disclosed that they own a 24.1% stake in Knight Transportation, Inc. (NYSE:KNX) in a Form 13D/A disclosure that was filed with the SEC on Tuesday, September 12th. The investor owns 42,760,030 shares of the stock valued at $1,734,346,817. The reporting parties listed on the disclosure included Jerry Moyes, Vickie Moyes, Jerry and Vickie Moyes Family Trust Dated 12/11/87, Cactus Holding Company II, LLC (274510310), M Capital Group Investors, LLC (452614711), Cactus Holding Company, LLC (274438129), M Capital Group Investors II, LLC (463644539), Michael Moyes and Lyndee Moyes Nester. The disclosure is available through EDGAR at this link.
provided the following explanation of their ownership:
Item 4 of the Original Statement is hereby amended and supplemented by adding the following information:
On September 8,2017 (the “Closing Date”), upon the terms and subject to the conditions set forth in the Agreement and Plan of Merger, dated as of April 9,2017 (the “Merger Agreement”), by and among the Issuer (f/k/a Swift Transportation Company), Bishop Merger Sub, Inc., a direct wholly owned subsidiary of the Issuer (“Merger Sub”), and Knight Transportation, Inc. (“Knight”), Merger Sub merged with and into Knight, with Knight continuing as the surviving corporation and as a direct wholly owned subsidiary of the Issuer (the “Merger”).
Immediately prior to the effective time of the Merger (the “Effective Time”), the certificate of incorporation of the Issuer was amended and restated (the “Amended Company Charter”) to reflect, among other things, that (i) the Issuer’s corporate name changed from “Swift Transportation Company” to “KnightSwift Transportation Holdings Inc.” and (ii) each issued and outstanding share of Class B common stock, par value $0.01 per share, of the Issuer (the “Issuer Class B Common Stock”) was converted (the “Class B Conversion”) into one share of Class A common stock, par value $0.01 per share, of the Issuer and immediately thereafter, each issued and outstanding share of Class A Common Stock (including each share of Class A Common Stock into which the shares of Issuer Class B Common Stock was converted pursuant to the Class B Conversion) was, by means of a reverse stock split (the “Reverse Split”), consolidated into 0.720 of a share of Class A Common Stock. No fractional shares of Class A Common Stock were issued in the Reverse Split, and, in connection with the Reverse Split, holders of Class A Common Stock became entitled to receive cash in lieu of any fractional shares in accordance with the Amended Company Charter. This Amendment reflects changes to the Reporting Persons’ holdings as a result of the foregoing.
The foregoing description of the Merger and the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, a copy of which is attached as Exhibit 2.1 to the Form 8K filed by the Issuer with the Securities and Exchange Commission on September 11,2017.
Other large investors have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Knight Transportation by 11.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,794 shares of the transportation company’s stock valued at $104,000 after buying an additional 288 shares in the last quarter. LS Investment Advisors LLC raised its stake in Knight Transportation by 33.5% during the first quarter. LS Investment Advisors LLC now owns 3,363 shares of the transportation company’s stock valued at $105,000 after buying an additional 844 shares in the last quarter. FNY Managed Accounts LLC acquired a new stake in Knight Transportation during the first quarter valued at approximately $122,000. Victory Capital Management Inc. raised its stake in Knight Transportation by 43.6% during the first quarter. Victory Capital Management Inc. now owns 4,578 shares of the transportation company’s stock valued at $144,000 after buying an additional 1,390 shares in the last quarter. Finally, Riverhead Capital Management LLC raised its stake in Knight Transportation by 58.2% during the second quarter. Riverhead Capital Management LLC now owns 5,063 shares of the transportation company’s stock valued at $187,000 after buying an additional 1,863 shares in the last quarter. Institutional investors and hedge funds own 88.45% of the company’s stock.
In related news, General Counsel Todd F. Carlson sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $37.86, for a total value of $113,580.00. Following the completion of the sale, the general counsel now owns 23,638 shares of the company’s stock, valued at $894,934.68. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director G D. Madden sold 1,875 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $36.52, for a total transaction of $68,475.00. Following the completion of the sale, the director now directly owns 56,011 shares of the company’s stock, valued at approximately $2,045,521.72. The disclosure for this sale can be found here. In the last three months, insiders sold 7,675 shares of company stock valued at $282,155. 9.90% of the stock is currently owned by company insiders.
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Shares of Knight Transportation, Inc. (NYSE KNX) traded down 0.34% during trading on Tuesday, reaching $40.56. The company had a trading volume of 2,932,000 shares. The firm has a 50-day moving average of $37.62 and a 200-day moving average of $34.76. The company has a market cap of $3.27 billion, a P/E ratio of 41.81 and a beta of 0.87. Knight Transportation, Inc. has a 12-month low of $26.85 and a 12-month high of $44.45.
Knight Transportation (NYSE:KNX) last posted its quarterly earnings data on Wednesday, July 26th. The transportation company reported $0.25 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.25. The company had revenue of $273.20 million during the quarter, compared to analyst estimates of $283.88 million. Knight Transportation had a net margin of 7.03% and a return on equity of 10.39%. The company’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the business posted $0.31 earnings per share. On average, equities research analysts anticipate that Knight Transportation, Inc. will post $1.01 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend is Wednesday, August 30th. Knight Transportation’s dividend payout ratio is currently 25.00%.
Several equities analysts have recently commented on KNX shares. Bank of America Corporation reaffirmed a “buy” rating and set a $43.00 target price (up from $41.00) on shares of Knight Transportation in a report on Monday, July 10th. Zacks Investment Research lowered Knight Transportation from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. BidaskClub lowered Knight Transportation from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 12th. Stephens raised Knight Transportation from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $36.00 to $42.00 in a report on Monday, June 12th. Finally, Deutsche Bank AG set a $45.00 target price on Knight Transportation and gave the company a “buy” rating in a report on Monday, July 31st. One research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $38.44.
About Knight 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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