Diamond Hill Capital Management LLC Investment Advisor Purchases New Shares in Knife River Corporation $KNF

Key Points

• Diamond Hill Capital Management purchased 253,941 Knife River shares worth approximately $21.2 million, giving it a 0.45% stake. Institutional investors collectively own 80.11% of the company.
• Knife River’s latest quarterly revenue rose 12.6% year over year to $938.6 million, but adjusted earnings of $0.77 per share missed expectations by $0.36. Analysts expect full-year EPS of $3.08.
• KNF opened at $66.29, well below its 12-month high of $96.28. Despite some recent downgrades, analysts maintain a “Moderate Buy” consensus with an average price target of $89.71.

Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Knife River Corporation (NYSE:KNF - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 253,941 shares of the company's stock, valued at approximately $21,242,000. Diamond Hill Capital Management LLC Investment Advisor owned 0.45% of Knife River at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Capital World Investors acquired a new position in Knife River in the fourth quarter valued at $71,166,000. Barrow Hanley Mewhinney & Strauss LLC grew its holdings 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 worth $124,821,000 after buying an additional 648,979 shares during the last quarter. Norges Bank purchased a new position in shares of Knife River during the fourth quarter worth about $32,753,000. Paradice Investment Management LLC acquired a new position in Knife River in the 4th quarter valued at about $22,001,000. Finally, Voss Capital LP increased 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 acquiring an additional 270,048 shares during the period. 80.11% of the stock is owned by hedge funds and other institutional investors.

Knife River Stock Performance

NYSE KNF opened at $66.29 on Monday. The stock has a market capitalization of $3.76 billion, a price-to-earnings ratio of 27.06, a PEG ratio of 1.28 and a beta of 0.42. The business's 50 day moving average is $78.75 and its two-hundred day moving average is $80.70. Knife River Corporation has a 12-month low of $58.72 and a 12-month high of $96.28. The company has a current ratio of 2.66, a quick ratio of 1.60 and a debt-to-equity ratio of 1.00.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on KNF shares. Wall Street Zen cut Knife River from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Zacks Research lowered Knife River from a "strong-buy" rating to a "hold" rating in a report on Monday, August 3rd. Oppenheimer assumed coverage on Knife River in a research note on Thursday, May 28th. They set an "outperform" rating and a $95.00 price target for the company. Weiss Ratings raised Knife River from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, May 27th. Finally, Royal Bank Of Canada lowered 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 report on Wednesday, August 5th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $89.71.

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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