Profund Advisors LLC raised its position in shares of Granite Construction Incorporated (NYSE:GVA) by 3.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,667 shares of the construction company’s stock after buying an additional 228 shares during the period. Profund Advisors LLC’s holdings in Granite Construction were worth $335,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the stock. Tyers Asset Management LLC purchased a new stake in Granite Construction during the fourth quarter valued at $108,000. Flinton Capital Management LLC purchased a new stake in Granite Construction during the fourth quarter valued at $131,000. Pacad Investment Ltd. bought a new stake in Granite Construction during the fourth quarter valued at approximately $154,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in Granite Construction by 25.6% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,342 shares of the construction company’s stock valued at $181,000 after buying an additional 682 shares during the period. Finally, Auxier Asset Management bought a new stake in Granite Construction during the fourth quarter valued at approximately $203,000. 93.83% of the stock is owned by institutional investors and hedge funds.
Shares of Granite Construction Incorporated (NYSE:GVA) traded up 1.09% on Monday, hitting $49.96. The stock had a trading volume of 308,848 shares. The firm’s 50-day moving average is $48.92 and its 200 day moving average is $52.82. The stock has a market cap of $1.99 billion, a P/E ratio of 46.17 and a beta of 1.26. Granite Construction Incorporated has a 1-year low of $41.27 and a 1-year high of $62.18.
Granite Construction (NYSE:GVA) last released its quarterly earnings results on Tuesday, May 2nd. The construction company reported ($0.60) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by $0.35. Granite Construction had a net margin of 1.71% and a return on equity of 4.85%. The firm had revenue of $468.40 million during the quarter, compared to analyst estimates of $458.65 million. During the same period in the prior year, the business earned ($0.26) EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts forecast that Granite Construction Incorporated will post $1.82 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend is Wednesday, June 28th. Granite Construction’s dividend payout ratio is 48.60%.
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Several research firms have issued reports on GVA. Canaccord Genuity reiterated a “buy” rating and issued a $70.00 price objective on shares of Granite Construction in a research report on Wednesday, May 3rd. FBR & Co dropped their price target on Granite Construction from $67.00 to $63.00 and set an “outperform” rating for the company in a research report on Wednesday, May 3rd. Zacks Investment Research cut Granite Construction from a “hold” rating to a “strong sell” rating in a research report on Friday, April 14th. Goldman Sachs Group, Inc. (The) raised Granite Construction from a “neutral” rating to a “buy” rating and increased their price objective for the company from $50.19 to $61.00 in a research note on Monday, April 3rd. Finally, Cowen and Company reissued an “outperform” rating and issued a $70.00 price target on shares of Granite Construction in a research note on Thursday, March 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $61.25.
In other Granite Construction news, Director William Howard Powell sold 3,000 shares of Granite Construction stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $49.60, for a total value of $148,800.00. Following the sale, the director now owns 49,858 shares of the company’s stock, valued at approximately $2,472,956.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Hildebrand Roberts sold 17,442 shares of Granite Construction stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $50.34, for a total value of $878,030.28. Following the completion of the sale, the director now directly owns 54,594 shares in the company, valued at approximately $2,748,261.96. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
About Granite Construction
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.
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