Fifth Third Bancorp Has $1.88 Million Holdings in Knife River Corporation $KNF

Fifth Third Bancorp boosted its position in shares of Knife River Corporation (NYSE:KNF) by 4,046.2% during the first quarter, HoldingsChannel reports. The institutional investor owned 22,970 shares of the company’s stock after purchasing an additional 22,416 shares during the period. Fifth Third Bancorp’s holdings in Knife River were worth $1,875,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Jones Financial Companies Lllp boosted its position in shares of Knife River by 284.9% during the 1st 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 in the last quarter. Empowered Funds LLC acquired a new position in Knife River during the first quarter valued at approximately $424,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Knife River by 16.8% during 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 last quarter. State Street Corp lifted its stake in Knife River by 0.6% during the second quarter. State Street Corp now owns 2,101,198 shares of the company’s stock worth $171,542,000 after purchasing an additional 12,308 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its holdings in shares of Knife River by 71.0% in the 2nd quarter. Raymond James Financial Inc. now owns 354,860 shares of the company’s stock valued at $28,971,000 after purchasing an additional 147,387 shares in the last quarter. 80.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

KNF has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their price target on Knife River from $90.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Oppenheimer initiated coverage on Knife River in a research report on Thursday, May 28th. They issued an “outperform” rating and a $95.00 target price on the stock. Royal Bank Of Canada lowered their target price on Knife River from $109.00 to $107.00 and set an “outperform” rating for the company in a research note on Tuesday, June 30th. Weiss Ratings raised shares of Knife River from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, May 27th. Finally, Wells Fargo & Company lifted their price target on shares of Knife River from $80.00 to $81.00 and gave the company an “underweight” rating in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.14.

Knife River Stock Performance

Shares of KNF stock opened at $79.62 on Thursday. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of 30.98, a PEG ratio of 1.42 and a beta of 0.37. The company has a current ratio of 2.67, a quick ratio of 1.31 and a debt-to-equity ratio of 0.91. The business’s 50-day moving average price is $80.07 and its 200-day moving average price is $81.38. Knife River Corporation has a 12 month low of $58.72 and a 12 month high of $96.28.

Knife River (NYSE:KNF) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($1.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.02. The company had revenue of $410.13 million during the quarter, compared to the consensus estimate of $387.06 million. Knife River had a return on equity of 9.35% and a net margin of 4.58%.The firm’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.21) earnings per share. Equities research analysts forecast that Knife River Corporation will post 3.32 EPS for the current year.

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.