Wells Fargo & Company MN lessened its stake in shares of Granite Construction Inc. (NYSE:GVA) by 33.6% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 259,181 shares of the construction company’s stock after selling 131,186 shares during the period. Wells Fargo & Company MN owned about 0.65% of Granite Construction worth $16,440,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada increased its holdings in Granite Construction by 56.3% during the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock valued at $118,000 after buying an additional 879 shares during the period. Public Employees Retirement System of Ohio increased its holdings in Granite Construction by 7.1% during 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 buying an additional 218 shares during the period. Nationwide Fund Advisors increased its holdings in Granite Construction by 3.6% during the third quarter. Nationwide Fund Advisors now owns 140,621 shares of the construction company’s stock valued at $8,149,000 after buying an additional 4,900 shares during the period. Crossmark Global Holdings Inc. purchased a new position in Granite Construction during the third quarter valued at approximately $380,000. Finally, American Century Companies Inc. increased its holdings in Granite Construction by 0.7% during the third quarter. American Century Companies Inc. now owns 160,872 shares of the construction company’s stock valued at $9,323,000 after buying an additional 1,135 shares during the period. 96.05% of the stock is owned by hedge funds and other institutional investors.
Granite Construction Inc. (GVA) opened at $61.71 on Wednesday. The company has a quick ratio of 1.78, a current ratio of 1.88 and a debt-to-equity ratio of 0.18. Granite Construction Inc. has a 1-year low of $45.14 and a 1-year high of $68.58. The stock has a market cap of $2,470.81, a price-to-earnings ratio of 38.47, a price-to-earnings-growth ratio of 2.77 and a beta of 1.30.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.84%. The ex-dividend date is Wednesday, March 28th. Granite Construction’s dividend payout ratio is currently 30.59%.
GVA has been the topic of several research reports. Zacks Investment Research lowered shares of Granite Construction from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Cowen lifted their price objective on shares of Granite Construction from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, January 18th. Finally, DA Davidson lifted their price objective on shares of Granite Construction to $68.00 and gave the company a “neutral” rating in a report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. The stock presently has a consensus 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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