Dudley & Shanley Inc. Cuts Stake in Kornit Digital Ltd. $KRNT

Key Points

• Dudley & Shanley Inc. cut its stake by 28.4% in Q4, selling 356,935 shares and finishing the period with 901,960 Kornit Digital shares worth about $12.97 million (≈2.1% of its portfolio).
• Other institutions moved in the opposite direction—Arrowstreet (+79.9%), Thompson (+169.5%), Polar (+21.1%) and Hood River (+39.1%)—resulting in hedge funds and institutional investors owning 92.76% of the company.
• Kornit beat quarterly EPS ($0.18) and revenue ($58.86M) estimates despite a 3% YoY revenue decline; the stock trades near $14.71 with a market cap of ~$659M and a consensus analyst rating of Hold (average target $20.25).

Dudley & Shanley Inc. cut its holdings in shares of Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 28.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 901,960 shares of the industrial products company's stock after selling 356,935 shares during the period. Kornit Digital accounts for approximately 2.1% of Dudley & Shanley Inc.'s investment portfolio, making the stock its 21st biggest holding. Dudley & Shanley Inc. owned about 2.01% of Kornit Digital worth $12,970,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership boosted its holdings in Kornit Digital by 79.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 557,873 shares of the industrial products company's stock worth $11,107,000 after acquiring an additional 247,763 shares in the last quarter. Thompson Investment Management Inc. grew its stake in shares of Kornit Digital by 169.5% during the third quarter. Thompson Investment Management Inc. now owns 789,761 shares of the industrial products company's stock worth $10,662,000 after acquiring an additional 496,754 shares during the last quarter. Polar Asset Management Partners Inc. increased its holdings in shares of Kornit Digital by 21.1% during the third quarter. Polar Asset Management Partners Inc. now owns 779,559 shares of the industrial products company's stock valued at $10,524,000 after acquiring an additional 135,709 shares in the last quarter. Invenomic Capital Management LP acquired a new position in shares of Kornit Digital during the third quarter valued at about $6,356,000. Finally, Hood River Capital Management LLC raised its position in shares of Kornit Digital by 39.1% in the 2nd quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company's stock valued at $43,455,000 after purchasing an additional 613,070 shares during the last quarter. Hedge funds and other institutional investors own 92.76% of the company's stock.

Kornit Digital Price Performance

NASDAQ KRNT opened at $14.71 on Tuesday. Kornit Digital Ltd. has a 1 year low of $11.93 and a 1 year high of $23.48. The company has a market capitalization of $658.86 million, a PE ratio of -47.45 and a beta of 1.79. The company has a fifty day moving average of $14.62 and a 200 day moving average of $14.18.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.04. The company had revenue of $58.86 million for the quarter, compared to the consensus estimate of $58.16 million. Kornit Digital had a negative return on equity of 1.07% and a negative net margin of 6.49%.The firm's revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period last year, the firm earned $0.18 EPS. Research analysts expect that Kornit Digital Ltd. will post -0.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Morgan Stanley reiterated a "positive" rating and issued a $17.00 target price on shares of Kornit Digital in a research note on Wednesday, February 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Kornit Digital in a report on Friday, December 26th. Needham & Company LLC reiterated a "buy" rating and set a $20.00 price objective on shares of Kornit Digital in a research note on Wednesday, February 11th. Finally, Wall Street Zen raised shares of Kornit Digital from a "sell" rating to a "hold" rating in a report on Saturday, March 7th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Kornit Digital presently has a consensus rating of "Hold" and an average price target of $20.25.

Kornit Digital Company Profile

Kornit Digital Ltd. NASDAQ: KRNT is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha'Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.

The company's flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.

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