LPL Financial LLC Acquires 3,130 Shares of Knife River Corporation (NYSE:KNF)

Key Points

• LPL Financial LLC increased its stake in Knife River Corporation by 3.0% during the first quarter, owning approximately 0.19% of the company, valued at about $9.6 million.
• Knife River reported earnings per share of $0.89 for the latest quarter, which fell short of analysts' expectations of $1.27, despite a revenue increase of 3.3% year-over-year.
• Research analysts maintain a consensus rating of "Buy" for Knife River, with a recent average price target of $114.17 after varying adjustments by multiple firms.

LPL Financial LLC boosted its holdings in Knife River Corporation (NYSE:KNF - Free Report) by 3.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 106,316 shares of the company's stock after purchasing an additional 3,130 shares during the quarter. LPL Financial LLC owned 0.19% of Knife River worth $9,591,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of KNF. O Shaughnessy Asset Management LLC acquired a new stake in Knife River in the 4th quarter worth about $361,000. Wells Fargo & Company MN raised its stake in Knife River by 15.1% in the 4th quarter. Wells Fargo & Company MN now owns 60,940 shares of the company's stock worth $6,194,000 after purchasing an additional 7,975 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Knife River by 12.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 38,236 shares of the company's stock worth $3,886,000 after purchasing an additional 4,205 shares in the last quarter. Bank of Montreal Can raised its stake in Knife River by 11.4% in the 4th quarter. Bank of Montreal Can now owns 12,523 shares of the company's stock worth $1,273,000 after purchasing an additional 1,285 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Knife River by 83.7% in the 4th quarter. Invesco Ltd. now owns 879,796 shares of the company's stock worth $89,422,000 after purchasing an additional 400,954 shares in the last quarter. Institutional investors and hedge funds own 80.11% of the company's stock.

Wall Street Analysts Forecast Growth

KNF has been the subject of several analyst reports. Royal Bank Of Canada initiated coverage on shares of Knife River in a research note on Monday, June 16th. They issued an "outperform" rating and a $129.00 price objective for the company. Wells Fargo & Company boosted their target price on shares of Knife River from $96.00 to $97.00 and gave the company an "overweight" rating in a research report on Monday. Finally, DA Davidson dropped their target price on shares of Knife River from $125.00 to $120.00 and set a "buy" rating for the company in a research report on Tuesday, June 10th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $114.33.

Knife River Price Performance

Shares of NYSE:KNF traded up $0.33 during midday trading on Monday, hitting $88.37. The stock had a trading volume of 641,863 shares, compared to its average volume of 558,737. The company has a market capitalization of $5.01 billion, a P/E ratio of 32.85, a price-to-earnings-growth ratio of 6.42 and a beta of 0.63. The company has a quick ratio of 1.57, a current ratio of 2.78 and a debt-to-equity ratio of 0.92. The company's 50-day moving average price is $83.16 and its 200-day moving average price is $90.83. Knife River Corporation has a fifty-two week low of $71.96 and a fifty-two week high of $108.83.

Knife River (NYSE:KNF - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.38). The company had revenue of $833.80 million for the quarter, compared to the consensus estimate of $902.26 million. Knife River had a net margin of 5.20% and a return on equity of 10.58%. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $1.37 earnings per share. As a group, equities research analysts predict that Knife River Corporation will post 4.11 EPS for the current fiscal year.

Knife River Company Profile

Knife River Corporation, together with its subsidiaries, provides aggregates- led construction materials and contracting services in the United States. It operates through Pacific, Northwest, Mountain, Central, and Energy Services segments. The company mines, processes, and sells construction aggregates, including crushed stone and sand, and gravel; and produces and sells asphalt and ready-mix concrete.