Sterling Capital Management LLC Sells 12,054 Shares of Knife River Corporation $KNF

Sterling Capital Management LLC lowered its stake in Knife River Corporation (NYSE:KNF) by 86.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,916 shares of the company’s stock after selling 12,054 shares during the period. Sterling Capital Management LLC’s holdings in Knife River were worth $97,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in KNF. ZWJ Investment Counsel Inc. raised its stake in Knife River by 26.4% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 4,000 shares of the company’s stock worth $202,000 after acquiring an additional 836 shares during the last quarter. Allied Investment Advisors LLC grew its stake in Knife River by 16.5% during the 3rd quarter. Allied Investment Advisors LLC now owns 5,384 shares of the company’s stock valued at $271,000 after purchasing an additional 763 shares during the last quarter. Congress Asset Management Co. grew its stake in Knife River by 21.4% during the 3rd quarter. Congress Asset Management Co. now owns 106,446 shares of the company’s stock valued at $5,367,000 after purchasing an additional 18,728 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Knife River in the second quarter valued at about $151,000. Finally, NewEdge Advisors LLC increased its holdings in shares of Knife River by 4.6% in the second quarter. NewEdge Advisors LLC now owns 24,881 shares of the company’s stock valued at $2,081,000 after purchasing an additional 1,091 shares during the period. Hedge funds and other institutional investors own 80.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on KNF. Royal Bank Of Canada downgraded Knife River from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $103.00 to $58.00 in a report on Friday, October 9th. Wells Fargo & Company dropped their target price on Knife River from $62.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Monday, October 5th. JPMorgan Chase & Co. cut their price target on shares of Knife River from $73.00 to $63.00 and set an “underweight” rating on the stock in a report on Tuesday, October 13th. Citigroup lowered shares of Knife River to a “cautious” rating in a research report on Wednesday, September 9th. Finally, Zacks Research raised shares of Knife River from a “strong sell” rating to a “hold” rating in a research report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $69.29.

Knife River Price Performance

NYSE:KNF opened at $58.07 on Tuesday. The firm’s fifty day moving average is $55.57 and its two-hundred day moving average is $73.97. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of 22.14, a PEG ratio of 1.26 and a beta of 0.46. 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 Corporation has a one year low of $47.79 and a one year high of $96.28.

Knife River (NYSE:KNF) last released its quarterly earnings data 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). The company had revenue of $938.59 million for the quarter, compared to analysts’ expectations of $931.39 million. Knife River had a net margin of 4.23% and a return on equity of 8.73%. The business’s quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.89 EPS. Research analysts expect that Knife River Corporation will post 2.55 EPS for the current year.

About Knife River

Knife River Corporation is a construction materials and contracting company headquartered in Bismarck, North Dakota. The company produces and sells construction aggregates, asphalt, ready-mix concrete and cement, and also provides related construction services for transportation, commercial, residential and industrial projects.

Its operations include aggregate mining and processing, asphalt and concrete production, paving, site development and other heavy-construction activities. Knife River serves public-sector and private-sector customers, including state and local governments, contractors, commercial developers and industrial businesses.

Knife River became an independent publicly traded company in 2023 after being spun off from MDU Resources Group.