American Century Companies Inc. decreased its stake in Granite Construction Inc. (NYSE:GVA) by 9.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 145,556 shares of the construction company’s stock after selling 15,316 shares during the quarter. American Century Companies Inc.’s holdings in Granite Construction were worth $9,233,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio lifted its position in Granite Construction by 7.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock worth $158,000 after buying an additional 218 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Granite Construction by 4.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 5,686 shares of the construction company’s stock worth $275,000 after buying an additional 251 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Granite Construction by 0.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 87,919 shares of the construction company’s stock worth $4,241,000 after buying an additional 372 shares in the last quarter. Citigroup Inc. raised its holdings in shares of Granite Construction by 20.0% during the 2nd quarter. Citigroup Inc. now owns 4,093 shares of the construction company’s stock valued at $197,000 after purchasing an additional 683 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Granite Construction by 56.3% during the 2nd quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock valued at $118,000 after purchasing an additional 879 shares in the last quarter. Institutional investors own 99.05% of the company’s stock.
In related news, Director Claes Bjork sold 1,264 shares of the firm’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $63.05, for a total value of $79,695.20. Following the transaction, the director now directly owns 50,972 shares in the company, valued at approximately $3,213,784.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.30% of the company’s stock.
Granite Construction Inc. (NYSE GVA) opened at $60.36 on Monday. The firm has a market cap of $2,410.00, a price-to-earnings ratio of 46.08, a PEG ratio of 2.66 and a beta of 1.21. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.71 and a current ratio of 1.79. Granite Construction Inc. has a twelve month low of $45.14 and a twelve month high of $68.58.
Granite Construction (NYSE:GVA) last posted its earnings results on Friday, February 16th. The construction company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. Granite Construction had a net margin of 1.84% and a return on equity of 5.71%. The business had revenue of $801.30 million for the quarter, compared to analyst estimates of $753.83 million. During the same period last year, the business posted $0.40 EPS. Granite Construction’s revenue was up 20.2% compared to the same quarter last year. sell-side analysts forecast that Granite Construction Inc. will post 3.36 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $0.52 dividend on an annualized basis and a yield of 0.86%. Granite Construction’s payout ratio is presently 39.69%.
GVA has been the topic of a number of recent research reports. DA Davidson restated a “hold” rating and set a $65.00 price target on shares of Granite Construction in a report on Monday, October 30th. Canaccord Genuity raised their price target on shares of Granite Construction from $70.00 to $75.00 and gave the company a “buy” rating in a report on Monday, October 30th. Zacks Investment Research upgraded shares of Granite Construction from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a report on Tuesday, October 31st. B. Riley restated a “buy” rating on shares of Granite Construction in a report on Wednesday, November 1st. Finally, Cowen raised their price target on shares of Granite Construction from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. Granite Construction currently has an average rating of “Buy” and an average target price of $69.00.
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Granite Construction Profile
Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. The Company operates across the nation, serving both public and private sector clients.
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