Country Trust Bank Reduces Stake in Knight-Swift Transportation Holdings

Country Trust Bank has reduced its holdings in Knight-Swift Transportation Holdings Inc. (NYSE: KNX) by 3.4% during the second quarter of 2023, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). The bank now owns 571,996 shares of Knight-Swift, after selling 20,397 shares during this period. As of the end of June, Country Trust Bank’s total investment in the transportation company was valued at approximately $25.3 million, representing about 0.35% of the company’s stock.

Other institutional investors have also adjusted their positions in Knight-Swift. For example, Washington Capital Management Inc. acquired a new stake valued at $464,000, while Two Point Capital Management Inc. invested $5.4 million in the company during the same quarter. Additionally, Entropy Technologies LP purchased shares worth $1.2 million.

Allspring Global Investments Holdings LLC increased its stake by 8.1%, now holding 3,595,397 shares valued at $165.7 million after adding 268,761 shares. Meanwhile, Vanguard Group Inc. raised its position by 3.6%, owning 14,935,845 shares valued at approximately $649.6 million.

Market Performance and Dividend Announcement

On Wednesday, Knight-Swift’s shares opened at $45.49. The company has a market capitalization of $7.38 billion and a price-to-earnings ratio of 51.69. Over the past year, the stock has fluctuated, reaching a low of $36.69 and a high of $61.51. Knight-Swift also disclosed a quarterly dividend of $0.18, which will be paid on December 22, 2023, to stockholders on record as of December 5, 2023. This represents an annualized dividend of $0.72 and a yield of 1.6%.

Insider Transactions and Analyst Ratings

In related news, Cary M. Flanagan, Chief Accounting Officer, sold 4,300 shares on November 7, 2023, at an average price of $45.04, totaling $193,672. This sale reduced Flanagan’s ownership to 5,644 shares, valued at $254,205.76. Additionally, Michael K. Liu, Executive Vice President, sold 3,420 shares on September 3, 2023, for $148,462.20.

Analysts have varied opinions on Knight-Swift shares. Citigroup recently lowered its price target from $54.00 to $53.00 but maintained a “buy” rating. Meanwhile, Bank of America upgraded its rating from “neutral” to “buy” and increased its price target from $41.00 to $50.00. Currently, Knight-Swift has a consensus rating of “Moderate Buy” with an average price target of $53.29 according to MarketBeat.com.

Knight-Swift Transportation Holdings Inc. provides freight transportation services across the United States and Mexico through various segments, including Truckload, Less-than-truckload (LTL), Logistics, and Intermodal. As the company navigates changing market dynamics, these stock adjustments reflect broader investor sentiments and market strategies.