Knight-Swift Transportation (KNX) Upgraded by Zacks Investment Research to Buy

Knight-Swift Transportation (NYSE:KNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage currently has a $37.00 price target on the transportation company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 10.28% from the company’s previous close.

According to Zacks, “Knight-Swift's growth policy on the back of mergers and acquisitions impresses us. In line with this, the company acquired Abilene Motor Express in March 2018. Moreover, Knight-Swift is being aided by solid demand for freight and volume growth. The company has been able to stablilize the Swift consolidated tractor fleet on the back of consistent efforts in the first half of the year. The company's earnings per share projection for the fourth quarter is also encouraging. For the fourth quarter it anticipates the metric in the range of 71-75 cents, compared with 52 cents registered in the year ago quarter. On the flip side, Knight-Swift's high capital expenditures are concerning.  Moreover, rising fuel prices add to the company's already high operating expenses. In fact, shares of the company have underperformed its industry in a year's time.”

A number of other research analysts also recently issued reports on KNX. ValuEngine raised shares of Knight-Swift Transportation from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. Loop Capital started coverage on shares of Knight-Swift Transportation in a research report on Tuesday, October 2nd. They issued a “buy” rating and a $45.00 price objective on the stock. Buckingham Research cut their price objective on shares of Knight-Swift Transportation from $54.00 to $49.00 and set a “buy” rating on the stock in a research report on Friday, October 12th. Morgan Stanley set a $53.00 price objective on shares of Knight-Swift Transportation and gave the stock a “buy” rating in a research report on Monday, October 22nd. Finally, KeyCorp cut their price objective on shares of Knight-Swift Transportation from $45.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, October 25th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Knight-Swift Transportation has a consensus rating of “Buy” and an average target price of $47.88.

Shares of NYSE:KNX traded up $0.90 during trading hours on Monday, hitting $33.55. The company’s stock had a trading volume of 97,376 shares, compared to its average volume of 1,917,137. Knight-Swift Transportation has a 52 week low of $29.00 and a 52 week high of $51.94. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a market cap of $5.82 billion, a P/E ratio of 24.39, a P/E/G ratio of 0.93 and a beta of 1.51.

Knight-Swift Transportation (NYSE:KNX) last issued its quarterly earnings data on Wednesday, October 24th. The transportation company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.07. Knight-Swift Transportation had a net margin of 13.47% and a return on equity of 7.26%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the firm earned $0.25 EPS. The company’s quarterly revenue was up 158.2% compared to the same quarter last year. On average, research analysts predict that Knight-Swift Transportation will post 2.35 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the business. Belpointe Asset Management LLC purchased a new stake in Knight-Swift Transportation during the 3rd quarter worth approximately $104,000. Morgan Stanley grew its position in Knight-Swift Transportation by 46.9% during the 3rd quarter. Morgan Stanley now owns 2,294,531 shares of the transportation company’s stock worth $79,115,000 after purchasing an additional 732,762 shares during the last quarter. Legal & General Group Plc grew its position in Knight-Swift Transportation by 1.3% during the 3rd quarter. Legal & General Group Plc now owns 242,637 shares of the transportation company’s stock worth $8,366,000 after purchasing an additional 3,221 shares during the last quarter. Coe Capital Management LLC grew its position in Knight-Swift Transportation by 55.1% during the 3rd quarter. Coe Capital Management LLC now owns 74,233 shares of the transportation company’s stock worth $2,560,000 after purchasing an additional 26,376 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in Knight-Swift Transportation by 18,607.7% during the 3rd quarter. Nordea Investment Management AB now owns 124,593 shares of the transportation company’s stock worth $4,297,000 after purchasing an additional 123,927 shares during the last quarter. 89.55% of the stock is currently owned by institutional investors.

Knight-Swift Transportation Company Profile

Knight-Swift Transportation Holdings Inc, together with its subsidiaries, provides truckload transportation and logistics services in the United States, Mexico, and Canada. The company operates through six segments: Knight Trucking, Knight Logistics, Swift Truckload, Swift Dedicated, Swift Refrigerated, and Swift Intermodal.

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Analyst Recommendations for Knight-Swift Transportation (NYSE:KNX)

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