Granite Construction Inc. (GVA) Holdings Lifted by Citigroup Inc.

Citigroup Inc. raised its stake in Granite Construction Inc. (NYSE:GVA) by 7.6% during the first quarter, Holdings Channel reports. The institutional investor owned 16,679 shares of the construction company’s stock after purchasing an additional 1,175 shares during the quarter. Citigroup Inc.’s holdings in Granite Construction were worth $931,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its position in Granite Construction by 8.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,001,837 shares of the construction company’s stock valued at $63,546,000 after buying an additional 79,476 shares during the last quarter. Kennedy Capital Management Inc. increased its stake in Granite Construction by 0.7% during the fourth quarter. Kennedy Capital Management Inc. now owns 276,489 shares of the construction company’s stock worth $17,538,000 after purchasing an additional 1,848 shares during the period. ING Groep NV increased its stake in Granite Construction by 23.2% during the fourth quarter. ING Groep NV now owns 6,013 shares of the construction company’s stock worth $381,000 after purchasing an additional 1,134 shares during the period. Global X Management Co. LLC increased its stake in Granite Construction by 75.2% during the fourth quarter. Global X Management Co. LLC now owns 2,760 shares of the construction company’s stock worth $175,000 after purchasing an additional 1,185 shares during the period. Finally, Pitcairn Co. purchased a new stake in Granite Construction during the fourth quarter worth about $215,000. 95.53% of the stock is currently owned by institutional investors.

Shares of NYSE:GVA opened at $58.10 on Wednesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.80 and a current ratio of 1.92. Granite Construction Inc. has a 1 year low of $46.88 and a 1 year high of $68.58. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 35.86, a price-to-earnings-growth ratio of 2.50 and a beta of 1.35.

Granite Construction (NYSE:GVA) last released its earnings results on Monday, April 30th. The construction company reported ($0.13) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.37) by $0.24. Granite Construction had a net margin of 2.64% and a return on equity of 8.82%. The firm had revenue of $563.40 million for the quarter, compared to analyst estimates of $534.77 million. During the same period in the prior year, the firm earned ($0.60) earnings per share. The business’s quarterly revenue was up 20.3% compared to the same quarter last year. analysts anticipate that Granite Construction Inc. will post 3.36 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 13th. Investors of record on Friday, June 29th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, June 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.90%. Granite Construction’s payout ratio is 32.10%.

A number of analysts have issued reports on the stock. MKM Partners cut their price target on shares of Granite Construction to $74.00 and set a “buy” rating on the stock in a research note on Friday, May 25th. ValuEngine upgraded shares of Granite Construction from a “sell” rating to a “hold” rating in a research note on Tuesday, May 8th. DA Davidson boosted their price target on shares of Granite Construction to $68.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 20th. Finally, Zacks Investment Research lowered shares of Granite Construction from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $72.29.

Granite Construction Profile

Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various civil construction projects focusing on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities, and other infrastructure projects.

Want to see what other hedge funds are holding GVA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Granite Construction Inc. (NYSE:GVA).

Institutional Ownership by Quarter for Granite Construction (NYSE:GVA)

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