CI Investments Inc. Increases Stock Position in Knife River Corporation $KNF

CI Investments Inc. raised its position in Knife River Corporation (NYSE:KNF) by 34.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 84,148 shares of the company’s stock after buying an additional 21,485 shares during the period. CI Investments Inc. owned about 0.15% of Knife River worth $6,468,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of KNF. Cornerstone Investment Partners LLC grew its position in shares of Knife River by 5.8% during the 3rd quarter. Cornerstone Investment Partners LLC now owns 2,941 shares of the company’s stock valued at $226,000 after acquiring an additional 161 shares during the period. PNC Financial Services Group Inc. grew its holdings in Knife River by 3.9% in the second quarter. PNC Financial Services Group Inc. now owns 4,497 shares of the company’s stock valued at $367,000 after purchasing an additional 170 shares during the period. Huntington National Bank increased its position in shares of Knife River by 35.5% in the second quarter. Huntington National Bank now owns 703 shares of the company’s stock valued at $57,000 after buying an additional 184 shares in the last quarter. Hantz Financial Services Inc. raised its stake in shares of Knife River by 141.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 341 shares of the company’s stock worth $26,000 after buying an additional 200 shares during the period. Finally, Allied Investment Advisors LLC raised its stake in shares of Knife River by 4.6% during the 3rd quarter. Allied Investment Advisors LLC now owns 4,722 shares of the company’s stock worth $363,000 after buying an additional 206 shares during the period. 80.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. DA Davidson lifted their price target on shares of Knife River from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, February 18th. Wells Fargo & Company lowered shares of Knife River from an “equal weight” rating to an “underweight” rating and lifted their target price for the company from $75.00 to $81.00 in a research report on Wednesday, February 18th. JPMorgan Chase & Co. assumed coverage on shares of Knife River in a research report on Thursday, December 4th. They set a “neutral” rating and a $83.00 price target for the company. Royal Bank Of Canada raised their price target on shares of Knife River from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Wednesday, February 18th. Finally, B. Riley Financial began coverage on Knife River in a research note on Thursday, January 15th. They set a “buy” rating and a $92.00 price objective for the company. Six 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $96.43.

Knife River Stock Performance

KNF opened at $87.58 on Thursday. Knife River Corporation has a twelve month low of $58.72 and a twelve month high of $103.18. The firm has a market capitalization of $4.96 billion, a PE ratio of 31.73, a PEG ratio of 2.04 and a beta of 0.27. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.70. The firm’s 50-day moving average price is $79.05 and its 200 day moving average price is $75.49.

Knife River (NYSE:KNF) last released its earnings results on Tuesday, February 17th. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.15. The business had revenue of $755.06 million for the quarter, compared to analyst estimates of $726.60 million. Knife River had a net margin of 4.99% and a return on equity of 10.27%. The business’s revenue was up 14.9% on a year-over-year basis. During the same period last year, the company posted $0.41 EPS. As a group, sell-side analysts expect that Knife River Corporation will post 4.11 EPS for the current fiscal 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.