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Knight-Swift (KNX) Announces $250M Share Buyback Program
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Knight-Swift Transportation Holdings’ (KNX - Free Report) board has approved a new share buyback program, authorizing the company to repurchase shares worth up to $250 million.
This new share repurchase plan (2020 Knight-Swift Repurchase Plan) follows the termination of the previous $250 million buyback program announced last May. Under the previous share buyback program, the company purchased 3.7 million shares worth approximately $145 million during the course of the fourth quarter (until the new buyback program was announced on Nov 24). With this, Knight-Swift was left with only $54.1 million worth of shares to be repurchased under the previous buyback program.
The company’s measures to reward its shareholders through dividends and buybacks are encouraging. In February, the company’s board approved a 33.3% hike in quarterly cash dividend to 8 cents per share (annually 32 cents). During the first nine months of 2020, the company returned $41.3 million to its shareholders in the form of dividends and $34.6 million through share buybacks. Supporting such shareholder friendly activities is $379 million of free cash flow generated in the first nine months of 2020.
Shares of ArcBest, P.A.M. Transportation and Universal Logistics have rallied more than 96%, 40% and 46% in the last six months, respectively.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year. Free: See Our Top Stock and 4 Runners Up >>
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Knight-Swift (KNX) Announces $250M Share Buyback Program
Knight-Swift Transportation Holdings’ (KNX - Free Report) board has approved a new share buyback program, authorizing the company to repurchase shares worth up to $250 million.
This new share repurchase plan (2020 Knight-Swift Repurchase Plan) follows the termination of the previous $250 million buyback program announced last May. Under the previous share buyback program, the company purchased 3.7 million shares worth approximately $145 million during the course of the fourth quarter (until the new buyback program was announced on Nov 24). With this, Knight-Swift was left with only $54.1 million worth of shares to be repurchased under the previous buyback program.
The company’s measures to reward its shareholders through dividends and buybacks are encouraging. In February, the company’s board approved a 33.3% hike in quarterly cash dividend to 8 cents per share (annually 32 cents). During the first nine months of 2020, the company returned $41.3 million to its shareholders in the form of dividends and $34.6 million through share buybacks. Supporting such shareholder friendly activities is $379 million of free cash flow generated in the first nine months of 2020.
KnightSwift Transportation Holdings Inc. Price
KnightSwift Transportation Holdings Inc. price | KnightSwift Transportation Holdings Inc. Quote
Zacks Rank & Other Key Picks
Knight-Swift sports a Zacks Rank #1 (Strong Buy). Some other top-ranked stocks in the Zacks Transportation - Truck industry are ArcBest Corp. (ARCB - Free Report) , P.A.M. Transportation Services, Inc. (PTSI - Free Report) and Universal Logistics Holdings, Inc. (ULH - Free Report) , each carrying the same Zacks Rank as Knight-Swift. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of ArcBest, P.A.M. Transportation and Universal Logistics have rallied more than 96%, 40% and 46% in the last six months, respectively.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>