Arizona State Retirement System grew its holdings in shares of Granite Construction Inc. (NYSE:GVA) by 26.9% in the 4th quarter, Holdings Channel reports. The firm owned 28,684 shares of the construction company’s stock after purchasing an additional 6,086 shares during the quarter. Arizona State Retirement System’s holdings in Granite Construction were worth $1,819,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Engineers Gate Manager LP purchased a new stake in Granite Construction in the 3rd quarter worth approximately $1,491,000. Personal Capital Advisors Corp increased its holdings in Granite Construction by 34.3% in the 4th quarter. Personal Capital Advisors Corp now owns 23,199 shares of the construction company’s stock worth $1,472,000 after acquiring an additional 5,922 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in Granite Construction in the 3rd quarter worth approximately $289,000. Cortina Asset Management LLC increased its holdings in Granite Construction by 1.3% in the 3rd quarter. Cortina Asset Management LLC now owns 638,475 shares of the construction company’s stock worth $37,000,000 after acquiring an additional 8,253 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in Granite Construction by 8.1% in the 3rd quarter. Wells Fargo & Company MN now owns 390,367 shares of the construction company’s stock worth $22,622,000 after acquiring an additional 29,217 shares in the last quarter. 96.05% of the stock is owned by hedge funds and other institutional investors.
In other Granite Construction news, Director Claes Bjork sold 1,264 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $63.05, for a total value of $79,695.20. Following the completion of 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.
Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Friday, February 16th. The construction company reported $0.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.04. Granite Construction had a return on equity of 6.97% and a net margin of 2.31%. The business had revenue of $801.30 million during the quarter, compared to the consensus estimate of $753.83 million. During the same period in the prior year, the company posted $0.40 EPS. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. equities analysts anticipate that Granite Construction Inc. will post 3.2 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be paid a $0.13 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $0.52 annualized dividend and a yield of 0.84%. Granite Construction’s payout ratio is 32.30%.
Several equities research analysts recently issued reports on GVA shares. Zacks Investment Research lowered shares of Granite Construction from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. 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 report on Thursday, January 18th. Finally, DA Davidson increased their target price on shares of Granite Construction to $68.00 and gave the stock a “neutral” rating in a report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $69.38.
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About Granite Construction
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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