Swift Transportation Company (KNX) Coverage Initiated at Citigroup Inc.

Research analysts at Citigroup Inc. started coverage on shares of Swift Transportation Company (NYSE:KNX) in a research note issued to investors on Tuesday. The firm set a “buy” rating and a $48.00 price target on the transportation company’s stock. Citigroup Inc.’s target price would suggest a potential upside of 17.10% from the stock’s previous close.

Several other brokerages also recently issued reports on KNX. Zacks Investment Research upgraded Swift Transportation from a “sell” rating to a “hold” rating and set a $41.00 price target for the company in a report on Wednesday, July 5th. ValuEngine upgraded Swift Transportation from a “hold” rating to a “buy” rating in a report on Tuesday, September 12th. BidaskClub upgraded Swift Transportation from a “buy” rating to a “strong-buy” rating in a report on Friday, June 30th. Bank of America Corporation reiterated a “buy” rating and issued a $43.00 price target (up from $41.00) on shares of Swift Transportation in a report on Monday, July 10th. Finally, Buckingham Research initiated coverage on Swift Transportation in a report on Monday, August 21st. They issued a “buy” rating and a $43.00 price target for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $39.44.

Swift Transportation (NYSE:KNX) opened at 40.99 on Tuesday. Swift Transportation has a 12-month low of $26.85 and a 12-month high of $44.45. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of 42.26 and a beta of 1.96. The company has a 50-day moving average price of $38.27 and a 200-day moving average price of $35.07.

Swift Transportation (NYSE:KNX) last announced its quarterly earnings results on Wednesday, July 26th. The transportation company reported $0.25 earnings per share (EPS) for the quarter, meeting 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 during the quarter, compared to the consensus estimate of $283.88 million. During the same period in the prior year, the firm earned $0.31 EPS. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, equities research analysts forecast that Swift Transportation will post $1.20 earnings per share for the current year.

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In other news, General Counsel Todd F. Carlson sold 3,000 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $37.86, for a total transaction of $113,580.00. Following the transaction, the general counsel now owns 23,638 shares of the company’s stock, valued at $894,934.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director G D. Madden sold 1,875 shares of the 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 transaction, the director now directly owns 56,011 shares in the company, valued at approximately $2,045,521.72. The disclosure for this sale can be found here. Corporate insiders own 44.90% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Swift Transportation by 11.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,794 shares of the transportation company’s stock worth $104,000 after purchasing an additional 288 shares during the last quarter. LS Investment Advisors LLC lifted its position in shares of Swift Transportation by 33.5% during the first quarter. LS Investment Advisors LLC now owns 3,363 shares of the transportation company’s stock worth $105,000 after purchasing an additional 844 shares during the last quarter. FNY Managed Accounts LLC bought a new position in shares of Swift Transportation during the first quarter worth about $122,000. Victory Capital Management Inc. lifted its position in shares of Swift Transportation by 43.6% during the first quarter. Victory Capital Management Inc. now owns 4,578 shares of the transportation company’s stock worth $144,000 after purchasing an additional 1,390 shares during the last quarter. Finally, Riverhead Capital Management LLC lifted its position in shares of Swift Transportation by 58.2% during the second quarter. Riverhead Capital Management LLC now owns 5,063 shares of the transportation company’s stock worth $187,000 after purchasing an additional 1,863 shares during the last quarter. 88.45% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Swift Transportation (NYSE:KNX)

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