Knight-Swift Transportation A

Riverwater Partners added Knight-Swift, citing the Supreme Court's Montgomery v. Caribe decision that increases broker liability for negligent carrier selection and favors large carriers with clean safety records. The firm says this structural shift, combined with a cyclical freight trough, creates a durable demand tailwind for scale players and provided an attractive entry point into Knight-Swift. Knight-Swift's shares have risen 68.9% over the past year and the company trades with a market cap around $10.85 billion. » More on finance.yahoo.com

Shares of Knight-Swift Transportation climbed to a record high of $82.46 and sit close to the 52-week high; market capitalization is $13.4 billion and the stock delivered returns of roughly 84–87% over the past year. An InvestingPro analysis currently rates the stock as overvalued based on fair-value metrics. CEO Kevin P. Knight is stepping down as executive chairman, David Vander Ploeg will become chairman, and Knight will remain as an advisor for two years; the company also announced a quarterly cash dividend of $0.20 per share. Knight-Swift placed $1.3 billion of senior convertible notes (coupon 1.00%, maturity 2031) with an upsize option, and Raymond James affirmed a "Strong Buy" rating with a $76.00 price target. » More on de.investing.com

Kevin P. Knight is giving up his role as executive chairman of Knight-Swift; the board appointed David Vander Ploeg as the new chairman. Knight will remain with the company as an advisor for two years. The move comes as the stock trades near its 52-week high and the company has paid dividends for 23 years; analysts currently see the stock as potentially overvalued. » More on de.investing.com

Knight-Swift reported the resignation of founder and Executive Chairman Kevin P. Knight, after which the stock fell 5.8% in after-hours trading. David Vander Ploeg will be appointed as the new chairman effective June 3. Knight will remain with the company as an adviser for two years; management emphasizes that his culture of safety, operational excellence and financial discipline remains embedded in the company. » More on de.investing.com

Shares of Knight-Swift Transportation climbed to an all-time high of $67.77 (currently $67.83), trading above the 52-week high; they rose about 40% over the past six months and 47.43% in the past year. Eight analysts raised their earnings forecasts, but InvestingPro currently rates the stock as overvalued. The company announced a quarterly dividend of $0.20 (record date June 8, payment June 22) and a private placement of senior convertible notes totaling $1.3 billion (coupon 1.00%, maturity 2031, conversion price $80.11, additional option $200 million). Raymond James reiterated a “Strong Buy” rating with a $76.00 price target; the stock briefly fell 3.3% after Amazon opened its logistics network to third parties. » More on de.investing.com