Knife River (NYSE:KNF) Cut to Underweight at JPMorgan Chase & Co.

Key Points

• JPMorgan downgraded Knife River to “underweight” from “neutral” and set a $73 price target, although that still implies approximately 18% upside from the reported $61.85 share price.
• Knife River’s shares were down 1.4% and remain below their 50-day and 200-day moving averages. The company’s latest quarterly EPS of $0.77 missed the $1.13 consensus estimate, despite revenue rising 12.6% year over year to $938.57 million.
• Analyst sentiment remains mixed but leans positive, with a consensus rating of “Moderate Buy” and an average price target of $85.86; institutional investors own approximately 80.11% of the company.

Knife River (NYSE:KNF - Get Free Report) was downgraded by analysts at JPMorgan Chase & Co. from a "neutral" rating to an "underweight" rating in a research report issued on Wednesday, Marketbeat reports. They currently have a $73.00 price objective on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 18.03% from the company's current price.

Other analysts have also issued research reports about the stock. Stephens set a $80.00 target price on shares of Knife River in a report on Wednesday, August 5th. Zacks Research downgraded shares of Knife River from a "strong-buy" rating to a "hold" rating in a report on Monday, August 3rd. DA Davidson assumed coverage on Knife River in a report on Monday, August 24th. They issued a "buy" rating and a $85.00 price target on the stock. Oppenheimer assumed coverage on shares of Knife River in a research report on Thursday, May 28th. They issued an "outperform" rating and a $95.00 target price for the company. Finally, Wall Street Zen cut Knife River from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $85.86.

Knife River Stock Down 1.4%

Shares of NYSE KNF opened at $61.85 on Wednesday. Knife River has a 12-month low of $58.72 and a 12-month high of $96.28. The firm's 50-day simple moving average is $75.05 and its 200 day simple moving average is $79.96. The company has a market cap of $3.51 billion, a price-to-earnings ratio of 25.24, a price-to-earnings-growth ratio of 1.21 and a beta of 0.39. The company has a quick ratio of 1.60, a current ratio of 2.66 and a debt-to-equity ratio of 1.00.

Knife River (NYSE:KNF - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.77 earnings per share for the quarter, missing analysts' consensus estimates of $1.13 by ($0.36). The company had revenue of $938.57 million during the quarter, compared to analyst estimates of $931.39 million. Knife River had a net margin of 4.23% and a return on equity of 8.73%. The business's revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.89 EPS. On average, research analysts expect that Knife River will post 3.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Knife River

Institutional investors and hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System lifted its holdings in shares of Knife River by 8,210.9% during the 2nd quarter. California State Teachers Retirement System now owns 5,491,790 shares of the company's stock worth $459,388,000 after acquiring an additional 5,425,711 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Knife River by 3.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,915,131 shares of the company's stock worth $275,431,000 after acquiring an additional 123,594 shares during the last quarter. State Street Corp grew its stake in shares of Knife River by 0.6% in the second quarter. State Street Corp now owns 2,101,198 shares of the company's stock worth $171,542,000 after purchasing an additional 12,308 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Knife River by 57.7% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,774,284 shares of the company's stock valued at $124,821,000 after buying an additional 648,979 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Knife River by 5.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,464,690 shares of the company's stock valued at $119,579,000 after purchasing an additional 73,028 shares during the period. Institutional investors own 80.11% of the company's stock.

Knife River Company Profile

Knife River Corporation, headquartered in Bismarck, North Dakota, is a leading integrated construction materials and contracting company in the western United States. The company specializes in producing and supplying aggregates, asphalt mix, ready-mixed concrete and other heavy construction materials used in highway, commercial and residential projects.

In addition to material production, Knife River offers a comprehensive suite of contracting services, including heavy civil construction, road building, underground and open-pit mining and logistics support.

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