Fiduciary Financial Group LLC Raises Stake in Granite Construction Incorporated $GVA

Fiduciary Financial Group LLC boosted its position in Granite Construction Incorporated (NYSE:GVA) by 574.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 15,886 shares of the construction company’s stock after acquiring an additional 13,531 shares during the period. Fiduciary Financial Group LLC’s holdings in Granite Construction were worth $1,832,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of GVA. Root Financial Partners LLC purchased a new position in shares of Granite Construction during the 3rd quarter worth about $26,000. Salomon & Ludwin LLC purchased a new stake in Granite Construction in the third quarter valued at approximately $42,000. Federated Hermes Inc. increased its position in Granite Construction by 94.6% during the third quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock worth $48,000 after purchasing an additional 212 shares during the last quarter. Quarry LP raised its stake in Granite Construction by 1,417.6% during the third quarter. Quarry LP now owns 516 shares of the construction company’s stock worth $57,000 after purchasing an additional 482 shares during the period. Finally, Danske Bank A S purchased a new position in Granite Construction during the third quarter worth approximately $77,000.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GVA shares. Wall Street Zen raised shares of Granite Construction from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. DA Davidson lifted their target price on Granite Construction from $130.00 to $155.00 and gave the company a “buy” rating in a report on Friday, February 13th. Zacks Research upgraded Granite Construction from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. The Goldman Sachs Group lifted their price objective on Granite Construction from $109.00 to $124.00 and gave the company a “neutral” rating in a research note on Wednesday, January 28th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Granite Construction in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $139.50.

Insider Activity at Granite Construction

In other Granite Construction news, CEO Kyle T. Larkin sold 7,314 shares of the stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $119.84, for a total value of $876,509.76. Following the completion of the sale, the chief executive officer owned 181,594 shares of the company’s stock, valued at $21,762,224.96. This trade represents a 3.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Staci M. Woolsey sold 1,523 shares of Granite Construction stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $119.84, for a total transaction of $182,516.32. Following the sale, the chief financial officer owned 18,954 shares in the company, valued at $2,271,447.36. This represents a 7.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.00% of the company’s stock.

Granite Construction Stock Up 1.3%

Shares of Granite Construction stock opened at $121.23 on Wednesday. The company has a fifty day moving average price of $126.15 and a 200 day moving average price of $115.10. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.79. Granite Construction Incorporated has a twelve month low of $69.08 and a twelve month high of $137.24. The stock has a market cap of $5.27 billion, a price-to-earnings ratio of 33.12 and a beta of 1.30.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, February 12th. The construction company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.34 by $0.06. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.15 billion. Granite Construction had a return on equity of 24.10% and a net margin of 4.36%.The firm’s revenue was up 19.2% compared to the same quarter last year. During the same period last year, the company posted $1.23 earnings per share. Equities research analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Tuesday, March 31st. Granite Construction’s dividend payout ratio (DPR) is presently 14.21%.

Granite Construction Company Profile

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.