TIAA CREF Investment Management LLC cut its stake in Knight Transportation, Inc. (NYSE:KNX) by 5.3% during the first quarter, Holdings Channel reports. The firm owned 181,994 shares of the transportation company’s stock after selling 10,156 shares during the period. TIAA CREF Investment Management LLC’s holdings in Knight Transportation were worth $5,706,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Municipal Employees Retirement System of Michigan boosted its position in Knight Transportation by 1.0% in the first quarter. Municipal Employees Retirement System of Michigan now owns 15,180 shares of the transportation company’s stock valued at $476,000 after buying an additional 150 shares during the period. State of Alaska Department of Revenue boosted its position in Knight Transportation by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 7,360 shares of the transportation company’s stock valued at $230,000 after buying an additional 170 shares during the period. Flinton Capital Management LLC boosted its position in Knight Transportation by 0.3% in the first quarter. Flinton Capital Management LLC now owns 128,080 shares of the transportation company’s stock valued at $4,015,000 after buying an additional 368 shares during the period. Granite Investment Partners LLC boosted its position in Knight Transportation by 1.6% in the first quarter. Granite Investment Partners LLC now owns 23,659 shares of the transportation company’s stock valued at $742,000 after buying an additional 369 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in Knight Transportation by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 27,200 shares of the transportation company’s stock valued at $853,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors own 88.44% of the company’s stock.

Shares of Knight Transportation, Inc. (KNX) opened at 35.85 on Tuesday. Knight Transportation, Inc. has a one year low of $26.85 and a one year high of $38.80. The stock has a 50 day moving average of $34.46 and a 200-day moving average of $33.41. The company has a market capitalization of $2.88 billion, a PE ratio of 33.82 and a beta of 0.87.

Knight Transportation (NYSE:KNX) last released its quarterly earnings results on Wednesday, April 26th. The transportation company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. Knight Transportation had a net margin of 7.61% and a return on equity of 11.16%. The business had revenue of $271.18 million for the quarter, compared to analysts’ expectations of $276.27 million. During the same period in the previous year, the company earned $0.28 earnings per share. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. On average, equities analysts forecast that Knight Transportation, Inc. will post $1.02 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, June 23rd. Shareholders of record on Friday, June 2nd were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date was Wednesday, May 31st. Knight Transportation’s payout ratio is 22.86%.

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Several research analysts recently weighed in on the stock. UBS AG upgraded shares of Knight Transportation from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $35.00 to $43.00 in a research report on Monday, April 24th. Zacks Investment Research cut shares of Knight Transportation from a “buy” rating to a “hold” rating and set a $40.00 target price for the company. in a research report on Wednesday, July 12th. BidaskClub cut shares of Knight Transportation from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 12th. Bank of America Corporation reiterated a “buy” rating and set a $43.00 target price (up previously from $41.00) on shares of Knight Transportation in a research report on Monday, July 10th. Finally, Stephens upgraded shares of 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 research report on Monday, June 12th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $37.06.

In other Knight Transportation news, VP James E. Jr. Updike sold 2,800 shares of the business’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $35.75, for a total value of $100,100.00. Following the transaction, the vice president now directly owns 16,096 shares in the company, valued at $575,432. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Gary J. Knight sold 12,500 shares of the business’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $33.03, for a total transaction of $412,875.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,844 shares of company stock worth $1,626,502. Corporate insiders own 9.90% of the company’s stock.

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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Institutional Ownership by Quarter for Knight Transportation (NYSE:KNX)

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