Corient Private Wealth LP Boosts Position in Knife River Corporation $KNF

Key Points

• Corient Private Wealth increased its Knife River stake by 647.7% in the second quarter, bringing its holdings to 33,783 shares valued at approximately $2.83 million. Institutional investors collectively own 80.11% of the company.
• Analyst sentiment is mixed: Knife River has a consensus rating of “Hold” and an average price target of $84.29, with recent ratings ranging from “Strong Buy” to “Strong Sell.”
• Knife River reported quarterly revenue of $938.57 million, up 12.6% year over year, but EPS of $0.77 fell short of the $1.13 consensus estimate. The stock opened at $55.51, near its 52-week low of $53.59.

Corient Private Wealth LP raised its stake in Knife River Corporation (NYSE:KNF - Free Report) by 647.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,783 shares of the company's stock after purchasing an additional 29,265 shares during the period. Corient Private Wealth LP owned 0.06% of Knife River worth $2,826,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Capital World Investors acquired a new position in Knife River during the fourth quarter worth approximately $71,166,000. Norges Bank acquired a new position in shares of Knife River in the 4th quarter valued at $32,753,000. Voss Capital LP raised its position in Knife River by 61.4% in the 4th quarter. Voss Capital LP now owns 710,048 shares of the company's stock valued at $49,952,000 after purchasing an additional 270,048 shares during the last quarter. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in Knife River during the 2nd quarter worth $21,242,000. Finally, Dimensional Fund Advisors LP boosted its stake 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 worth $119,579,000 after purchasing an additional 73,028 shares during the period. Institutional investors and hedge funds own 80.11% of the company's stock.

Wall Street Analysts Forecast Growth

KNF has been the topic of a number of research reports. Royal Bank Of Canada lowered their price target on Knife River from $107.00 to $103.00 and set an "outperform" rating on the stock in a report on Wednesday, August 5th. DA Davidson started coverage on Knife River in a research note on Monday, August 24th. They set a "buy" rating and a $85.00 price objective for the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Knife River in a research report on Monday, August 24th. JPMorgan Chase & Co. downgraded Knife River from a "neutral" rating to an "underweight" rating and lowered their target price for the company from $80.00 to $73.00 in a research note on Wednesday, September 2nd. Finally, Zacks Research lowered Knife River from a "hold" rating to a "strong sell" rating in a report on Tuesday, September 1st. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Knife River presently has a consensus rating of "Hold" and an average target price of $84.29.

Knife River Stock Up 2.0%

Knife River stock opened at $55.51 on Tuesday. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.66 and a quick ratio of 1.60. Knife River Corporation has a 1-year low of $53.59 and a 1-year high of $96.28. The company has a market cap of $3.15 billion, a PE ratio of 22.66, a price-to-earnings-growth ratio of 1.13 and a beta of 0.38. The stock's 50 day moving average price is $67.70 and its 200 day moving average price is $77.06.

Knife River (NYSE:KNF - Get Free Report) last released its quarterly earnings data 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). Knife River had a return on equity of 8.73% and a net margin of 4.23%.The business had revenue of $938.57 million during the quarter, compared to analysts' expectations of $931.39 million. During the same quarter in the previous year, the company posted $0.89 EPS. The company's revenue was up 12.6% compared to the same quarter last year. On average, sell-side analysts predict that Knife River Corporation will post 2.86 EPS for the current fiscal year.

Knife River Company Profile

Knife River Corporation is a construction materials and contracting company that produces and supplies essential materials for public and private infrastructure projects. Its principal products include construction aggregates, ready-mix concrete and asphalt, along with related paving and contracting services.

The company operates an integrated network of quarries, sand and gravel sites, asphalt and concrete plants, and construction operations. Its services support highways, bridges, airports, commercial developments, residential projects and other infrastructure improvements.

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