State of New Jersey Common Pension Fund D Cuts Stock Position in Knife River Co. (NYSE:KNF)

State of New Jersey Common Pension Fund D lessened its stake in Knife River Co. (NYSE:KNF) by 32.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 26,623 shares of the company’s stock after selling 12,745 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Knife River were worth $1,867,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Private Advisor Group LLC boosted its stake in Knife River by 8.5% during the 2nd quarter. Private Advisor Group LLC now owns 15,014 shares of the company’s stock worth $1,053,000 after purchasing an additional 1,177 shares during the last quarter. Arcadia Investment Management Corp MI boosted its stake in Knife River by 9.8% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 11,175 shares of the company’s stock worth $784,000 after purchasing an additional 997 shares during the last quarter. Arizona State Retirement System boosted its stake in Knife River by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 15,048 shares of the company’s stock worth $1,055,000 after purchasing an additional 280 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Knife River by 21.2% during the 2nd quarter. Victory Capital Management Inc. now owns 16,477 shares of the company’s stock worth $1,156,000 after purchasing an additional 2,878 shares during the last quarter. Finally, Convergence Investment Partners LLC boosted its stake in Knife River by 115.9% during the 2nd quarter. Convergence Investment Partners LLC now owns 8,952 shares of the company’s stock worth $628,000 after purchasing an additional 4,805 shares during the last quarter. Hedge funds and other institutional investors own 80.11% of the company’s stock.

Knife River Trading Down 0.8 %

NYSE KNF opened at $90.76 on Monday. The firm’s 50-day moving average is $77.87 and its two-hundred day moving average is $75.94. Knife River Co. has a 12 month low of $46.51 and a 12 month high of $93.77. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.51 and a quick ratio of 1.49. The stock has a market capitalization of $5.14 billion, a P/E ratio of 29.28, a PEG ratio of 1.92 and a beta of 0.81.

Knife River (NYSE:KNF) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.13. The company had revenue of $806.90 million for the quarter, compared to analyst estimates of $803.81 million. Knife River had a net margin of 6.88% and a return on equity of 15.73%. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.00 earnings per share. On average, sell-side analysts anticipate that Knife River Co. will post 3.72 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Stephens assumed coverage on shares of Knife River in a research note on Tuesday, June 18th. They set an “overweight” rating and a $85.00 target price on the stock. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.60.

About Knife River

Knife River Corporation, together with its subsidiaries, provides aggregates- led construction materials and contracting services in the United States. It operates through Pacific, Northwest, Mountain, Central, and Energy Services segments. The company mines, processes, and sells construction aggregates, including crushed stone and sand, and gravel; and produces and sells asphalt and ready-mix concrete.