Bank of Montreal Can purchased a new position in Granite Construction Inc. (NYSE:GVA) during the second quarter, Holdings Channel reports. The firm purchased 297,292 shares of the company’s stock, valued at approximately $13,542,000.
Several other institutional investors also recently modified their holdings of GVA. Meeder Asset Management Inc. raised its position in shares of Granite Construction by 2.0% in the second quarter. Meeder Asset Management Inc. now owns 13,473 shares of the company’s stock worth $614,000 after buying an additional 260 shares during the last quarter. LS Investment Advisors LLC raised its position in shares of Granite Construction by 76.1% in the second quarter. LS Investment Advisors LLC now owns 2,453 shares of the company’s stock worth $112,000 after buying an additional 1,060 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Granite Construction by 4.0% in the first quarter. JPMorgan Chase & Co. now owns 30,535 shares of the company’s stock worth $1,459,000 after buying an additional 1,185 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its position in shares of Granite Construction by 2.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 62,622 shares of the company’s stock worth $2,993,000 after buying an additional 1,384 shares during the last quarter. Finally, Aperio Group LLC raised its position in shares of Granite Construction by 26.9% in the first quarter. Aperio Group LLC now owns 9,882 shares of the company’s stock worth $472,000 after buying an additional 2,095 shares during the last quarter. 93.18% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Granite Construction Inc. (NYSE:GVA) traded up 2.87% during midday trading on Friday, reaching $49.74. 288,778 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $48.15 and its 200-day moving average is $46.32. The stock has a market cap of $1.97 billion, a PE ratio of 31.99 and a beta of 1.48. Granite Construction Inc. has a 12-month low of $30.13 and a 12-month high of $51.35.
Granite Construction (NYSE:GVA) last released its earnings results on Friday, July 29th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.47 by $0.12. Granite Construction had a return on equity of 7.27% and a net margin of 2.57%. The company earned $604.60 million during the quarter, compared to analysts’ expectations of $632.12 million. During the same period last year, the firm posted $0.24 EPS. Granite Construction’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, equities analysts expect that Granite Construction Inc. will post $1.57 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend is Wednesday, September 28th. Granite Construction’s dividend payout ratio (DPR) is presently 33.33%.
A number of brokerages have recently commented on GVA. Janney Montgomery Scott reissued a “hold” rating and issued a $53.00 price target on shares of Granite Construction in a report on Tuesday, August 16th. FBR & Co increased their target price on shares of Granite Construction from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, August 2nd. DA Davidson reaffirmed a “hold” rating and set a $53.00 target price on shares of Granite Construction in a report on Tuesday, August 16th. Seaport Global Securities raised shares of Granite Construction from a “neutral” rating to a “buy” rating and increased their target price for the company from $49.00 to $60.00 in a report on Monday, August 1st. Finally, MKM Partners increased their target price on shares of Granite Construction from $55.00 to $56.00 and gave the company a “buy” rating in a report on Monday, August 1st. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Granite Construction has a consensus rating of “Buy” and a consensus price target of $53.70.
In other news, Director James Hildebrand Roberts sold 6,612 shares of the business’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $49.18, for a total value of $325,178.16. Following the transaction, the director now owns 51,705 shares of the company’s stock, valued at $2,542,851.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director David H. Kelsey sold 1,113 shares of the business’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $51.09, for a total transaction of $56,863.17. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.
Granite Construction Company 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. Its Construction segment performs construction management, as well as various civil construction projects with a portion of the work focused 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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