BlackRock Inc. increased its position in shares of Granite Construction Inc. (NYSE:GVA) by 1.5% in the fourth quarter, HoldingsChannel reports. The firm owned 4,100,245 shares of the construction company’s stock after purchasing an additional 61,669 shares during the period. BlackRock Inc. owned approximately 0.10% of Granite Construction worth $260,079,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in GVA. Fieldpoint Private Securities LLC acquired a new stake in shares of Granite Construction during the 3rd quarter worth about $106,000. Advisor Group Inc. increased its position in shares of Granite Construction by 169.1% during the 3rd quarter. Advisor Group Inc. now owns 1,862 shares of the construction company’s stock worth $108,000 after purchasing an additional 1,170 shares in the last quarter. Royal Bank of Canada increased its position 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 worth $118,000 after purchasing an additional 879 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Granite Construction by 7.1% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock worth $158,000 after purchasing an additional 218 shares in the last quarter. Finally, Global X Management Co. LLC increased its position in shares of Granite Construction by 75.2% during the 4th quarter. Global X Management Co. LLC now owns 2,760 shares of the construction company’s stock worth $175,000 after purchasing an additional 1,185 shares in the last quarter. Institutional investors and hedge funds own 95.59% of the company’s stock.
In other Granite Construction news, Director Claes Bjork sold 1,264 shares of the stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $63.05, for a total transaction of $79,695.20. Following the sale, the director now owns 50,972 shares of the company’s stock, valued at approximately $3,213,784.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by corporate insiders.
Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Friday, February 16th. The construction company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.04. Granite Construction had a net margin of 2.31% and a return on equity of 6.97%. The firm had revenue of $801.30 million for the quarter, compared to analyst estimates of $753.83 million. During the same quarter in the prior year, the firm earned $0.40 EPS. The company’s revenue was up 20.2% on a year-over-year basis. equities analysts forecast that Granite Construction Inc. will post 3.2 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date is Wednesday, March 28th. Granite Construction’s dividend payout ratio is currently 30.59%.
A number of equities research analysts recently issued reports on the stock. Cowen increased their target price on shares of Granite Construction from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, January 18th. Zacks Investment Research cut shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Tuesday, March 6th. Finally, DA Davidson increased their target price on shares of Granite Construction to $68.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $69.38.
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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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