Knight Sells Some of Its USA Truck Shares
Knight Transportation Inc. sold 119,419 shares of USA Truck Inc. stock in recent weeks, lowering its stake in the smaller truckload carrier to 6.8% and capitalizing on a sharp rise in the share price.
Knight, based in Phoenix, which disclosed the share sale in a Securities and Exchange Commission filing, bought 12.4% of USA Truck shares in 2013 in an acquisition bid that was rebuffed. Previously, the company that ranks No. 31 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers, had lowered its stake in the No. 50 carrier to about 8% through other stock sales.
Knight, which bought the shares at around $6, sold the latest batch between April 1 and June 18, when USA Truck’s stock price ranged between $24 and $28 per share.
The Arizona-based carrier still owns 719,682 shares of USA Truck, which was losing money at the time of the buyout offer but has since returned to profitability.
