Knife River Corporation $KNF Stock Position Reduced by Vanguard Group Inc.

Key Points

• Vanguard trimmed its stake in Knife River by 1.2%, selling 66,206 shares but remains a major holder with 5,688,172 shares (~10.04%) valued at about $400.2M, while institutional ownership totals roughly 80.11% and firms like Baillie Gifford established a new ~$169M position.
• Knife River beat quarterly estimates with EPS of ($1.40) vs. ($1.42) expected and revenue of $410.13M (up 16% YoY), and analysts forecast ~3.21 EPS for the current fiscal year.
• Shares are trading around $91.52 (up ~5% on the day) with a market cap of $5.19B, and Wall Street consensus is a “Moderate Buy” with an average target of $98 and several firms setting targets as high as $105.

Vanguard Group Inc. cut its stake in shares of Knife River Corporation (NYSE:KNF - Free Report) by 1.2% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,688,172 shares of the company's stock after selling 66,206 shares during the period. Vanguard Group Inc. owned about 10.04% of Knife River worth $400,163,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Baillie Gifford & Co. purchased a new position in Knife River during the third quarter valued at approximately $169,020,000. State Street Corp grew its position in Knife River by 0.6% in the second quarter. State Street Corp now owns 2,101,198 shares of the company's stock worth $171,542,000 after acquiring an additional 12,308 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Knife River by 2.6% in the third quarter. Dimensional Fund Advisors LP now owns 1,247,486 shares of the company's stock worth $95,880,000 after acquiring an additional 31,560 shares in the last quarter. Ameriprise Financial Inc. grew its position in Knife River by 30.1% in the second quarter. Ameriprise Financial Inc. now owns 787,736 shares of the company's stock worth $64,311,000 after acquiring an additional 182,462 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in Knife River by 30.8% in the fourth 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 in the last quarter. 80.11% of the stock is owned by hedge funds and other institutional investors.

Knife River Stock Up 5.0%

Shares of NYSE:KNF opened at $91.52 on Thursday. Knife River Corporation has a 12 month low of $58.72 and a 12 month high of $103.18. The company's 50-day moving average price is $84.51 and its two-hundred day moving average price is $77.49. The company has a quick ratio of 1.39, a current ratio of 2.67 and a debt-to-equity ratio of 0.91. The firm has a market cap of $5.19 billion, a P/E ratio of 35.61, a P/E/G ratio of 1.96 and a beta of 0.55.

Knife River (NYSE:KNF - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($1.40) EPS for the quarter, topping 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 firm had revenue of $410.13 million for the quarter, compared to analyst estimates of $387.06 million. During the same quarter in the prior year, the firm earned ($1.21) EPS. The company's revenue was up 16.0% on a year-over-year basis. As a group, research analysts forecast that Knife River Corporation will post 3.21 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. B. Riley Financial began coverage on shares of Knife River in a report on Thursday, January 15th. They issued a "buy" rating and a $92.00 price target on the stock. Wells Fargo & Company lowered their target price on shares of Knife River from $81.00 to $80.00 and set an "underweight" rating on the stock in a report on Wednesday, April 15th. Wall Street Zen raised shares of Knife River from a "sell" rating to a "hold" rating in a report on Monday, February 23rd. Stephens upped their target price on shares of Knife River from $86.00 to $105.00 and gave the stock an "overweight" rating in a report on Wednesday, February 18th. Finally, DA Davidson increased their price objective on shares of Knife River from $95.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday, February 18th. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $98.00.

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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