Knight Transportation Inc. of Phoenix continues to reduce its stake in USA Truck of Van Buren.
Knight tried to take over USA Truck two years ago by buying 1.3 million shares at less than $6 per share. The take-over bid failed but the interest generated helped spur USA Truck’s share price over $20.
Knight, in a filing with the Securities & Exchange Commission, said it had sold 119,419 shares in 20 separate transactions between April 1 and June 18. The sales were conducted at various sales prices and generated approximately $3 million in revenue at an average of $25.51 per share.
Knight had sold 111,400 shares for $1.9 million in May 2014 and another 142,000 shares for $2.6 million in August. Knight said it now owns 719,682 shares, or 6.8 percent of USA Truck.
