State of New Jersey Common Pension Fund D Boosts Stock Holdings in Knife River Corporation $KNF

State of New Jersey Common Pension Fund D boosted its stake in shares of Knife River Corporation (NYSE:KNF) by 30.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 31,625 shares of the company’s stock after acquiring an additional 7,366 shares during the period. State of New Jersey Common Pension Fund D owned 0.06% of Knife River worth $2,225,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Baillie Gifford & Co. purchased a new position in shares of Knife River in the 3rd quarter worth $169,020,000. State Street Corp grew its stake in shares of Knife River by 0.6% in the 2nd quarter. State Street Corp now owns 2,101,198 shares of the company’s stock worth $171,542,000 after buying an additional 12,308 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Knife River by 2.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,247,486 shares of the company’s stock worth $95,880,000 after buying an additional 31,560 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Knife River by 30.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 787,736 shares of the company’s stock worth $64,311,000 after buying an additional 182,462 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Knife River by 30.8% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 578,023 shares of the company’s stock worth $40,664,000 after buying an additional 135,982 shares in the last quarter. 80.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Knife River from $90.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday. Stephens lifted their price objective on shares of Knife River from $86.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 18th. Weiss Ratings cut shares of Knife River from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday. Wells Fargo & Company dropped their price objective on shares of Knife River from $81.00 to $80.00 and set an “underweight” rating for the company in a research note on Wednesday, April 15th. Finally, DA Davidson lifted their price objective on shares of Knife River from $95.00 to $105.00 and gave the stock a “buy” rating in a research note 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 issued a Sell rating to the company. According to data from MarketBeat.com, Knife River has a consensus rating of “Moderate Buy” and a consensus target price of $98.00.

Knife River Trading Up 2.0%

Shares of KNF opened at $90.48 on Friday. Knife River Corporation has a 1-year low of $58.72 and a 1-year high of $103.18. The company has a 50-day moving average of $84.51 and a 200 day moving average of $77.66. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of 35.21, a PEG ratio of 1.59 and a beta of 0.55. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.67 and a quick ratio of 1.39.

Knife River (NYSE:KNF) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($1.40) earnings per share for the quarter, beating 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 company had revenue of $410.13 million during the quarter, compared to analyst estimates of $387.06 million. During the same quarter last year, the business posted ($1.21) EPS. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. On average, research analysts expect that Knife River Corporation will post 3.31 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.