BlueCrest Capital Management Ltd bought a new stake in Granite Construction Inc. (NYSE:GVA) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 19,530 shares of the construction company’s stock, valued at approximately $1,239,000.
Other hedge funds have also added to or reduced their stakes in the company. Fieldpoint Private Securities LLC bought a new position in shares of Granite Construction in the third quarter valued at approximately $106,000. Advisor Group Inc. grew its holdings in shares of Granite Construction by 169.1% in the third quarter. Advisor Group Inc. now owns 1,862 shares of the construction company’s stock valued at $108,000 after acquiring an additional 1,170 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Granite Construction by 56.3% in the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock valued at $118,000 after acquiring an additional 879 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Granite Construction by 7.1% in 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 acquiring an additional 218 shares in the last quarter. Finally, Global X Management Co. LLC grew its holdings in shares of Granite Construction by 75.2% in the fourth quarter. Global X Management Co. LLC now owns 2,760 shares of the construction company’s stock valued at $175,000 after acquiring an additional 1,185 shares in the last quarter. 96.05% of the stock is owned by institutional investors.
In related news, Director Claes Bjork sold 1,264 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $63.05, for a total value of $79,695.20. Following the transaction, the director now owns 50,972 shares in the company, valued at $3,213,784.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.30% of the stock is currently owned by corporate insiders.
Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, February 16th. The construction company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.68 by $0.04. Granite Construction had a return on equity of 6.97% and a net margin of 2.31%. The business had revenue of $801.30 million for the quarter, compared to the consensus estimate of $753.83 million. During the same quarter in the prior year, the business earned $0.40 earnings per share. Granite Construction’s revenue for the quarter was up 20.2% on a year-over-year basis. equities analysts expect that Granite Construction Inc. will post 3.2 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be paid a $0.13 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $0.52 annualized dividend and a yield of 0.84%. Granite Construction’s payout ratio is 32.30%.
Several research firms have recently issued reports on GVA. Cowen upped their target price on Granite Construction from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, January 18th. Zacks Investment Research lowered Granite Construction from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Finally, DA Davidson upped their target price on Granite Construction to $68.00 and gave the company a “neutral” rating in a report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Granite Construction currently has an average rating of “Buy” and an average price target of $69.38.
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Granite Construction 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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