Principal Financial Group Inc. Has $9.93 Million Stock Holdings in Granite Construction Incorporated (NYSE:GVA)

Principal Financial Group Inc. decreased its position in shares of Granite Construction Incorporated (NYSE:GVA) by 5.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 249,512 shares of the construction company’s stock after selling 14,706 shares during the period. Principal Financial Group Inc. owned about 0.57% of Granite Construction worth $9,926,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in GVA. Wellington Shields & Co. LLC acquired a new position in shares of Granite Construction during the first quarter worth $27,000. Belpointe Asset Management LLC grew its holdings in shares of Granite Construction by 320.6% during the first quarter. Belpointe Asset Management LLC now owns 673 shares of the construction company’s stock valued at $28,000 after buying an additional 513 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Granite Construction by 472.3% during the first quarter. Parkside Financial Bank & Trust now owns 847 shares of the construction company’s stock valued at $35,000 after buying an additional 699 shares during the last quarter. Macquarie Group Ltd. purchased a new position in Granite Construction during the first quarter worth about $43,000. Finally, NewEdge Advisors LLC boosted its holdings in Granite Construction by 5,075.0% during the first quarter. NewEdge Advisors LLC now owns 1,242 shares of the construction company’s stock worth $51,000 after purchasing an additional 1,218 shares during the last quarter.

Granite Construction Trading Down 0.1 %

Shares of GVA opened at $46.39 on Tuesday. The stock has a market capitalization of $2.04 billion, a P/E ratio of 69.24 and a beta of 1.45. The company has a quick ratio of 1.52, a current ratio of 1.60 and a debt-to-equity ratio of 0.40. The firm has a fifty day simple moving average of $39.39 and a two-hundred day simple moving average of $39.71. Granite Construction Incorporated has a twelve month low of $33.74 and a twelve month high of $47.31.

Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Tuesday, October 31st. The construction company reported $1.69 EPS for the quarter, topping the consensus estimate of $1.41 by $0.28. Granite Construction had a net margin of 1.18% and a return on equity of 13.10%. The business had revenue of $1.12 billion during the quarter. On average, research analysts anticipate that Granite Construction Incorporated will post 3.12 EPS for the current year.

Granite Construction Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.52 annualized dividend and a dividend yield of 1.12%. Granite Construction’s payout ratio is 77.61%.

Analyst Ratings Changes

Several analysts have recently issued reports on GVA shares. StockNews.com initiated coverage on shares of Granite Construction in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. TheStreet raised shares of Granite Construction from a “c+” rating to a “b-” rating in a research note on Tuesday, October 31st.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through two segments, Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public.