Knife River Corporation $KNF Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its position in Knife River Corporation (NYSE:KNF) by 26.7% during the first quarter, Holdings Channel reports. The firm owned 80,986 shares of the company’s stock after buying an additional 17,082 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Knife River were worth $6,650,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Bleakley Financial Group LLC acquired a new stake in shares of Knife River in the first quarter valued at $1,743,000. State of Michigan Retirement System boosted its holdings in Knife River by 2.2% in the first quarter. State of Michigan Retirement System now owns 13,655 shares of the company’s stock valued at $1,115,000 after purchasing an additional 300 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Knife River by 6.4% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 86,360 shares of the company’s stock valued at $7,051,000 after buying an additional 5,200 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Knife River by 4,046.2% during the first quarter. Fifth Third Bancorp now owns 22,970 shares of the company’s stock worth $1,875,000 after purchasing an additional 22,416 shares during the last quarter. Finally, Hsbc Holdings PLC grew its stake in Knife River by 34.7% during the 1st quarter. Hsbc Holdings PLC now owns 7,767 shares of the company’s stock worth $630,000 after buying an additional 2,002 shares during the last quarter. Institutional investors and hedge funds own 80.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on KNF. Zacks Research upgraded shares of Knife River from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 3rd. JPMorgan Chase & Co. increased their price objective on Knife River from $90.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada dropped their target price on shares of Knife River from $109.00 to $107.00 and set an “outperform” rating for the company in a report on Tuesday, June 30th. Weiss Ratings raised Knife River from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, May 27th. Finally, Oppenheimer assumed coverage on Knife River in a research note on Thursday, May 28th. They issued an “outperform” rating and a $95.00 target price on the stock. 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.14.

Knife River Price Performance

KNF stock opened at $77.56 on Friday. The stock has a 50-day moving average price of $80.02 and a two-hundred day moving average price of $81.41. The company has a market cap of $4.40 billion, a PE ratio of 30.18, a price-to-earnings-growth ratio of 1.42 and a beta of 0.37. Knife River Corporation has a 12-month low of $58.72 and a 12-month high of $96.28. The company has a current ratio of 2.67, a quick ratio of 1.31 and a debt-to-equity ratio of 0.91.

Knife River (NYSE:KNF) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($1.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.02. Knife River had a return on equity of 9.35% and a net margin of 4.58%.The firm had revenue of $410.13 million during the quarter, compared to the consensus estimate of $387.06 million. During the same period in the prior year, the firm earned ($1.21) EPS. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, research analysts predict that Knife River Corporation will post 3.32 EPS for the current year.

Knife River 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.