Allianz Asset Management GmbH decreased its position in shares of Granite Construction Inc. (NYSE:GVA) by 38.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 156,685 shares of the construction company’s stock after selling 98,376 shares during the period. Allianz Asset Management GmbH owned 0.39% of Granite Construction worth $9,938,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Engineers Gate Manager LP bought a new stake in Granite Construction during the third quarter worth approximately $1,491,000. Personal Capital Advisors Corp increased its holdings in shares of Granite Construction by 34.3% in the fourth quarter. Personal Capital Advisors Corp now owns 23,199 shares of the construction company’s stock valued at $1,472,000 after buying an additional 5,922 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of Granite Construction in the third quarter valued at $289,000. Cortina Asset Management LLC increased its holdings in shares of Granite Construction by 1.3% in the third quarter. Cortina Asset Management LLC now owns 638,475 shares of the construction company’s stock valued at $37,000,000 after buying an additional 8,253 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Granite Construction by 8.1% in the third quarter. Wells Fargo & Company MN now owns 390,367 shares of the construction company’s stock valued at $22,622,000 after buying an additional 29,217 shares in the last quarter. 96.05% of the stock is currently owned by hedge funds and other institutional investors.
In other Granite Construction news, Director Claes Bjork sold 1,264 shares of Granite Construction stock in a transaction that occurred 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 transaction, the director now directly owns 50,972 shares in the company, valued at approximately $3,213,784.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.30% of the company’s stock.
Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, February 16th. The construction company reported $0.72 earnings per share for the quarter, topping the 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 firm had revenue of $801.30 million for the quarter, compared to analysts’ expectations of $753.83 million. During the same period in the previous year, the company posted $0.40 EPS. The company’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 company 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. This represents a $0.52 annualized dividend and a yield of 0.84%. The ex-dividend date of this dividend is Wednesday, March 28th. Granite Construction’s payout ratio is 32.30%.
GVA has been the topic of several research reports. Zacks Investment Research raised Granite Construction from a “hold” rating to a “buy” rating and set a $72.00 price target on the stock in a report on Tuesday, January 9th. DA Davidson upped their price target on Granite Construction to $68.00 and gave the company a “neutral” rating in a report on Tuesday, February 20th. Finally, Cowen upped their price target on Granite Construction from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $69.38.
About Granite Construction
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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