Community Trust & Investment Co. increased its stake in Granite Construction Inc. (NYSE:GVA) by 41.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 305,762 shares of the construction company’s stock after purchasing an additional 89,331 shares during the period. Granite Construction accounts for about 1.6% of Community Trust & Investment Co.’s portfolio, making the stock its 26th largest position. Community Trust & Investment Co.’s holdings in Granite Construction were worth $13,973,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB boosted its stake in Granite Construction by 18.5% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 7,037 shares of the construction company’s stock worth $392,000 after purchasing an additional 1,100 shares in the last quarter. Liberty Mutual Group Asset Management Inc. boosted its stake in Granite Construction by 15.3% in the 2nd quarter. Liberty Mutual Group Asset Management Inc. now owns 9,053 shares of the construction company’s stock worth $504,000 after purchasing an additional 1,204 shares in the last quarter. Amalgamated Bank boosted its stake in Granite Construction by 22.7% in the 2nd quarter. Amalgamated Bank now owns 6,976 shares of the construction company’s stock worth $388,000 after purchasing an additional 1,291 shares in the last quarter. Sei Investments Co. boosted its stake in Granite Construction by 40.0% in the 2nd quarter. Sei Investments Co. now owns 5,110 shares of the construction company’s stock worth $284,000 after purchasing an additional 1,460 shares in the last quarter. Finally, Global X Management Co LLC boosted its stake in Granite Construction by 18.8% in the 2nd quarter. Global X Management Co LLC now owns 9,703 shares of the construction company’s stock worth $540,000 after purchasing an additional 1,538 shares in the last quarter. Institutional investors own 96.19% of the company’s stock.
Shares of NYSE GVA opened at $47.19 on Friday. The company has a quick ratio of 1.73, a current ratio of 1.84 and a debt-to-equity ratio of 0.23. Granite Construction Inc. has a 12 month low of $39.51 and a 12 month high of $68.58. The company has a market cap of $2.23 billion, a price-to-earnings ratio of 19.47, a price-to-earnings-growth ratio of 2.56 and a beta of 1.21.
Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Friday, October 26th. The construction company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.24 by $0.18. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the business posted $1.14 EPS. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, equities research analysts forecast that Granite Construction Inc. will post 2.79 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend was Thursday, September 27th. Granite Construction’s payout ratio is 32.10%.
In other Granite Construction news, Director Claes Bjork acquired 6,500 shares of the firm’s stock in a transaction on Tuesday, August 14th. The stock was acquired at an average cost of $44.25 per share, for a total transaction of $287,625.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.30% of the company’s stock.
A number of research firms recently commented on GVA. Zacks Investment Research cut shares of Granite Construction from a “hold” rating to a “sell” rating in a research note on Thursday. ValuEngine cut shares of Granite Construction from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 8th. Canaccord Genuity reiterated a “buy” rating and issued a $65.00 target price (down from $75.00) on shares of Granite Construction in a research note on Thursday, August 9th. MKM Partners set a $55.00 target price on shares of Granite Construction and gave the stock a “buy” rating in a research note on Tuesday. Finally, DA Davidson set a $60.00 target price on shares of Granite Construction and gave the stock a “buy” rating in a research note on Monday. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. Granite Construction has a consensus rating of “Hold” and an average target price of $65.40.
About Granite Construction
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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