California Public Employees Retirement System lifted its position in Granite Construction Inc. (NYSE:GVA) by 3.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 74,414 shares of the construction company’s stock after purchasing an additional 2,558 shares during the period. California Public Employees Retirement System owned about 0.19% of Granite Construction worth $4,720,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently modified their holdings of GVA. Asset Management One Co. Ltd. bought a new position in shares of Granite Construction during the third quarter worth $10,719,000. Macquarie Group Ltd. boosted its position in shares of Granite Construction by 7.3% during the third quarter. Macquarie Group Ltd. now owns 1,040,001 shares of the construction company’s stock worth $60,268,000 after acquiring an additional 71,061 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Granite Construction by 2,194.6% during the fourth quarter. SG Americas Securities LLC now owns 58,720 shares of the construction company’s stock worth $3,725,000 after acquiring an additional 56,161 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Granite Construction by 3.3% during the third quarter. Bank of New York Mellon Corp now owns 1,156,020 shares of the construction company’s stock worth $66,992,000 after acquiring an additional 36,721 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Granite Construction by 8.1% during the third quarter. Wells Fargo & Company MN now owns 390,367 shares of the construction company’s stock worth $22,622,000 after acquiring an additional 29,217 shares during the last quarter. Hedge funds and other institutional investors own 96.05% of the company’s stock.
In other Granite Construction news, Director Claes Bjork sold 1,264 shares of the stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $63.05, for a total transaction of $79,695.20. Following the completion of 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 Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by company insiders.
Granite Construction (NYSE:GVA) last released its quarterly earnings data on Friday, February 16th. The construction company reported $0.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.04. Granite Construction had a net margin of 2.31% and a return on equity of 6.97%. The business had revenue of $801.30 million during the quarter, compared to analyst estimates of $753.83 million. During the same quarter last year, the business earned $0.40 earnings per share. Granite Construction’s quarterly revenue was up 20.2% compared to the same quarter last year. equities research analysts forecast that Granite Construction Inc. will post 3.2 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be given a dividend of $0.13 per share. The ex-dividend date is Wednesday, March 28th. This represents a $0.52 annualized dividend and a yield of 0.84%. Granite Construction’s dividend payout ratio (DPR) is currently 32.30%.
GVA has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Granite Construction from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research report on Tuesday, January 9th. DA Davidson upped their target price on shares of Granite Construction to $68.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 20th. Finally, Cowen upped their target price on shares of Granite Construction from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, January 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. Granite Construction has an average rating of “Buy” and an average price target of $69.38.
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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