QCI Asset Management Inc. NY lifted its holdings in Granite Construction Inc. (NYSE:GVA) by 24.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 307,032 shares of the construction company’s stock after purchasing an additional 60,810 shares during the period. QCI Asset Management Inc. NY owned 0.65% of Granite Construction worth $14,031,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in GVA. BlackRock Inc. lifted its stake in shares of Granite Construction by 18.0% in the 2nd quarter. BlackRock Inc. now owns 4,908,757 shares of the construction company’s stock valued at $273,220,000 after purchasing an additional 747,059 shares during the last quarter. Wynnefield Capital Inc. acquired a new stake in shares of Granite Construction in the 2nd quarter valued at $26,057,000. Royce & Associates LP lifted its stake in shares of Granite Construction by 535.8% in the 2nd quarter. Royce & Associates LP now owns 534,110 shares of the construction company’s stock valued at $29,729,000 after purchasing an additional 450,110 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Granite Construction by 40.1% in the 3rd quarter. Victory Capital Management Inc. now owns 1,292,287 shares of the construction company’s stock valued at $59,057,000 after purchasing an additional 369,850 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Granite Construction by 10.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,526,736 shares of the construction company’s stock valued at $140,637,000 after purchasing an additional 236,137 shares during the last quarter. 96.72% of the stock is owned by institutional investors and hedge funds.
GVA has been the subject of a number of research analyst reports. MKM Partners set a $59.00 target price on shares of Granite Construction and gave the stock a “buy” rating in a research report on Wednesday. DA Davidson set a $60.00 target price 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. 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. TheStreet lowered shares of Granite Construction from a “b” rating to a “c+” rating in a research report on Monday, August 13th. Finally, Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research report on Wednesday, October 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $66.20.
Granite Construction stock opened at $52.80 on Friday. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of 32.59, a PEG ratio of 2.67 and a beta of 1.07. 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 Inc. has a fifty-two week low of $39.51 and a fifty-two week high of $68.58.
Granite Construction (NYSE:GVA) last released its earnings results on Friday, October 26th. The construction company reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.18. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.14 billion. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. The business’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.14 EPS. Equities analysts forecast that Granite Construction Inc. will post 2.99 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date was Thursday, September 27th. Granite Construction’s dividend payout ratio is 32.10%.
In other news, Director Claes Bjork bought 6,500 shares of the business’s stock in a transaction on Tuesday, August 14th. The stock was purchased at an average price of $44.25 per share, with a total value of $287,625.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by insiders.
About Granite Construction
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.
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