Federated Investors Inc. PA increased its position in shares of Granite Construction Inc. (NYSE:GVA) by 5.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,525 shares of the company’s stock after buying an additional 756 shares during the period. Federated Investors Inc. PA’s holdings in Granite Construction were worth $744,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. LS Investment Advisors LLC raised its stake in Granite Construction by 5.5% in the third quarter. LS Investment Advisors LLC now owns 2,589 shares of the company’s stock worth $129,000 after buying an additional 136 shares during the period. ELM Advisors LLC bought a new stake in Granite Construction during the third quarter worth $201,000. Advisor Group Inc. raised its stake in Granite Construction by 41.5% in the third quarter. Advisor Group Inc. now owns 5,282 shares of the company’s stock worth $262,000 after buying an additional 1,550 shares during the period. Sapphire Star Partners LP bought a new stake in Granite Construction during the fourth quarter worth $352,000. Finally, Foundry Partners LLC raised its stake in Granite Construction by 5.7% in the third quarter. Foundry Partners LLC now owns 7,265 shares of the company’s stock worth $361,000 after buying an additional 390 shares during the period. 90.76% of the stock is owned by institutional investors.
Granite Construction Inc. (NYSE:GVA) opened at 47.94 on Tuesday. Granite Construction Inc. has a one year low of $40.16 and a one year high of $62.18. The stock has a market cap of $1.90 billion, a P/E ratio of 33.76 and a beta of 1.47. The company’s 50-day moving average price is $53.62 and its 200-day moving average price is $52.67.
Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, February 17th. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.58 by $0.18. Granite Construction had a net margin of 2.77% and a return on equity of 7.85%. The business earned $666.81 million during the quarter, compared to the consensus estimate of $685.85 million. During the same period in the prior year, the company posted $0.62 earnings per share. The firm’s revenue was up 5.8% compared to the same quarter last year. Analysts forecast that Granite Construction Inc. will post $2.19 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 31st will be given a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, March 29th. This represents a $0.52 annualized dividend and a dividend yield of 1.08%. Granite Construction’s dividend payout ratio is 30.41%.
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A number of equities research analysts have recently weighed in on GVA shares. MKM Partners reissued a “buy” rating and issued a $62.00 target price on shares of Granite Construction in a research note on Wednesday, March 15th. Griffin Securities reissued a “buy” rating on shares of Granite Construction in a research note on Friday, March 10th. Canaccord Genuity started coverage on Granite Construction in a research note on Tuesday, January 10th. They issued a “buy” rating and a $70.00 target price for the company. Zacks Investment Research raised Granite Construction from a “sell” rating to a “hold” rating in a research note on Tuesday, February 14th. Finally, DA Davidson restated a “neutral” rating on shares of Granite Construction in a report on Monday, February 13th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Granite Construction currently has a consensus rating of “Buy” and an average target price of $57.56.
In other news, insider Laurel J. Krzeminski sold 3,174 shares of the stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $50.11, for a total value of $159,049.14. Following the completion of the sale, the insider now directly owns 54,854 shares of the company’s stock, valued at $2,748,733.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is currently 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. Its Construction segment performs construction management, as well as various civil construction projects with a portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities and other infrastructure projects.
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