Principal Financial Group Inc. increased its stake in Knight-Swift Transportation Holdings Inc. (NYSE:KNX – Free Report) by 38.9% during the first quarter, Holdings Channel reports. The firm owned 595,649 shares of the transportation company’s stock after acquiring an additional 166,668 shares during the period. Principal Financial Group Inc.’s holdings in Knight-Swift Transportation were worth $34,297,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Wellington Management Group LLP lifted its position in Knight-Swift Transportation by 23.6% during the fourth quarter. Wellington Management Group LLP now owns 12,918,523 shares of the transportation company’s stock worth $675,380,000 after purchasing an additional 2,468,293 shares during the period. Invesco Ltd. grew its stake in Knight-Swift Transportation by 513.6% during the fourth quarter. Invesco Ltd. now owns 2,416,865 shares of the transportation company’s stock worth $126,354,000 after buying an additional 2,022,996 shares in the last quarter. Norges Bank bought a new position in Knight-Swift Transportation in the 4th quarter valued at about $92,070,000. Balyasny Asset Management L.P. increased its holdings in Knight-Swift Transportation by 269.7% in the 3rd quarter. Balyasny Asset Management L.P. now owns 2,231,439 shares of the transportation company’s stock valued at $88,164,000 after buying an additional 1,627,791 shares during the period. Finally, Pzena Investment Management LLC acquired a new position in shares of Knight-Swift Transportation in the 4th quarter valued at approximately $66,151,000. Institutional investors and hedge funds own 88.77% of the company’s stock.
Knight-Swift Transportation Trading Down 0.9%
KNX opened at $76.61 on Friday. The company has a market cap of $12.45 billion, a P/E ratio of 364.83, a PEG ratio of 0.86 and a beta of 1.18. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average is $74.52 and its 200-day moving average is $64.20. Knight-Swift Transportation Holdings Inc. has a 1-year low of $38.63 and a 1-year high of $82.86.
Knight-Swift Transportation Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Monday, June 8th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, June 8th. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. Knight-Swift Transportation’s dividend payout ratio is 380.95%.
Wall Street Analysts Forecast Growth
KNX has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on shares of Knight-Swift Transportation from $70.00 to $100.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Benchmark lifted their price objective on shares of Knight-Swift Transportation from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Barclays boosted their price objective on shares of Knight-Swift Transportation from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Thursday, June 25th. Zacks Research raised Knight-Swift Transportation from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Finally, TD Cowen lifted their price target on Knight-Swift Transportation from $60.00 to $78.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $80.44.
View Our Latest Stock Analysis on KNX
About Knight-Swift Transportation
Knight-Swift Transportation Holdings Inc (NYSE: KNX) is one of North America’s largest asset-based truckload carriers, offering a wide range of transportation and logistics services. The company was formed in 2017 through the merger of Knight Transportation and Swift Transportation, each with decades of experience in long-haul dry van and refrigerated freight. Since the merger, Knight-Swift has pursued a growth strategy that includes fleet expansions, targeted acquisitions, and investments in technology to enhance service reliability and network efficiency.
The company’s core business activities include full truckload operations for dry van, temperature-controlled and flatbed shipments.
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