Bank of New York Mellon Corp Sells 139,745 Shares of Knife River Corporation (NYSE:KNF)

Bank of New York Mellon Corp lessened its holdings in Knife River Corporation (NYSE:KNF - Free Report) by 21.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 507,618 shares of the company's stock after selling 139,745 shares during the quarter. Bank of New York Mellon Corp owned 0.90% of Knife River worth $45,792,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in KNF. Raymond James Financial Inc. purchased a new position in Knife River in the 4th quarter worth $14,600,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Knife River by 10.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,624 shares of the company's stock valued at $1,080,000 after acquiring an additional 996 shares during the period. Wealthfront Advisers LLC purchased a new position in shares of Knife River in the fourth quarter valued at about $1,253,000. HighTower Advisors LLC increased its position in shares of Knife River by 6.9% in the fourth quarter. HighTower Advisors LLC now owns 9,090 shares of the company's stock valued at $924,000 after acquiring an additional 590 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Knife River in the fourth quarter valued at about $203,000. Hedge funds and other institutional investors own 80.11% of the company's stock.

Knife River Trading Up 3.7%

Shares of KNF traded up $2.85 during trading hours on Thursday, reaching $79.45. 487,010 shares of the company traded hands, compared to its average volume of 466,705. The company's fifty day moving average price is $88.08 and its two-hundred day moving average price is $93.11. The company has a market capitalization of $4.50 billion, a price-to-earnings ratio of 25.06, a price-to-earnings-growth ratio of 2.08 and a beta of 0.63. The company has a quick ratio of 1.49, a current ratio of 2.94 and a debt-to-equity ratio of 0.82. Knife River Corporation has a 12 month low of $67.22 and a 12 month high of $108.83.

Knife River (NYSE:KNF - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($1.21) earnings per share for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.32). The company had revenue of $353.50 million for the quarter, compared to the consensus estimate of $343.98 million. Knife River had a net margin of 6.18% and a return on equity of 12.83%. The company's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.84) EPS. Equities research analysts predict that Knife River Corporation will post 4.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on KNF. Wells Fargo & Company boosted their price objective on shares of Knife River from $102.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, May 13th. DA Davidson decreased their price objective on shares of Knife River from $125.00 to $120.00 and set a "buy" rating on the stock in a research report on Tuesday, June 10th. Finally, Royal Bank Of Canada began coverage on shares of Knife River in a research report on Monday, June 16th. They issued an "outperform" rating and a $129.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Knife River has an average rating of "Buy" and a consensus price target of $117.17.

Knife River Profile

Knife River Corporation, together with its subsidiaries, provides aggregates- led construction materials and contracting services in the United States. It operates through Pacific, Northwest, Mountain, Central, and Energy Services segments. The company mines, processes, and sells construction aggregates, including crushed stone and sand, and gravel; and produces and sells asphalt and ready-mix concrete.