Bank of New York Mellon Corp Sells 62,742 Shares of Knife River Corporation $KNF

Bank of New York Mellon Corp decreased its holdings in shares of Knife River Corporation (NYSE:KNF) by 14.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 367,573 shares of the company’s stock after selling 62,742 shares during the period. Bank of New York Mellon Corp’s holdings in Knife River were worth $30,012,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in KNF. Price T Rowe Associates Inc. MD raised its stake in shares of Knife River by 3.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,915,131 shares of the company’s stock worth $275,431,000 after purchasing an additional 123,594 shares during the last quarter. State Street Corp grew its stake in Knife River by 0.6% in the 2nd quarter. State Street Corp now owns 2,101,198 shares of the company’s stock valued at $171,542,000 after purchasing an additional 12,308 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Knife River by 57.7% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,774,284 shares of the company’s stock worth $124,821,000 after buying an additional 648,979 shares during the last quarter. Geode Capital Management LLC raised its position in Knife River by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,417,408 shares of the company’s stock worth $99,730,000 after acquiring an additional 9,125 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Knife River by 11.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,391,662 shares of the company’s stock valued at $97,909,000 after purchasing an additional 144,176 shares during the last quarter. 80.11% of the stock is owned by institutional investors.

Knife River Stock Performance

NYSE:KNF opened at $77.96 on Monday. The business’s 50-day moving average price is $80.06 and its two-hundred day moving average price is $81.44. Knife River Corporation has a twelve month low of $58.72 and a twelve month high of $96.28. The stock has a market cap of $4.42 billion, a P/E ratio of 30.34, a PEG ratio of 1.40 and a beta of 0.37. The company has a quick ratio of 1.31, a current ratio of 2.67 and a debt-to-equity ratio of 0.91.

Knife River (NYSE:KNF) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($1.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter last year, the company posted ($1.21) EPS. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, equities analysts predict that Knife River Corporation will post 3.32 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on KNF. Royal Bank Of Canada cut their price target on Knife River from $109.00 to $107.00 and set an “outperform” rating for the company in a research note on Tuesday, June 30th. Wells Fargo & Company boosted their price objective on Knife River from $80.00 to $81.00 and gave the company an “underweight” rating in a research note on Wednesday, July 8th. Weiss Ratings raised shares of Knife River from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, May 27th. JPMorgan Chase & Co. increased their target price on Knife River from $90.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Finally, Oppenheimer assumed coverage on Knife River in a report on Thursday, May 28th. They issued an “outperform” rating and a $95.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Knife River presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.14.

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.