Knife River Corporation (NYSE:KNF) Sees Significant Increase in Short Interest

Key Points

• Short interest rose 20.9% in March to 3,949,399 shares (about 7.0% of shares sold short), with a days-to-cover ratio of 4.1 based on average daily volume.
• Knife River reported stronger-than-expected quarterly results, with EPS of $0.56 versus a $0.41 consensus and revenue of $755.06M (up 14.9% year-over-year).
• Analysts have a consensus rating of Moderate Buy with a $97.29 target; several firms raised targets to $105, and the stock trades at a $4.76B market cap and a P/E of 30.42 within a 52-week range of $58.72–$103.18.

Knife River Corporation (NYSE:KNF - Get Free Report) was the target of a large growth in short interest in the month of March. As of March 31st, there was short interest totaling 3,949,399 shares, a growth of 20.9% from the March 15th total of 3,266,983 shares. Approximately 7.0% of the shares of the company are sold short. Based on an average daily volume of 973,898 shares, the days-to-cover ratio is currently 4.1 days.

Knife River Stock Performance

NYSE:KNF opened at $83.95 on Friday. The stock has a fifty day moving average price of $83.33 and a 200-day moving average price of $75.81. The company has a market cap of $4.76 billion, a price-to-earnings ratio of 30.42, a PEG ratio of 1.91 and a beta of 0.41. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.39 and a current ratio of 2.54. Knife River has a fifty-two week low of $58.72 and a fifty-two week high of $103.18.

Knife River (NYSE:KNF - Get Free Report) last released its earnings results on Tuesday, February 17th. The company reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.15. The firm had revenue of $755.06 million during the quarter, compared to the consensus estimate of $726.60 million. Knife River had a return on equity of 10.27% and a net margin of 4.99%.The company's revenue was up 14.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 EPS. As a group, equities analysts anticipate that Knife River will post 4.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

KNF has been the subject of several recent research reports. Stephens boosted their price target on Knife River from $86.00 to $105.00 and gave the company an "overweight" rating in a research note on Wednesday, February 18th. Wells Fargo & Company reduced their price target on Knife River from $81.00 to $80.00 and set an "underweight" rating for the company in a research note on Wednesday. Zacks Research upgraded Knife River from a "strong sell" rating to a "hold" rating in a research note on Monday, January 5th. Weiss Ratings restated a "hold (c)" rating on shares of Knife River in a research note on Thursday, January 22nd. Finally, DA Davidson boosted their price target on Knife River from $95.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, February 18th. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $97.29.

Institutional Trading of Knife River

A number of institutional investors have recently modified their holdings of the stock. DMKC Advisory Services LLC lifted its position in shares of Knife River by 4.2% during the 4th quarter. DMKC Advisory Services LLC now owns 3,762 shares of the company's stock valued at $265,000 after acquiring an additional 150 shares during the period. Cornerstone Investment Partners LLC lifted its position in shares of Knife River by 5.8% during the 3rd quarter. Cornerstone Investment Partners LLC now owns 2,941 shares of the company's stock worth $226,000 after buying an additional 161 shares during the last quarter. TIAA Trust National Association lifted its position in shares of Knife River by 5.6% during the 4th quarter. TIAA Trust National Association now owns 3,146 shares of the company's stock worth $221,000 after buying an additional 166 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Knife River by 34.8% during the 4th quarter. GAMMA Investing LLC now owns 685 shares of the company's stock worth $48,000 after buying an additional 177 shares during the last quarter. Finally, Hantz Financial Services Inc. lifted its position in shares of Knife River by 141.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 341 shares of the company's stock worth $26,000 after buying an additional 200 shares during the last quarter. 80.11% of the stock is currently owned by institutional investors.

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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