Giverny Capital Lowers stake in Knight Transportation (KNX)

Knight Transportation (KNX) : Giverny Capital reduced its stake in Knight Transportation by 34.07% during the most recent quarter end. The investment management company now holds a total of 421,956 shares of Knight Transportation which is valued at $11,848,524 after selling 218,022 shares in Knight Transportation , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.Knight Transportation makes up approximately 2.19% of Giverny Capital’s portfolio.

Other Hedge Funds, Including , Comerica Bank reduced its stake in KNX by selling 1,391 shares or 2.21% in the most recent quarter. The Hedge Fund company now holds 61,446 shares of KNX which is valued at $1,725,404. Knight Transportation makes up approx 0.01% of Comerica Bank’s portfolio.Stephens Inc Ar reduced its stake in KNX by selling 2,175 shares or 6.46% in the most recent quarter. The Hedge Fund company now holds 31,510 shares of KNX which is valued at $931,121. Knight Transportation makes up approx 0.04% of Stephens Inc Ar’s portfolio.Harvey Investment Co boosted its stake in KNX in the latest quarter, The investment management firm added 7,784 additional shares and now holds a total of 481,789 shares of Knight Transportation which is valued at $14,371,766. Knight Transportation makes up approx 3.02% of Harvey Investment Co’s portfolio. Simplex Trading sold out all of its stake in KNX during the most recent quarter. The investment firm sold 3,521 shares of KNX which is valued $98,130.

Knight Transportation opened for trading at $28.9 and hit $29.38 on the upside on Tuesday, eventually ending the session at $29.2, with a gain of 1.71% or 0.49 points. The heightened volatility saw the trading volume jump to 11,78,218 shares. Company has a market cap of $2,337 M.

On the company’s financial health, Knight Transportation reported $0.31 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.30. The company had revenue of $276.30 million for the quarter, compared to analysts expectations of $279.95 million. The company’s revenue was down -8.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.39 EPS.

Investors should note that on Aug 4, 2016, Knight Transportation announced a cash dividend of $0.0600. The company’s management has announced Aug 31, 2016 as the ex-dividend date and fixed the record date on Sep 2, 2016. The payable date has been fixed on Sep 30, 2016.

Many Wall Street Analysts have commented on Knight Transportation. Knight Transportation was Downgraded by Macquarie to ” Neutral” on Jul 28, 2016. Knight Transportation was Downgraded by Credit Suisse to ” Neutral” on Jul 7, 2016. Knight Transportation was Downgraded by Avondale to ” Mkt Underperform” on Jun 23, 2016.

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 in two segments: Trucking and Logistics. Trucking segment is comprised of three operating units: dry van truckload (Dry Van); temperature-controlled truckload (Refrigerated) and drayage services (Drayage). Trucking segment provides truckload transportation including dedicated services of various products goods and materials. Logistics segment consists of two operating units: freight brokerage services (Brokerage) and rail intermodal (Intermodal). The Brokerage and Intermodal operating units of Logistics segment provide a multitude of shipment solutions including additional sources of truckload capacity and alternative transportation modes. As of 2014 Trucking segment operated an average of 4173 tractors.

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