Fmr LLC Cuts Stake in Granite Construction Incorporated (NYSE:GVA)

FMR LLC cut its position in shares of Granite Construction Incorporated (NYSE:GVA) by 24.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 286,173 shares of the construction company’s stock after selling 93,289 shares during the period. FMR LLC owned approximately 0.72% of Granite Construction worth $14,363,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. GSA Capital Partners LLP bought a new position in Granite Construction during the fourth quarter valued at about $284,000. Norges Bank bought a new position in Granite Construction during the fourth quarter valued at about $7,467,000. Auxier Asset Management purchased a new position in Granite Construction during the fourth quarter valued at about $203,000. Teachers Advisors LLC boosted its position in Granite Construction by 2.6% in the fourth quarter. Teachers Advisors LLC now owns 67,679 shares of the construction company’s stock valued at $3,722,000 after buying an additional 1,702 shares in the last quarter. Finally, Foundry Partners LLC boosted its position in Granite Construction by 24.9% in the first quarter. Foundry Partners LLC now owns 7,575 shares of the construction company’s stock valued at $380,000 after buying an additional 1,510 shares in the last quarter. 94.35% of the stock is owned by institutional investors and hedge funds.

Shares of Granite Construction Incorporated (NYSE:GVA) traded down 0.99% on Wednesday, hitting $50.90. The stock had a trading volume of 226,888 shares. Granite Construction Incorporated has a 52 week low of $42.59 and a 52 week high of $62.18. The company has a 50-day moving average of $50.32 and a 200 day moving average of $50.72. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 46.31 and a beta of 1.20.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.60 by $0.25. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The company had revenue of $762.90 million for the quarter, compared to the consensus estimate of $684.32 million. During the same period last year, the company earned $0.35 EPS. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, equities research analysts predict that Granite Construction Incorporated will post $1.53 EPS for the current year.

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A number of brokerages have issued reports on GVA. FBR & Co raised their target price on Granite Construction from $63.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, August 1st. Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 price target on shares of Granite Construction in a research report on Wednesday, May 3rd. BidaskClub raised Granite Construction from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. Finally, Zacks Investment Research raised Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Granite Construction has a consensus rating of “Buy” and an average target price of $62.14.

In related news, Director William Howard Powell sold 3,000 shares of the stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $49.60, for a total value of $148,800.00. Following the completion of the transaction, the director now owns 49,858 shares of the company’s stock, valued at approximately $2,472,956.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James Hildebrand Roberts sold 17,442 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $50.34, for a total transaction of $878,030.28. Following the completion of the transaction, the director now directly owns 54,594 shares of the company’s stock, valued at approximately $2,748,261.96. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Granite Construction Company Profile

Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. The Company operates across the nation, serving both public and private sector clients.

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

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