Knife River (NYSE:KNF) Trading Down 7.5% – Here’s What Happened

Knife River Corporation (NYSE:KNF) shares dropped 7.5% during mid-day trading on Tuesday . The company traded as low as $77.71 and last traded at $77.12. Approximately 318,655 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 427,046 shares. The stock had previously closed at $83.33.

Wall Street Analysts Forecast Growth

KNF has been the topic of several recent analyst reports. B. Riley assumed coverage on Knife River in a research report on Thursday. They issued a “buy” rating and a $92.00 price target on the stock. Royal Bank Of Canada reduced their target price on shares of Knife River from $115.00 to $105.00 and set an “outperform” rating on the stock in a research note on Thursday, November 6th. Wall Street Zen cut shares of Knife River from a “hold” rating to a “sell” rating in a research report on Sunday, January 11th. Wells Fargo & Company reissued an “equal weight” rating and set a $81.00 price target (up from $75.00) on shares of Knife River in a report on Tuesday, January 13th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Knife River in a research note on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Knife River presently has an average rating of “Moderate Buy” and a consensus price target of $96.57.

Knife River Trading Down 7.5%

The company’s 50-day moving average is $74.30 and its 200-day moving average is $76.02. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.47 and a current ratio of 2.39. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of 29.53, a P/E/G ratio of 1.36 and a beta of 0.47.

Knife River (NYSE:KNF) last announced its earnings results on Tuesday, November 4th. The company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.07. Knife River had a net margin of 4.87% and a return on equity of 9.97%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.22 billion. On average, research analysts predict that Knife River Corporation will post 4.11 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp raised its position in shares of Knife River by 284.9% during the first quarter. Jones Financial Companies Lllp now owns 6,390 shares of the company’s stock worth $576,000 after acquiring an additional 4,730 shares during the last quarter. Empowered Funds LLC acquired a new stake in Knife River in the first quarter worth about $424,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Knife River by 16.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 227,565 shares of the company’s stock worth $20,529,000 after purchasing an additional 32,762 shares during the period. Oliver Luxxe Assets LLC raised its holdings in Knife River by 1.0% during the 2nd quarter. Oliver Luxxe Assets LLC now owns 35,172 shares of the company’s stock worth $2,871,000 after purchasing an additional 345 shares during the last quarter. Finally, Brady Martz Wealth Solutions LLC lifted its position in Knife River by 2.3% during the 2nd quarter. Brady Martz Wealth Solutions LLC now owns 6,786 shares of the company’s stock valued at $554,000 after purchasing an additional 152 shares during the period. 80.11% of the stock is currently owned by institutional investors.

Knife River Company 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.