Systematic Financial Management LP boosted its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 0.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 227,823 shares of the construction company’s stock after acquiring an additional 1,610 shares during the quarter. Systematic Financial Management LP owned about 0.57% of Granite Construction worth $10,990,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Sei Investments Co. acquired a new stake in Granite Construction during the 1st quarter worth approximately $119,000. Tower Research Capital LLC TRC lifted its position in Granite Construction by 111.1% during the 1st quarter. Tower Research Capital LLC TRC now owns 2,597 shares of the construction company’s stock worth $130,000 after acquiring an additional 1,367 shares during the period. LS Investment Advisors LLC lifted its position in Granite Construction by 44.0% during the 1st quarter. LS Investment Advisors LLC now owns 3,977 shares of the construction company’s stock worth $200,000 after acquiring an additional 1,215 shares during the period. Laurion Capital Management LP acquired a new stake in Granite Construction during the 1st quarter worth approximately $216,000. Finally, Norman Fields Gottscho Capital Management LLC acquired a new stake in Granite Construction during the 2nd quarter worth approximately $224,000. 99.00% of the stock is owned by institutional investors.
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GVA has been the subject of a number of recent research reports. Zacks Investment Research raised Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub raised Granite Construction from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. FBR & Co increased their price objective on Granite Construction from $63.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 1st. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a research report on Saturday, August 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $63.67.
Granite Construction Incorporated (NYSE GVA) opened at 55.72 on Friday. The stock’s 50 day moving average price is $51.84 and its 200-day moving average price is $50.49. Granite Construction Incorporated has a 52 week low of $42.59 and a 52 week high of $62.18. The stock has a market capitalization of $2.22 billion, a P/E ratio of 50.70 and a beta of 1.17.
Granite Construction (NYSE:GVA) last announced its earnings results on Tuesday, August 1st. The construction company reported $0.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.25. Granite Construction had a return on equity of 4.80% and a net margin of 1.61%. The firm had revenue of $762.90 million for the quarter, compared to the consensus estimate of $684.32 million. During the same period in the previous year, the firm earned $0.35 EPS. Granite Construction’s revenue for the quarter was up 26.2% on a year-over-year basis. Equities research analysts expect that Granite Construction Incorporated will post $1.55 earnings per share for the current year.
In other Granite Construction news, Director William Howard Powell sold 3,000 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $49.60, for a total value of $148,800.00. Following the transaction, the director now owns 49,858 shares of the company’s stock, valued at $2,472,956.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider James D. Richards sold 4,000 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $55.50, for a total value of $222,000.00. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.
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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