Elo Mutual Pension Insurance Co Takes Position in Granite Construction Incorporated $GVA

Elo Mutual Pension Insurance Co purchased a new position in shares of Granite Construction Incorporated (NYSE:GVA) during the third quarter, HoldingsChannel reports. The firm purchased 18,356 shares of the construction company’s stock, valued at approximately $2,013,000.

Several other institutional investors also recently modified their holdings of the business. Root Financial Partners LLC bought a new position in Granite Construction during the 3rd quarter worth $26,000. Salomon & Ludwin LLC acquired a new stake in shares of Granite Construction in the third quarter valued at about $42,000. Federated Hermes Inc. raised its position in shares of Granite Construction by 94.6% during the third quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock worth $48,000 after acquiring an additional 212 shares during the last quarter. Hantz Financial Services Inc. lifted its stake in shares of Granite Construction by 222.8% in the third quarter. Hantz Financial Services Inc. now owns 707 shares of the construction company’s stock worth $78,000 after acquiring an additional 488 shares during the period. Finally, Blue Trust Inc. boosted its holdings in Granite Construction by 31.5% in the third quarter. Blue Trust Inc. now owns 898 shares of the construction company’s stock valued at $98,000 after acquiring an additional 215 shares during the last quarter.

Wall Street Analyst Weigh In

GVA has been the subject of several analyst reports. The Goldman Sachs Group raised 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. Wall Street Zen raised shares of Granite Construction from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. Zacks Research upgraded shares of Granite Construction from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reiterated a “buy (b)” rating on shares of Granite Construction in a report on Monday, December 29th. Finally, DA Davidson boosted their price objective on Granite Construction from $130.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Granite Construction presently has an average rating of “Moderate Buy” and an average price target of $139.50.

Granite Construction Stock Up 0.4%

Shares of NYSE GVA opened at $132.44 on Thursday. 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 $5.76 billion, a PE ratio of 36.19 and a beta of 1.30. The company’s fifty day simple moving average is $125.25 and its 200 day simple moving average is $113.73. Granite Construction Incorporated has a 12-month low of $69.08 and a 12-month high of $137.24.

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

Granite Construction Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Tuesday, March 31st. Granite Construction’s dividend payout ratio (DPR) is 14.21%.

Granite Construction Company 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.