Wellington Shields Capital Management LLC cut its stake in Granite Construction Inc. (NYSE:GVA) by 80.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,450 shares of the construction company’s stock after selling 42,585 shares during the period. Wellington Shields Capital Management LLC’s holdings in Granite Construction were worth $478,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Xact Kapitalforvaltning AB grew its holdings in Granite Construction by 18.5% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 7,037 shares of the construction company’s stock worth $392,000 after acquiring an additional 1,100 shares in the last quarter. Liberty Mutual Group Asset Management Inc. grew its holdings in Granite Construction by 15.3% during the 2nd quarter. Liberty Mutual Group Asset Management Inc. now owns 9,053 shares of the construction company’s stock worth $504,000 after acquiring an additional 1,204 shares in the last quarter. Amalgamated Bank grew its holdings in Granite Construction by 22.7% during the 2nd quarter. Amalgamated Bank now owns 6,976 shares of the construction company’s stock worth $388,000 after acquiring an additional 1,291 shares in the last quarter. Sei Investments Co. grew its holdings in Granite Construction by 40.0% during the 2nd quarter. Sei Investments Co. now owns 5,110 shares of the construction company’s stock worth $284,000 after acquiring an additional 1,460 shares in the last quarter. Finally, Global X Management Co LLC grew its holdings in Granite Construction by 18.8% during the 2nd quarter. Global X Management Co LLC now owns 9,703 shares of the construction company’s stock worth $540,000 after acquiring an additional 1,538 shares in the last quarter. Hedge funds and other institutional investors own 96.72% of the company’s stock.
Several research analysts have issued reports on GVA shares. MKM Partners set a $59.00 target price on shares of Granite Construction and gave the stock a “buy” rating in a report on Wednesday. DA Davidson set a $60.00 target price on shares of Granite Construction and gave the stock a “buy” rating in a report on Monday, October 29th. They noted that the move was a valuation call. Canaccord Genuity reiterated a “buy” rating and set a $65.00 target price (down from $75.00) on shares of Granite Construction in a report on Thursday, August 9th. TheStreet cut shares of Granite Construction from a “b” rating to a “c+” rating in a report on Monday, August 13th. Finally, Zacks Investment Research upgraded shares of Granite Construction from a “sell” rating to a “hold” rating in a report on Wednesday, October 10th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $66.20.
In other news, Director Claes Bjork purchased 6,500 shares of the firm’s stock in a transaction on Tuesday, August 14th. The stock was acquired at an average cost of $44.25 per share, with a total value of $287,625.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.
Shares of Granite Construction stock opened at $52.80 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.73 and a debt-to-equity ratio of 0.23. Granite Construction Inc. has a 1 year low of $39.51 and a 1 year high of $68.58. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of 32.59, a price-to-earnings-growth ratio of 2.67 and a beta of 1.07.
Granite Construction (NYSE:GVA) last released its quarterly earnings results on Friday, October 26th. The construction company reported $1.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.18. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.14 billion. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.14 earnings per share. As a group, equities research analysts forecast that Granite Construction Inc. will post 2.99 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.98%. The ex-dividend date was Thursday, September 27th. Granite Construction’s payout ratio is 32.10%.
About Granite Construction
Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various civil construction projects focusing on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities, and other infrastructure projects.
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