California Public Employees Retirement System lifted its stake in Granite Construction Inc. (NYSE:GVA) by 3.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,414 shares of the construction company’s stock after purchasing an additional 2,558 shares during the quarter. California Public Employees Retirement System owned 0.19% of Granite Construction worth $4,720,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Fieldpoint Private Securities LLC purchased a new stake in shares of Granite Construction during the 3rd quarter worth approximately $106,000. Advisor Group Inc. grew its position in shares of Granite Construction by 169.1% during the 3rd quarter. Advisor Group Inc. now owns 1,862 shares of the construction company’s stock worth $108,000 after buying an additional 1,170 shares in the last quarter. Royal Bank of Canada boosted its position in Granite Construction by 56.3% during the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock valued at $118,000 after purchasing an additional 879 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in Granite Construction by 7.1% during the second quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock valued at $158,000 after purchasing an additional 218 shares in the last quarter. Finally, Auxier Asset Management bought a new stake in Granite Construction during the third quarter valued at about $214,000. 96.05% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on GVA. Cowen raised their price objective on Granite Construction from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, January 18th. Zacks Investment Research lowered Granite Construction from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Finally, DA Davidson lifted their price target on Granite Construction to $68.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $70.43.
Shares of Granite Construction Inc. (NYSE:GVA) traded up $0.37 during mid-day trading on Tuesday, hitting $59.30. The stock had a trading volume of 49,097 shares, compared to its average volume of 297,911. The stock has a market cap of $2,413.36, a P/E ratio of 34.66, a price-to-earnings-growth ratio of 2.70 and a beta of 1.30. The company has a current ratio of 1.88, a quick ratio of 1.78 and a debt-to-equity ratio of 0.18. Granite Construction Inc. has a fifty-two week low of $45.14 and a fifty-two week high of $68.58.
Granite Construction (NYSE:GVA) last announced its earnings results on Friday, February 16th. The construction company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. Granite Construction had a return on equity of 6.97% and a net margin of 2.31%. The firm had revenue of $801.30 million for the quarter, compared to analysts’ expectations of $753.83 million. During the same quarter in the prior year, the firm earned $0.40 EPS. Granite Construction’s quarterly revenue was up 20.2% on a year-over-year basis. analysts expect that Granite Construction Inc. will post 3.2 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Friday, March 30th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend is Wednesday, March 28th. Granite Construction’s payout ratio is 30.59%.
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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.
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