Price T Rowe Associates Inc. MD Grows Position in Knife River Corporation $KNF

Key Points

• Price T Rowe Associates Inc. MD significantly increased its stake in Knife River Corporation by purchasing 1,628,535 shares, a 4,145.2% increase, bringing their total ownership to approximately 1.67 million shares valued at $150.46 million.
• Analysts have a positive outlook on Knife River, with six research analysts rating the stock as a "Buy" and setting an average price target of $114.33.
• Despite a revenue increase of 3.3% year-over-year, Knife River reported a net income per share of $0.89 for the last quarter, falling short of the consensus estimate of $1.27 per share.

Price T Rowe Associates Inc. MD lifted its stake in Knife River Corporation (NYSE:KNF - Free Report) by 4,145.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,667,822 shares of the company's stock after purchasing an additional 1,628,535 shares during the quarter. Price T Rowe Associates Inc. MD owned about 2.94% of Knife River worth $150,456,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KNF. T. Rowe Price Investment Management Inc. grew its holdings in shares of Knife River by 129.0% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,053,386 shares of the company's stock valued at $95,026,000 after purchasing an additional 593,431 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. purchased a new position in Knife River during the first quarter worth about $252,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Knife River in the 1st quarter valued at about $92,000. Brooklyn Investment Group boosted its holdings in Knife River by 31,200.0% in the 1st quarter. Brooklyn Investment Group now owns 313 shares of the company's stock valued at $28,000 after purchasing an additional 312 shares during the last quarter. Finally, Summit Securities Group LLC purchased a new stake in shares of Knife River in the 1st quarter valued at approximately $216,000. Institutional investors and hedge funds own 80.11% of the company's stock.

Knife River Trading Up 0.2%

KNF traded up $0.19 during mid-day trading on Friday, hitting $81.08. 795,625 shares of the stock were exchanged, compared to its average volume of 761,377. The firm's fifty day moving average is $83.78 and its two-hundred day moving average is $89.46. Knife River Corporation has a 1-year low of $73.91 and a 1-year high of $108.83. The company has a market cap of $4.59 billion, a PE ratio of 30.14, a PEG ratio of 5.90 and a beta of 0.63. The company has a current ratio of 2.78, a quick ratio of 1.57 and a debt-to-equity ratio of 0.92.

Knife River (NYSE:KNF - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.89 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.27 by ($0.38). The business had revenue of $833.80 million for the quarter, compared to analysts' expectations of $902.26 million. Knife River had a return on equity of 10.58% and a net margin of 5.20%.The firm's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the company earned $1.37 earnings per share. Knife River has set its FY 2025 guidance at EPS. Equities analysts forecast that Knife River Corporation will post 4.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on KNF shares. DA Davidson reduced their price target on shares of Knife River from $125.00 to $120.00 and set a "buy" rating on the stock in a research report on Tuesday, June 10th. Royal Bank Of Canada began coverage on Knife River in a research report on Monday, June 16th. They issued an "outperform" rating and a $129.00 target price on the stock. Finally, Wells Fargo & Company upped their price target on Knife River from $96.00 to $97.00 and gave the company an "overweight" rating in a research note on Monday, August 11th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $114.33.

About Knife River

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.