Bank of New York Mellon Corp Has $30.01 Million Stock Position in Knife River Corporation $KNF

Key Points

• Bank of New York Mellon reduced its Knife River stake by 14.6% in the first quarter, selling 62,742 shares and retaining 367,573 shares worth approximately $30.01 million. Institutional investors collectively own 80.11% of KNF.
• Knife River’s latest quarterly revenue rose 16% year over year to $410.13 million, exceeding estimates, while its loss of $1.40 per share was slightly better than expected.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus and an average price target of $97.14, compared with the stock’s reported price of $77.96.

Bank of New York Mellon Corp reduced its position in shares of Knife River Corporation (NYSE:KNF - Free Report) by 14.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 367,573 shares of the company's stock after selling 62,742 shares during the period. Bank of New York Mellon Corp owned approximately 0.65% of Knife River worth $30,012,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. McMillan Office Inc. bought a new position in Knife River during the fourth quarter worth about $36,000. Hantz Financial Services Inc. raised its stake in Knife River by 66.3% in the fourth quarter. Hantz Financial Services Inc. now owns 567 shares of the company's stock valued at $40,000 after purchasing an additional 226 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in Knife River by 1,088.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 594 shares of the company's stock valued at $42,000 after buying an additional 544 shares during the period. GAMMA Investing LLC raised its position in shares of Knife River by 34.8% in the 4th quarter. GAMMA Investing LLC now owns 685 shares of the company's stock valued at $48,000 after buying an additional 177 shares in the last quarter. Finally, Larson Financial Group LLC raised its position in shares of Knife River by 198.5% in the 4th quarter. Larson Financial Group LLC now owns 806 shares of the company's stock valued at $57,000 after buying an additional 536 shares in the last quarter. 80.11% of the stock is currently owned by institutional investors.

Knife River Trading Down 0.1%

KNF opened at $77.96 on Monday. Knife River Corporation has a twelve month low of $58.72 and a twelve month high of $96.28. The company has a quick ratio of 1.31, a current ratio of 2.67 and a debt-to-equity ratio of 0.91. The company has a fifty day moving average of $80.06 and a 200-day moving average of $81.44. The stock has a market cap of $4.42 billion, a PE ratio of 30.34, a price-to-earnings-growth ratio of 1.40 and a beta of 0.37.

Knife River (NYSE:KNF - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported ($1.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.02. The business had revenue of $410.13 million for the quarter, compared to analyst estimates of $387.06 million. Knife River had a net margin of 4.58% and a return on equity of 9.35%. Knife River's revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.21) earnings per share. On average, sell-side analysts predict that Knife River Corporation will post 3.32 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Oppenheimer started coverage on Knife River in a research note on Thursday, May 28th. They issued an "outperform" rating and a $95.00 price target on the stock. JPMorgan Chase & Co. raised their price target on shares of Knife River from $90.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. Royal Bank Of Canada lowered their price objective on shares of Knife River from $109.00 to $107.00 and set an "outperform" rating for the company in a research report on Tuesday, June 30th. Zacks Research raised Knife River from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 3rd. Finally, Wells Fargo & Company boosted their price target on Knife River from $80.00 to $81.00 and gave the stock an "underweight" rating in a report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $97.14.

About Knife River

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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