utilizing dry van, refrigerated, flatbed and specialized trailers and intermodal containers. Knight-Swift Transportation Holdings Inc., formerly known as Knight Transportation Inc., is headquartered in Phoenix, Arizona. “

A number of other brokerages have also recently weighed in on KNX. Barclays PLC raised their price objective on Swift Transportation from $33.00 to $37.00 and gave the company an “underweight” rating in a report on Monday, October 2nd. ValuEngine cut Swift Transportation from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Seaport Global Securities reissued a “buy” rating on shares of Swift Transportation in a report on Thursday, September 21st. UBS AG raised their price objective on Swift Transportation from $43.00 to $53.00 and gave the company a “buy” rating in a report on Friday, September 29th. Finally, J P Morgan Chase & Co began coverage on Swift Transportation in a report on Thursday, October 12th. They set a “neutral” rating and a $39.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $40.94.

Shares of Swift Transportation (KNX) traded down $0.44 during trading on Wednesday, reaching $40.78. The company had a trading volume of 3,370,000 shares, compared to its average volume of 1,990,000. The company has a market capitalization of $7,320.00, a P/E ratio of 26.50 and a beta of 0.92. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.45 and a quick ratio of 1.41. Swift Transportation has a 1-year low of $28.85 and a 1-year high of $44.45.

Swift Transportation (NYSE:KNX) last issued its quarterly earnings results on Monday, November 6th. The transportation company reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.06). Swift Transportation had a net margin of 2.99% and a return on equity of 22.23%. sell-side analysts anticipate that Swift Transportation will post 1.16 EPS for the current fiscal year.

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In other news, General Counsel Todd F. Carlson sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $37.86, for a total transaction of $113,580.00. Following the transaction, the general counsel now directly owns 23,638 shares of the company’s stock, valued at $894,934.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 44.90% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in shares of Swift Transportation by 97.1% during the third quarter. Bank of New York Mellon Corp now owns 8,427,755 shares of the transportation company’s stock valued at $350,174,000 after buying an additional 4,151,669 shares during the period. Rhumbline Advisers boosted its position in shares of Swift Transportation by 83.5% during the third quarter. Rhumbline Advisers now owns 289,887 shares of the transportation company’s stock valued at $12,045,000 after purchasing an additional 131,946 shares in the last quarter. Toronto Dominion Bank bought a new stake in shares of Swift Transportation during the third quarter valued at approximately $234,000. Municipal Employees Retirement System of Michigan boosted its position in shares of Swift Transportation by 145.3% during the third quarter. Municipal Employees Retirement System of Michigan now owns 38,610 shares of the transportation company’s stock valued at $1,604,000 after purchasing an additional 22,870 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its position in shares of Swift Transportation by 66.3% during the third quarter. New York State Common Retirement Fund now owns 160,715 shares of the transportation company’s stock valued at $6,678,000 after purchasing an additional 64,093 shares in the last quarter.

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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