Golden State Wealth Management LLC acquired a new stake in shares of Granite Construction Inc. (NYSE:GVA) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,766 shares of the construction company’s stock, valued at approximately $206,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in GVA. Norges Bank purchased a new position in shares of Granite Construction during the fourth quarter valued at approximately $20,605,000. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Granite Construction by 73.1% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 611,524 shares of the construction company’s stock valued at $24,632,000 after buying an additional 258,172 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Granite Construction by 19.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,039,514 shares of the construction company’s stock valued at $41,872,000 after buying an additional 172,602 shares during the period. MUFG Securities EMEA plc purchased a new position in shares of Granite Construction during the fourth quarter valued at approximately $6,485,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Granite Construction by 6.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,664,608 shares of the construction company’s stock valued at $107,330,000 after buying an additional 156,499 shares during the period. 99.16% of the stock is currently owned by institutional investors and hedge funds.
Shares of GVA stock opened at $42.84 on Friday. Granite Construction Inc. has a one year low of $38.55 and a one year high of $58.93. The company has a quick ratio of 1.97, a current ratio of 2.12 and a debt-to-equity ratio of 0.24. The company has a market cap of $2.01 billion, a P/E ratio of 24.07, a P/E/G ratio of 2.17 and a beta of 1.24.
Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Friday, April 26th. The construction company reported ($0.57) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.35). Granite Construction had a return on equity of 6.03% and a net margin of 0.57%. The company had revenue of $619.80 million for the quarter, compared to analyst estimates of $644.46 million. During the same period last year, the company posted ($0.13) EPS. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. Research analysts anticipate that Granite Construction Inc. will post 2.83 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.21%. The ex-dividend date is Thursday, June 27th. Granite Construction’s dividend payout ratio (DPR) is 22.22%.
GVA has been the topic of several recent analyst reports. MKM Partners set a $61.00 price objective on shares of Granite Construction and gave the company a “buy” rating in a research note on Friday, March 22nd. ValuEngine downgraded shares of Granite Construction from a “hold” rating to a “sell” rating in a research note on Tuesday, April 9th. B. Riley reaffirmed a “buy” rating and set a $53.00 price target (down previously from $66.00) on shares of Granite Construction in a research report on Monday, April 29th. Finally, Goldman Sachs Group raised shares of Granite Construction from a “neutral” rating to a “buy” rating and upped their price target for the stock from $50.00 to $53.00 in a research report on Wednesday, May 29th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $59.00.
About Granite Construction
Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.
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