Fifth Third Bancorp Buys 22,416 Shares of Knife River Corporation $KNF

Fifth Third Bancorp lifted its position in Knife River Corporation (NYSE:KNF - Free Report) by 4,046.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,970 shares of the company's stock after buying an additional 22,416 shares during the quarter. Fifth Third Bancorp's holdings in Knife River were worth $1,875,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its holdings in Knife River by 111.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 63,904 shares of the company's stock worth $4,648,000 after purchasing an additional 33,698 shares during the period. Hunter Associates Investment Management LLC raised its stake in Knife River by 184.3% in the fourth quarter. Hunter Associates Investment Management LLC now owns 36,659 shares of the company's stock valued at $2,586,000 after buying an additional 23,764 shares during the period. Paradice Investment Management LLC acquired a new stake in shares of Knife River in the fourth quarter valued at approximately $22,001,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Knife River by 30.8% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 578,023 shares of the company's stock worth $40,664,000 after acquiring an additional 135,982 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in shares of Knife River by 87.8% during the 4th quarter. Teacher Retirement System of Texas now owns 255,557 shares of the company's stock worth $17,978,000 after acquiring an additional 119,452 shares during the period. 80.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on KNF shares. Weiss Ratings upgraded Knife River from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, May 27th. JPMorgan Chase & Co. upped their price objective 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. Oppenheimer assumed coverage on shares of Knife River in a research report on Thursday, May 28th. They issued an "outperform" rating and a $95.00 price objective 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. Finally, Royal Bank Of Canada decreased their price target on shares of Knife River from $109.00 to $107.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.14.

Knife River Stock Up 0.3%

KNF stock opened at $79.62 on Thursday. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.67 and a quick ratio of 1.31. The stock has a market capitalization of $4.52 billion, a price-to-earnings ratio of 30.98, a PEG ratio of 1.42 and a beta of 0.37. The business's fifty day moving average price is $80.07 and its two-hundred day moving average price is $81.38. Knife River Corporation has a fifty-two week low of $58.72 and a fifty-two week high of $96.28.

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

Knife River Company Profile

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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