Next Century Growth Investors Lowers stake in Knight Transportation (KNX)

Knight Transportation (KNX) : Next Century Growth Investors reduced its stake in Knight Transportation by 12.59% during the most recent quarter end. The investment management company now holds a total of 1,968,687 shares of Knight Transportation which is valued at $49.3 Million after selling 283,561 shares in Knight Transportation , the firm said in a disclosure report filed with the SEC on May 13, 2016.Knight Transportation makes up approximately 2.39% of Next Century Growth Investors’s portfolio.

Other Hedge Funds, Including , Parametric Portfolio Associates boosted its stake in KNX in the latest quarter, The investment management firm added 51,649 additional shares and now holds a total of 170,801 shares of Knight Transportation which is valued at $4.3 Million. Knight Transportation makes up approx 0.01% of Parametric Portfolio Associates’s portfolio.Royce Associates Lp reduced its stake in KNX by selling 42,975 shares or 8.24% in the most recent quarter. The Hedge Fund company now holds 478,487 shares of KNX which is valued at $12 Million. Knight Transportation makes up approx 0.08% of Royce Associates Lp’s portfolio. Alpine Woods Capital Investors sold out all of its stake in KNX during the most recent quarter. The investment firm sold 15,869 shares of KNX which is valued $397,360. Manchester Capital Management added KNX to its portfolio by purchasing 4,907 company shares during the most recent quarter which is valued at $129,299. Knight Transportation makes up approx 0.02% of Manchester Capital Management’s portfolio.Russell Frank Co reduced its stake in KNX by selling 249,964 shares or 62.22% in the most recent quarter. The Hedge Fund company now holds 151,777 shares of KNX which is valued at $4 Million. Knight Transportation makes up approx 0.01% of Russell Frank Co’s portfolio.

Knight Transportation opened for trading at $25.5 and hit $26.06 on the upside on Wednesday, eventually ending the session at $25.86, with a gain of 1.49% or 0.38 points. The heightened volatility saw the trading volume jump to 5,61,351 shares. Company has a market cap of $2,074 M.

On the company’s financial health, Knight Transportation reported $0.28 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Apr 20, 2016. Analyst had a consensus of $0.29. The company had revenue of $272.10 million for the quarter, compared to analysts expectations of $279.41 million. The company’s revenue was down -6.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.36 EPS.

Investors should note that on May 12, 2016, Knight Transportation announced a cash dividend of $0.0600. The company’s management has announced Jun 1, 2016 as the ex-dividend date and fixed the record date on Jun 3, 2016. The payable date has been fixed on Jun 24, 2016.

Many Wall Street Analysts have commented on Knight Transportation. Company shares were Reiterated by Cowen on Apr 21, 2016 to “Market Perform”, Firm has raised the Price Target to $ 27 from a previous price target of $26 .Knight Transportation was Downgraded by Stifel to ” Hold” on Apr 21, 2016. Knight Transportation was Downgraded by Raymond James to ” Outperform” on Apr 21, 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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