Swift Transportation Company Buyback
OLI recorded this information on 2/22/2016
Swift Transportation Company
Earlier today, the Board of Directors of Swift Transportation Company (NYSE:SWFT) ("Swift"), upon the unanimous recommendation of a separate special committee created by the Board that consists of all Swift's independent directors, approved the repurchase of up to $150 million of the Company's outstanding Class A common stock. The special committee recommended to the Board the repurchase should occur over the next 12 months, but is conditioned upon the availability of any free cash flow after fleet reinvestment and certain debt reduction targets are met. It is the intent of the Company that the repurchases will be made utilizing a variety of methods, which may include, but not be limited to, open market purchases, block trades, the implementation of a 10b5-1 plan, and/or any other available methods in accordance with SEC and other applicable legal requirements. The timing, prices and volume of purchases will depend upon prevailing stock prices, the Company's leverage ratio, general economic and market conditions, and other considerations. The repurchase program does not obligate the Company to acquire any particular amount of common stock and the repurchase program may be suspended or discontinued at any time at the Company's discretion.
Swift Transportation is a transportation services company. Co. has four segments: Truckload, which consists of one-way movements over irregular routes throughout the U.S., Mexico and Canada; Dedicated, which uses its equipment to specific customers and provides tailored solutions under contracts; Swift Refrigerated, which consists of shipments for customers that require temperature-controlled trailers; and Intermodal, which moves freight over the rail in its containers or other trailing equipment. As of Dec 31 2016, Co.'s fleet was comprised of 13,937 company tractors and 4,429 owner-operator tractors, as well as 64,066 trailers and 9,131 intermodal containers.
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Buy (3.20 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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