Knife River (NYSE:KNF) Trading Down 9.1% – What’s Next?

Knife River Corporation (NYSE:KNF) shares dropped 9.1% during mid-day trading on Wednesday . The stock traded as low as $50.92 and last traded at $50.76. 888,600 shares were traded during trading, an increase of 34% from the average daily volume of 661,214 shares. The stock had previously closed at $55.82.

Wall Street Analysts Forecast Growth

KNF has been the topic of a number of analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Knife River in a research note on Monday, August 24th. Citigroup lowered shares of Knife River to a “cautious” rating in a research report on Wednesday, September 9th. Wall Street Zen downgraded shares of Knife River from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. lowered shares of Knife River from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $80.00 to $73.00 in a research note on Wednesday, September 2nd. Finally, Zacks Research cut shares of Knife River from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $84.29.

Knife River Stock Performance

The company has a fifty day moving average of $67.22 and a two-hundred day moving average of $76.84. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 21.10, a PEG ratio of 1.15 and a beta of 0.38. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.60 and a current ratio of 2.66.

Knife River (NYSE:KNF) last posted its earnings results on Tuesday, August 4th. The company reported $0.77 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.36). Knife River had a return on equity of 8.73% and a net margin of 4.23%.The firm had revenue of $938.59 million for the quarter, compared to analyst estimates of $931.39 million. During the same period in the prior year, the business posted $0.89 EPS. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. As a group, equities research analysts predict that Knife River Corporation will post 2.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Knife River

Hedge funds and other institutional investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC bought a new stake in Knife River during the 2nd quarter worth $151,000. NewEdge Advisors LLC grew its holdings in shares of Knife River by 4.6% during the second quarter. NewEdge Advisors LLC now owns 24,881 shares of the company’s stock worth $2,081,000 after purchasing an additional 1,091 shares during the last quarter. Baird Financial Group Inc. increased its stake in shares of Knife River by 1.2% in the second quarter. Baird Financial Group Inc. now owns 101,976 shares of the company’s stock valued at $8,530,000 after buying an additional 1,254 shares during the period. Allworth Financial LP raised its holdings in Knife River by 74.6% in the 2nd quarter. Allworth Financial LP now owns 590 shares of the company’s stock valued at $49,000 after buying an additional 252 shares during the last quarter. Finally, Nykredit A S acquired a new stake in Knife River during the 2nd quarter worth approximately $121,000. 80.11% of the stock is currently owned by institutional investors and hedge funds.

Knife River Company Profile

Knife River Corporation is a construction materials and contracting company that produces and supplies essential materials for public and private infrastructure projects. Its principal products include construction aggregates, ready-mix concrete and asphalt, along with related paving and contracting services.

The company operates an integrated network of quarries, sand and gravel sites, asphalt and concrete plants, and construction operations. Its services support highways, bridges, airports, commercial developments, residential projects and other infrastructure improvements.