Russell Investments Group Ltd. Grows Stock Holdings in Granite Construction Inc. (NYSE:GVA)

Russell Investments Group Ltd. grew its holdings in Granite Construction Inc. (NYSE:GVA) by 110.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 998,534 shares of the construction company’s stock after purchasing an additional 524,568 shares during the quarter. Russell Investments Group Ltd. owned about 2.14% of Granite Construction worth $32,078,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in GVA. Palouse Capital Management Inc. boosted its position in shares of Granite Construction by 25.8% during the third quarter. Palouse Capital Management Inc. now owns 8,509 shares of the construction company’s stock worth $273,000 after buying an additional 1,747 shares during the period. Comerica Bank lifted its stake in Granite Construction by 13.5% during the 3rd quarter. Comerica Bank now owns 47,919 shares of the construction company’s stock worth $1,768,000 after acquiring an additional 5,705 shares in the last quarter. California Public Employees Retirement System lifted its stake in Granite Construction by 30.8% during the 3rd quarter. California Public Employees Retirement System now owns 97,985 shares of the construction company’s stock worth $3,148,000 after acquiring an additional 23,072 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in Granite Construction by 36.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 18,643 shares of the construction company’s stock worth $599,000 after acquiring an additional 4,976 shares in the last quarter. Finally, State of Tennessee Treasury Department boosted its holdings in Granite Construction by 4.4% during the 3rd quarter. State of Tennessee Treasury Department now owns 19,072 shares of the construction company’s stock valued at $613,000 after acquiring an additional 800 shares during the period. 98.19% of the stock is currently owned by institutional investors and hedge funds.

In other Granite Construction news, CFO Desai Jigisha bought 2,000 shares of Granite Construction stock in a transaction on Tuesday, November 5th. The shares were bought at an average cost of $27.27 per share, for a total transaction of $54,540.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Claes Bjork bought 4,000 shares of Granite Construction stock in a transaction on Tuesday, November 5th. The shares were acquired at an average price of $27.19 per share, for a total transaction of $108,760.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 23,456 shares of company stock worth $609,693. 1.00% of the stock is owned by company insiders.

Granite Construction stock opened at $27.80 on Friday. The firm has a market cap of $1.27 billion, a PE ratio of 11.88 and a beta of 1.26. Granite Construction Inc. has a 52-week low of $22.55 and a 52-week high of $55.78. The company has a quick ratio of 1.65, a current ratio of 1.76 and a debt-to-equity ratio of 0.31. The company’s 50 day moving average is $30.91 and its two-hundred day moving average is $37.03.

Granite Construction (NYSE:GVA) last released its earnings results on Friday, October 25th. The construction company reported $0.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.41 by ($0.98). The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.15 billion. Granite Construction had a negative return on equity of 4.63% and a negative net margin of 3.11%. Granite Construction’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.43 earnings per share. On average, equities research analysts anticipate that Granite Construction Inc. will post -1.28 earnings per share for the current fiscal year.

The firm also recently announced a — dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.13 per share. The ex-dividend date was Friday, September 27th. This represents a yield of 1.6%. Granite Construction’s dividend payout ratio (DPR) is presently 22.22%.

Several analysts have recently issued reports on GVA shares. ValuEngine cut shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. B. Riley lowered shares of Granite Construction from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $53.00 to $41.00 in a report on Tuesday, July 30th. Goldman Sachs Group lowered shares of Granite Construction from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $50.00 to $31.00 in a report on Wednesday, August 7th. DA Davidson lowered shares of Granite Construction from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $45.00 to $30.00 in a report on Monday, October 28th. Finally, TheStreet lowered shares of Granite Construction from a “c-” rating to a “d+” rating in a report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $40.75.

About Granite Construction

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

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

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