Frontier Capital Management Co. LLC lifted its stake in Granite Construction Inc. (NYSE:GVA) by 16.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 511,197 shares of the construction company’s stock after acquiring an additional 74,046 shares during the period. Frontier Capital Management Co. LLC owned 1.12% of Granite Construction worth $23,362,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC bought a new position in shares of Granite Construction in the 1st quarter worth $240,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in shares of Granite Construction in the 2nd quarter worth $245,000. LPL Financial LLC bought a new position in shares of Granite Construction in the 1st quarter worth $270,000. Sei Investments Co. raised its position in shares of 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 acquiring an additional 1,460 shares in the last quarter. Finally, Xact Kapitalforvaltning AB raised its position in shares of Granite Construction by 50.8% in the 1st quarter. Xact Kapitalforvaltning AB now owns 5,937 shares of the construction company’s stock worth $332,000 after acquiring an additional 2,000 shares in the last quarter. 96.19% of the stock is owned by hedge funds and other institutional investors.
Shares of GVA stock opened at $48.37 on Friday. Granite Construction Inc. has a 1-year low of $39.51 and a 1-year high of $68.58. The company has a current ratio of 1.84, a quick ratio of 1.73 and a debt-to-equity ratio of 0.23. The firm has a market cap of $2.14 billion, a P/E ratio of 18.74, a price-to-earnings-growth ratio of 2.35 and a beta of 1.07.
Granite Construction (NYSE:GVA) last announced its earnings results on Friday, October 26th. The construction company reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.18. Granite Construction had a return on equity of 9.37% and a net margin of 2.13%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the business earned $1.14 EPS. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, equities research analysts forecast that Granite Construction Inc. will post 2.79 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Friday, September 28th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.52 annualized dividend and a yield of 1.08%. Granite Construction’s dividend payout ratio (DPR) is 32.10%.
Several research firms have recently commented on GVA. Zacks Investment Research lowered Granite Construction from a “hold” rating to a “sell” rating in a research report on Thursday. ValuEngine lowered Granite Construction from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 8th. Canaccord Genuity reissued a “buy” rating and issued a $65.00 price target (down from $75.00) on shares of Granite Construction in a research report on Thursday, August 9th. MKM Partners set a $55.00 price target on Granite Construction and gave the stock a “buy” rating in a research report on Tuesday. Finally, DA Davidson set a $60.00 price target on Granite Construction and gave the stock a “buy” rating in a research report on Monday, October 29th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. Granite Construction currently has an average rating of “Hold” and an average price target of $65.40.
In other Granite Construction news, Director Claes Bjork bought 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 14th. The shares were purchased at an average cost of $44.25 per share, for a total transaction of $287,625.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by insiders.
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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