Zurcher Kantonalbank Zurich Cantonalbank Increases Stake in Granite Construction (GVA)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Granite Construction (NYSE:GVA) by 141.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,313 shares of the construction company’s stock after purchasing an additional 6,038 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Granite Construction were worth $576,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Granite Construction by 1.5% during the fourth quarter. BlackRock Inc. now owns 4,100,245 shares of the construction company’s stock valued at $260,079,000 after purchasing an additional 61,669 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Granite Construction by 5.7% during the fourth quarter. Alliancebernstein L.P. now owns 1,284,871 shares of the construction company’s stock valued at $81,499,000 after purchasing an additional 69,611 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Granite Construction by 8.6% during 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 purchasing an additional 79,476 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Granite Construction by 2.4% during the fourth quarter. Victory Capital Management Inc. now owns 859,962 shares of the construction company’s stock valued at $54,547,000 after purchasing an additional 19,775 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of Granite Construction by 4,703.3% during the fourth quarter. Millennium Management LLC now owns 500,025 shares of the construction company’s stock valued at $31,717,000 after purchasing an additional 489,615 shares during the period. Hedge funds and other institutional investors own 95.19% of the company’s stock.

GVA opened at $59.42 on Friday. The company has a current ratio of 1.92, a quick ratio of 1.80 and a debt-to-equity ratio of 0.18. Granite Construction has a fifty-two week low of $45.78 and a fifty-two week high of $68.58. The stock has a market capitalization of $2.37 billion, a P/E ratio of 36.68, a price-to-earnings-growth ratio of 2.52 and a beta of 1.36.

Granite Construction (NYSE:GVA) last posted 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 company had revenue of $563.40 million for the quarter, compared to analyst estimates of $534.77 million. During the same quarter in the prior year, the business posted ($0.60) EPS. The firm’s revenue was up 20.3% compared to the same quarter last year. equities analysts forecast that Granite Construction will post 3.36 EPS for the current fiscal year.

Several equities analysts have recently weighed in on GVA shares. DA Davidson upped their price objective on shares of Granite Construction to $68.00 and gave the company a “neutral” rating in a report on Tuesday, February 20th. Zacks Investment Research lowered shares of Granite Construction from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Finally, ValuEngine lowered shares of Granite Construction from a “hold” rating to a “sell” rating in a report on Monday, April 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $72.00.

Granite Construction Company 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.

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

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