Alliancebernstein L.P. lessened its holdings in shares of Knowles Co. (NYSE:KN) by 6.2% during the first quarter, HoldingsChannel reports. The fund owned 134,014 shares of the communications equipment provider’s stock after selling 8,916 shares during the period. Alliancebernstein L.P.’s holdings in Knowles were worth $2,804,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Marshall Wace North America L.P. acquired a new position in Knowles during the first quarter worth $25,000. Vantage Consulting Group Inc purchased a new stake in Knowles during the fourth quarter worth $53,000. Veriti Management LLC purchased a new stake in Knowles during the fourth quarter worth $60,000. Skandinaviska Enskilda Banken AB publ purchased a new stake in Knowles during the fourth quarter worth $179,000. Finally, CIBC Asset Management Inc purchased a new stake in Knowles during the fourth quarter worth $215,000. 99.84% of the stock is currently owned by hedge funds and other institutional investors.
KN has been the topic of a number of research analyst reports. Susquehanna Bancshares downgraded Knowles from a “positive” rating to a “neutral” rating and decreased their target price for the stock from $24.00 to $22.00 in a research report on Monday, April 19th. Susquehanna reiterated a “neutral” rating and set a $22.00 target price (down from $24.00) on shares of Knowles in a research report on Monday, April 26th. Finally, Zacks Investment Research downgraded Knowles from a “buy” rating to a “hold” rating and set a $22.00 target price on the stock. in a research report on Tuesday, April 13th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Knowles currently has a consensus rating of “Hold” and a consensus price target of $22.00.
Knowles (NYSE:KN) last released its earnings results on Wednesday, April 21st. The communications equipment provider reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.04. Knowles had a return on equity of 5.27% and a net margin of 3.52%. The firm had revenue of $201.00 million for the quarter, compared to the consensus estimate of $200.10 million. During the same period in the prior year, the business posted $0.03 earnings per share. The firm’s revenue for the quarter was up 23.2% compared to the same quarter last year. On average, research analysts predict that Knowles Co. will post 1.02 earnings per share for the current fiscal year.
In other Knowles news, CFO John S. Anderson sold 34,143 shares of the company’s stock in a transaction dated Monday, April 5th. The stock was sold at an average price of $21.50, for a total transaction of $734,074.50. Following the completion of the sale, the chief financial officer now directly owns 136,935 shares in the company, valued at $2,944,102.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Cheryl L. Shavers sold 8,000 shares of the company’s stock in a transaction dated Thursday, April 29th. The stock was sold at an average price of $21.09, for a total value of $168,720.00. Following the sale, the director now owns 46,388 shares of the company’s stock, valued at $978,322.92. The disclosure for this sale can be found here. Insiders have sold 85,287 shares of company stock worth $1,807,983 over the last quarter. 5.07% of the stock is currently owned by company insiders.
Knowles Corporation designs, manufactures, and sells micro-acoustic, audio processing, and precision device solutions for the mobile consumer electronics, communications, medtech, defense, electric vehicle, and industrial markets. It operates in two segments, Audio and Precision Devices (PD). The Audio segment designs and manufactures audio products, including microphones, balanced armature speakers, and audio processors used in applications that serve the mobile, ear, and Internet of Things markets.
See Also: What are Institutional Investors?
Want to see what other hedge funds are holding KN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Knowles Co. (NYSE:KN).
Receive News & Ratings for Knowles Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Knowles and related companies with MarketBeat.com's FREE daily email newsletter.