Amalgamated Bank Grows Position in Granite Construction Incorporated (GVA)

Amalgamated Bank increased its stake in Granite Construction Incorporated (NYSE:GVA) by 4.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,695 shares of the construction company’s stock after buying an additional 232 shares during the period. Amalgamated Bank’s holdings in Granite Construction were worth $275,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Greenwood Capital Associates LLC raised its stake in Granite Construction by 1.9% in the second quarter. Greenwood Capital Associates LLC now owns 4,906 shares of the construction company’s stock worth $237,000 after buying an additional 92 shares in the last quarter. First National Bank of Omaha raised its stake in Granite Construction by 0.4% in the second quarter. First National Bank of Omaha now owns 30,058 shares of the construction company’s stock worth $1,450,000 after buying an additional 110 shares in the last quarter. Liberty Mutual Group Asset Management Inc. raised its stake in Granite Construction by 0.7% in the first quarter. Liberty Mutual Group Asset Management Inc. now owns 17,930 shares of the construction company’s stock worth $900,000 after buying an additional 130 shares in the last quarter. Dubuque Bank & Trust Co. raised its stake in Granite Construction by 3.0% in the second quarter. Dubuque Bank & Trust Co. now owns 5,082 shares of the construction company’s stock worth $245,000 after buying an additional 149 shares in the last quarter. Finally, Advantus Capital Management Inc raised its stake in Granite Construction by 3.1% in the first quarter. Advantus Capital Management Inc now owns 5,073 shares of the construction company’s stock worth $255,000 after buying an additional 151 shares in the last quarter. 98.53% of the stock is owned by institutional investors.

In related news, insider James D. Richards sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $55.50, for a total transaction of $222,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.30% of the company’s stock.

GVA has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. BidaskClub raised shares of Granite Construction from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. FBR & Co raised their target price on shares of Granite Construction from $63.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, August 1st. Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 target price on shares of Granite Construction in a research note on Tuesday, August 1st. Finally, Cowen and Company reaffirmed a “buy” rating and set a $70.00 target price on shares of Granite Construction in a research note on Tuesday, September 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $63.71.

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Shares of Granite Construction Incorporated (GVA) opened at 58.23 on Thursday. The stock’s 50 day moving average is $56.42 and its 200-day moving average is $51.58. Granite Construction Incorporated has a 12-month low of $42.59 and a 12-month high of $62.18. The stock has a market cap of $2.32 billion, a PE ratio of 52.98 and a beta of 1.17.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.25). The firm had revenue of $762.90 million for the quarter, compared to the consensus estimate of $684.32 million. Granite Construction had a return on equity of 4.80% and a net margin of 1.61%. The company’s revenue was up 26.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.35 EPS. Equities analysts expect that Granite Construction Incorporated will post $1.49 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be paid a dividend of $0.13 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.52 annualized dividend and a dividend yield of 0.89%. Granite Construction’s dividend payout ratio (DPR) is presently 48.60%.

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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Institutional Ownership by Quarter for Granite Construction (NYSE:GVA)

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