New York State Common Retirement Fund lessened its stake in Knowles Co. (NYSE:KN) by 16.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,136 shares of the communications equipment provider’s stock after selling 12,984 shares during the quarter. New York State Common Retirement Fund’s holdings in Knowles were worth $1,202,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Marshall Wace North America L.P. bought a new stake in Knowles during the first quarter worth $25,000. Victory Capital Management Inc. lifted its holdings in Knowles by 3.8% during the second quarter. Victory Capital Management Inc. now owns 28,941 shares of the communications equipment provider’s stock worth $571,000 after acquiring an additional 1,072 shares during the period. Teacher Retirement System of Texas lifted its holdings in Knowles by 17.5% during the second quarter. Teacher Retirement System of Texas now owns 12,047 shares of the communications equipment provider’s stock worth $238,000 after acquiring an additional 1,795 shares during the period. WINTON GROUP Ltd lifted its holdings in Knowles by 49.9% during the second quarter. WINTON GROUP Ltd now owns 28,110 shares of the communications equipment provider’s stock worth $555,000 after acquiring an additional 9,363 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Knowles by 3.4% during the second quarter. Principal Financial Group Inc. now owns 651,947 shares of the communications equipment provider’s stock worth $12,870,000 after acquiring an additional 21,506 shares during the period. Institutional investors own 99.91% of the company’s stock.
In related news, VP Air A. Jr. Bastarrica sold 11,132 shares of the business’s stock in a transaction dated Thursday, November 4th. The stock was sold at an average price of $21.18, for a total transaction of $235,775.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey Niew sold 121,396 shares of the business’s stock in a transaction dated Thursday, October 28th. The stock was sold at an average price of $20.81, for a total value of $2,526,250.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 446,726 shares of company stock valued at $9,757,370. 5.07% of the stock is owned by company insiders.
Knowles (NYSE:KN) last announced its quarterly earnings results on Wednesday, October 27th. The communications equipment provider reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.05. The company had revenue of $233.00 million during the quarter, compared to analysts’ expectations of $232.05 million. Knowles had a return on equity of 8.54% and a net margin of 9.97%. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 earnings per share. Analysts predict that Knowles Co. will post 1.19 EPS for the current fiscal year.
KN has been the topic of several research reports. Roth Capital restated a “buy” rating and issued a $25.00 target price on shares of Knowles in a research note on Monday, September 20th. Colliers Securities upgraded Knowles from a “neutral” rating to a “buy” rating in a research note on Friday, October 29th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $23.00.
Knowles Corp. supplies advanced micro-acoustic, audio processing and precision device solutions. It operates through the following segments: Audio and Precision Devices. The Audio segment includes analog and digital micro-electro-mechanical systems microphones, electret condenser microphones, smart microphones, ultrasonic sensors, acoustic processors and balanced armature speakers.
Further Reading: Arbitrage
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