CI Investments Inc. Lowers Position in Knife River Corporation $KNF

Key Points

• CI Investments reduced its stake in Knife River by 15.8% in the first quarter, selling 14,819 shares and leaving it with 79,117 shares worth about $6.46 million.
• Knife River reported better-than-expected quarterly results, posting an EPS loss of $1.40 versus estimates of $1.42 and revenue of $410.13 million, which was above analyst forecasts. Revenue rose 16% year over year.
• Analyst sentiment remains largely positive, with one Strong Buy, six Buy ratings, and an average “Moderate Buy” rating; the consensus price target is $97.14.

CI Investments Inc. cut its position in shares of Knife River Corporation (NYSE:KNF - Free Report) by 15.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 79,117 shares of the company's stock after selling 14,819 shares during the quarter. CI Investments Inc. owned about 0.14% of Knife River worth $6,460,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital World Investors bought a new position in Knife River in the fourth quarter worth $71,166,000. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of Knife River by 57.7% during 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 in the last quarter. Norges Bank bought a new stake in shares of Knife River during the 4th quarter valued at $32,753,000. Paradice Investment Management LLC purchased a new stake in shares of Knife River in the 4th quarter worth about $22,001,000. Finally, Voss Capital LP grew its position in shares of Knife River by 61.4% in the 4th quarter. Voss Capital LP now owns 710,048 shares of the company's stock worth $49,952,000 after buying an additional 270,048 shares during the period. 80.11% of the stock is owned by hedge funds and other institutional investors.

Knife River Trading Down 2.5%

NYSE KNF opened at $77.56 on Friday. Knife River Corporation has a 12 month low of $58.72 and a 12 month high of $96.28. The stock has a market cap of $4.40 billion, a P/E ratio of 30.18, a P/E/G ratio of 1.42 and a beta of 0.37. The stock's fifty day moving average price is $80.02 and its 200-day moving average price is $81.41. The company has a current ratio of 2.67, a quick ratio of 1.31 and a debt-to-equity ratio of 0.91.

Knife River (NYSE:KNF - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($1.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.42) by $0.02. The firm had revenue of $410.13 million during the quarter, compared to analyst estimates of $387.06 million. Knife River had a return on equity of 9.35% and a net margin of 4.58%.Knife River's quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.21) EPS. As a group, equities analysts forecast that Knife River Corporation will post 3.32 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Zacks Research upgraded shares of Knife River from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 3rd. Weiss Ratings raised shares of Knife River from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, May 27th. Oppenheimer assumed coverage on shares of Knife River in a report on Thursday, May 28th. They issued an "outperform" rating and a $95.00 price objective on the stock. Royal Bank Of Canada decreased their target price on shares of Knife River from $109.00 to $107.00 and set an "outperform" rating for the company in a research note on Tuesday, June 30th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Knife River from $90.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Knife River 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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