Allspring Global Investments Holdings LLC Lowers Stock Holdings in Knife River Corporation $KNF

Allspring Global Investments Holdings LLC cut its stake in shares of Knife River Corporation (NYSE:KNF) by 36.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 30,206 shares of the company’s stock after selling 17,584 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.05% of Knife River worth $2,194,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Pacer Advisors Inc. grew its stake in Knife River by 284.4% in the third quarter. Pacer Advisors Inc. now owns 7,450 shares of the company’s stock worth $573,000 after purchasing an additional 5,512 shares in the last quarter. Congress Asset Management Co. lifted its holdings in shares of Knife River by 2.9% in the 3rd quarter. Congress Asset Management Co. now owns 766,403 shares of the company’s stock worth $58,913,000 after buying an additional 21,736 shares during the period. Cascade Investment Advisors Inc. grew its position in shares of Knife River by 4.4% during the 3rd quarter. Cascade Investment Advisors Inc. now owns 16,032 shares of the company’s stock worth $1,232,000 after buying an additional 676 shares in the last quarter. IVC Wealth Advisors LLC increased its stake in shares of Knife River by 40.0% during the third quarter. IVC Wealth Advisors LLC now owns 3,941 shares of the company’s stock valued at $303,000 after buying an additional 1,125 shares during the period. Finally, Ausbil Investment Management Ltd increased its stake in shares of Knife River by 5.3% during the third quarter. Ausbil Investment Management Ltd now owns 5,046 shares of the company’s stock valued at $366,000 after buying an additional 252 shares during the period. Institutional investors own 80.11% of the company’s stock.

Knife River Stock Up 3.7%

NYSE:KNF opened at $77.43 on Friday. The company’s 50-day simple moving average is $72.51 and its 200-day simple moving average is $76.17. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.47 and a current ratio of 2.39. Knife River Corporation has a fifty-two week low of $58.72 and a fifty-two week high of $108.83. The stock has a market capitalization of $4.39 billion, a P/E ratio of 29.67, a P/E/G ratio of 1.22 and a beta of 0.47.

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on KNF shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Knife River in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Knife River from a “strong sell” rating to a “hold” rating in a report on Monday. DA Davidson lowered their price target on shares of Knife River from $105.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, October 1st. Wells Fargo & Company raised shares of Knife River from an “equal weight” rating to an “overweight” rating and set a $75.00 price objective on the stock in a report on Tuesday, November 4th. Finally, Oppenheimer reduced their price objective on shares of Knife River from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, October 1st. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $96.33.

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.