Norges Bank Takes Position in Knife River Corporation $KNF

Norges Bank bought a new stake in Knife River Corporation (NYSE:KNF) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 465,569 shares of the company’s stock, valued at approximately $32,753,000. Norges Bank owned approximately 0.82% of Knife River at the end of the most recent quarter.

Several other large investors have also modified their holdings of KNF. Hantz Financial Services Inc. boosted its holdings in shares of Knife River by 141.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 341 shares of the company’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. GAMMA Investing LLC raised its position in Knife River by 34.8% in the 4th quarter. GAMMA Investing LLC now owns 685 shares of the company’s stock valued at $48,000 after purchasing an additional 177 shares during the last quarter. Larson Financial Group LLC raised its position in Knife River by 198.5% in the 4th quarter. Larson Financial Group LLC now owns 806 shares of the company’s stock valued at $57,000 after purchasing an additional 536 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Knife River by 58.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 940 shares of the company’s stock valued at $66,000 after purchasing an additional 345 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its position in Knife River by 1,365.6% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,363 shares of the company’s stock valued at $113,000 after purchasing an additional 1,270 shares during the last quarter. Institutional investors and hedge funds own 80.11% of the company’s stock.

Knife River Stock Performance

NYSE:KNF opened at $72.24 on Tuesday. 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 Corporation has a fifty-two week low of $58.72 and a fifty-two week high of $95.29. The stock has a market cap of $4.10 billion, a PE ratio of 28.11, a price-to-earnings-growth ratio of 1.33 and a beta of 0.41. The firm’s fifty day simple moving average is $81.51 and its 200-day simple moving average is $79.38.

Knife River (NYSE:KNF) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($1.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.02. Knife River had a net margin of 4.58% and a return on equity of 9.35%. The business had revenue of $410.13 million for the quarter, compared to analysts’ expectations of $387.06 million. During the same period in the prior year, the company posted ($1.21) EPS. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. Analysts expect that Knife River Corporation will post 3.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Royal Bank Of Canada upped their price target on shares of Knife River from $106.00 to $109.00 and gave the company an “outperform” rating in a research report on Wednesday, February 18th. Wells Fargo & Company reduced their price target on shares of Knife River from $81.00 to $80.00 and set an “underweight” rating for the company in a research report on Wednesday, April 15th. JPMorgan Chase & Co. upped their price target on shares of Knife River from $90.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. DA Davidson upped their price target on shares of Knife River from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Wednesday, February 18th. Finally, Stephens upped their price target on shares of Knife River from $86.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, February 18th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Knife River presently has an average rating of “Moderate Buy” and a consensus target price of $97.29.

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.