Knife River stock falls 2.09 percent after Starboard letter
Published on 09/28/2026 at 17:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Knife River stock was trading at USD 53.44 on the NYSE at 11:53 a.m. ET on September 28, 2026, down 2.09 percent from the prior close of USD 54.58. The latest move comes after the construction materials company responded to activist investor Starboard's investment letter on September 24.
Starboard puts capital allocation in view
In a September 24 release, Knife River Corporation said it had learned of Starboard's investment on September 22 and would engage with the shareholder. Management highlighted margin expansion, operational performance and disciplined capital allocation as strategic priorities.
The company operates an aggregates-based, vertically integrated platform spanning aggregates, ready-mix concrete, asphalt, liquid asphalt and contracting services. The same September 24 release identifies Knife River as a member of the S&P MidCap 400 index, giving the activist situation a direct connection to a listed mid-cap infrastructure supplier.
Revenue growth meets an earnings gap
Knife River reported USD 938.6 million of revenue in the second quarter of 2026, up 12.6 percent from the same quarter a year earlier, while earnings per share came in at USD 0.77 versus a consensus estimate of USD 1.13, according to MarketBeat. The revenue increase therefore arrived alongside a USD 0.36 earnings shortfall against consensus.
For the twelve months ended June 30, 2026, Knife River reported USD 3,307.5 million in revenue, USD 139.9 million in net income and USD 501.6 million in adjusted EBITDA, as detailed by StockTitan. Adjusted EBITDA was up 60 percent from full-year 2022 to the June 30, 2026 period, while net income was below the USD 157.1 million reported for the twelve months ended December 31, 2025.
JPMorgan target stays above the market
JPMorgan downgraded Knife River from Neutral to Underweight on September 2, 2026, and cut its price target from USD 80.00 to USD 73.00, according to Investing.com. The new target lies 36.57 percent above the September 28 price, but the rating change centers on margin pressure, competition and limited near-term growth in Oregon.
Knife River stock stays near its yearly low
Knife River stock's September 28 range was USD 53.20 to USD 54.53, while its 52-week range was USD 50.66 to USD 96.28. Market capitalization stood at USD 3.0 billion and volume reached 427,867 shares at 11:53 a.m. ET, putting the stock 5.49 percent above its 52-week low.
Knife River stock snapshot
- Company: Knife River Corporation
- Ticker: KNF
- Trading venue: NYSE
- Price as of September 28, 2026, 11:53 a.m. ET: USD 53.44
- Daily change: -2.09 percent
- Market capitalization: USD 3.0 billion as of September 28, 2026
- 52-week range: USD 50.66-96.28 as of September 28, 2026
- Sector / Industry: Materials / Building Materials
- Index membership: S&P MidCap 400
