American Century Companies Inc. Has $161.78 Million Stock Position in Granite Construction Incorporated $GVA

American Century Companies Inc. trimmed its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 17.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,475,391 shares of the construction company’s stock after selling 316,332 shares during the period. American Century Companies Inc.’s holdings in Granite Construction were worth $161,777,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GVA. Root Financial Partners LLC acquired a new stake in Granite Construction during the 3rd quarter worth $26,000. Salomon & Ludwin LLC acquired a new stake in Granite Construction in the 3rd quarter valued at approximately $42,000. Federated Hermes Inc. lifted its position in shares of Granite Construction by 94.6% in the third quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock worth $48,000 after purchasing an additional 212 shares in the last quarter. Hantz Financial Services Inc. boosted its position in Granite Construction by 222.8% during the third quarter. Hantz Financial Services Inc. now owns 707 shares of the construction company’s stock valued at $78,000 after purchasing an additional 488 shares during the last quarter. Finally, Blue Trust Inc. raised its position in Granite Construction by 31.5% during the third quarter. Blue Trust Inc. now owns 898 shares of the construction company’s stock worth $98,000 after acquiring an additional 215 shares in the last quarter.

Granite Construction Stock Performance

GVA stock opened at $134.43 on Monday. Granite Construction Incorporated has a 12-month low of $69.08 and a 12-month high of $137.24. The business has a 50 day moving average of $124.37 and a 200-day moving average of $113.28. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.79. The firm has a market cap of $5.85 billion, a PE ratio of 36.73 and a beta of 1.30.

Granite Construction (NYSE:GVA) last released its earnings results on Thursday, February 12th. The construction company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.06. Granite Construction had a net margin of 4.36% and a return on equity of 24.10%. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the company earned $1.23 earnings per share. The company’s quarterly revenue was up 19.2% on a year-over-year basis. As a group, sell-side analysts expect that Granite Construction Incorporated will post 5.49 earnings per share for the current year.

Granite Construction Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a $0.13 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $0.52 annualized dividend and a dividend yield of 0.4%. Granite Construction’s payout ratio is 14.21%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GVA. Zacks Research upgraded shares of Granite Construction from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. The Goldman Sachs Group upped their price target on shares of Granite Construction from $109.00 to $124.00 and gave the stock a “neutral” rating in a report on Wednesday, January 28th. DA Davidson upped their price objective on shares of Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Weiss Ratings reissued a “buy (b)” rating on shares of Granite Construction in a research note on Monday, December 29th. Finally, Wall Street Zen upgraded Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $139.50.

Granite Construction Profile

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.