Granite Construction Inc. (GVA) Holdings Trimmed by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. lessened its position in shares of Granite Construction Inc. (NYSE:GVA) by 16.5% in the third quarter, according to its most recent filing with the SEC. The firm owned 45,900 shares of the construction company’s stock after selling 9,100 shares during the quarter. Daiwa Securities Group Inc. owned approximately 0.10% of Granite Construction worth $2,098,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in Granite Construction during the 2nd quarter valued at approximately $245,000. LPL Financial LLC acquired a new stake in Granite Construction during the 1st quarter valued at approximately $270,000. Sei Investments Co. increased its position in Granite Construction by 40.0% during the 2nd quarter. Sei Investments Co. now owns 5,110 shares of the construction company’s stock valued at $284,000 after purchasing an additional 1,460 shares during the period. Xact Kapitalforvaltning AB increased its position in Granite Construction by 50.8% during the 1st quarter. Xact Kapitalforvaltning AB now owns 5,937 shares of the construction company’s stock valued at $332,000 after purchasing an additional 2,000 shares during the period. Finally, Carnick & Kubik Group LLC acquired a new stake in Granite Construction during the 3rd quarter valued at approximately $283,000. 96.72% of the stock is owned by institutional investors and hedge funds.

In related news, Director Claes Bjork acquired 6,500 shares of Granite Construction stock in a transaction dated Tuesday, August 14th. The stock was bought at an average price of $44.25 per share, with a total value of $287,625.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.30% of the company’s stock.

Shares of GVA stock opened at $52.80 on Friday. The company has a market cap of $2.33 billion, a PE ratio of 32.59, a P/E/G ratio of 2.38 and a beta of 1.07. Granite Construction Inc. has a 52 week low of $39.51 and a 52 week high of $68.58. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.84 and a quick ratio of 1.73.

Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Friday, October 26th. The construction company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.24 by $0.18. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.14 billion. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.14 EPS. On average, sell-side analysts expect that Granite Construction Inc. will post 2.99 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Friday, September 28th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.98%. The ex-dividend date was Thursday, September 27th. Granite Construction’s dividend payout ratio (DPR) is 32.10%.

A number of analysts have weighed in on GVA shares. ValuEngine downgraded shares of Granite Construction from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 8th. Zacks Investment Research downgraded shares of Granite Construction from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Canaccord Genuity reissued a “buy” rating and set a $65.00 target price (down previously from $75.00) on shares of Granite Construction in a research report on Thursday, August 9th. DA Davidson set a $60.00 price objective on shares of 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. Finally, TheStreet downgraded shares of Granite Construction from a “b” rating to a “c+” rating in a research report on Monday, August 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $66.20.

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Granite Construction 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.

Further Reading: How can you know how many shares are floating?

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Institutional Ownership by Quarter for Granite Construction (NYSE:GVA)

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