Knife River (NYSE:KNF) Shares Gap Down After Earnings Miss

Knife River Co. (NYSE:KNF - Get Free Report)'s share price gapped down before the market opened on Monday following a dissappointing earnings announcement. The stock had previously closed at $97.47, but opened at $91.14. Knife River shares last traded at $90.14, with a volume of 98,103 shares.

The company reported $2.60 EPS for the quarter, missing the consensus estimate of $2.82 by ($0.22). Knife River had a return on equity of 15.73% and a net margin of 6.88%. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the firm earned $2.58 earnings per share. The business's quarterly revenue was up 1.4% on a year-over-year basis.

Analyst Upgrades and Downgrades

Separately, Oppenheimer upped their price objective on shares of Knife River from $85.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, October 21st. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Knife River has an average rating of "Moderate Buy" and an average price target of $86.60.

Hedge Funds Weigh In On Knife River

A number of hedge funds have recently made changes to their positions in the business. State of Michigan Retirement System raised its position in Knife River by 2.2% in the first quarter. State of Michigan Retirement System now owns 13,855 shares of the company's stock worth $1,123,000 after purchasing an additional 300 shares in the last quarter. Private Advisor Group LLC boosted its stake in Knife River by 9.5% in the 1st quarter. Private Advisor Group LLC now owns 13,837 shares of the company's stock valued at $1,122,000 after buying an additional 1,200 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Knife River by 3.1% in the first quarter. Janney Montgomery Scott LLC now owns 17,931 shares of the company's stock valued at $1,454,000 after acquiring an additional 543 shares during the period. RIA Advisory Group LLC acquired a new position in Knife River during the first quarter worth $300,000. Finally, Texas Permanent School Fund Corp lifted its holdings in shares of Knife River by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 49,506 shares of the company's stock valued at $4,014,000 after acquiring an additional 642 shares during the period. Institutional investors and hedge funds own 80.11% of the company's stock.

Knife River Stock Performance

The stock has a fifty day simple moving average of $87.16 and a 200-day simple moving average of $78.67. The company has a quick ratio of 1.49, a current ratio of 2.51 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $5.05 billion, a P/E ratio of 25.71, a PEG ratio of 2.40 and a beta of 0.74.

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.