Bank of America Corp DE Has $32.05 Million Stock Position in Knife River Corporation $KNF

Key Points

• Bank of America increased its Knife River stake by 19% in the first quarter, holding 392,534 shares valued at approximately $32.05 million. Institutional investors and hedge funds collectively own 80.11% of KNF.
• Analysts remain moderately bullish, with six Buy ratings and four Holds and a consensus price target of $89.71. However, several firms recently lowered their targets, including JPMorgan to $80 and RBC to $103.
• Knife River reported quarterly revenue of $938.57 million, up 12.6% year over year and above estimates, but EPS of $0.77 missed the $1.13 consensus. The stock opened at $66.29, near the lower end of its 52-week range of $58.72 to $96.28.

Bank of America Corp DE grew its stake in shares of Knife River Corporation (NYSE:KNF - Free Report) by 19.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 392,534 shares of the company's stock after buying an additional 62,592 shares during the quarter. Bank of America Corp DE owned approximately 0.69% of Knife River worth $32,050,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of KNF. Capital World Investors acquired a new stake in shares of Knife River during the 4th quarter valued at $71,166,000. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Knife River by 57.7% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,774,284 shares of the company's stock valued at $124,821,000 after purchasing an additional 648,979 shares in the last quarter. Norges Bank bought a new stake in shares of Knife River during the fourth quarter worth about $32,753,000. Paradice Investment Management LLC bought a new stake in shares of Knife River during the fourth quarter worth about $22,001,000. Finally, Voss Capital LP increased its stake in shares of Knife River by 61.4% in the fourth quarter. Voss Capital LP now owns 710,048 shares of the company's stock valued at $49,952,000 after buying an additional 270,048 shares during the period. 80.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on KNF. Wells Fargo & Company raised shares of Knife River from an "underweight" rating to an "equal weight" rating and reduced their target price for the stock from $81.00 to $73.00 in a report on Wednesday, August 5th. Stephens set a $80.00 price target on shares of Knife River in a report on Wednesday, August 5th. Royal Bank Of Canada reduced their price objective on shares of Knife River from $107.00 to $103.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 5th. JPMorgan Chase & Co. decreased their price objective on Knife River from $95.00 to $80.00 and set a "neutral" rating for the company in a report on Monday, August 10th. Finally, Zacks Research lowered Knife River from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 3rd. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $89.71.

Knife River Stock Performance

NYSE:KNF opened at $66.29 on Friday. 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 Corporation has a twelve month low of $58.72 and a twelve month high of $96.28. The company has a fifty day moving average of $78.75 and a 200-day moving average of $80.65. The firm has a market capitalization of $3.76 billion, a P/E ratio of 27.06, a P/E/G ratio of 1.28 and a beta of 0.42.

Knife River (NYSE:KNF - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.36). The company had revenue of $938.57 million for the quarter, compared to the consensus estimate of $931.39 million. Knife River had a return on equity of 8.73% and a net margin of 4.23%.The firm's revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.89 earnings per share. As a group, sell-side analysts anticipate that Knife River Corporation will post 3.08 EPS for the current year.

Knife River 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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