New York State Teachers Retirement System Has $7.22 Million Stock Holdings in Granite Construction Incorporated $GVA

New York State Teachers Retirement System decreased its position in Granite Construction Incorporated (NYSE:GVA) by 10.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 60,251 shares of the construction company’s stock after selling 6,814 shares during the quarter. New York State Teachers Retirement System owned 0.14% of Granite Construction worth $7,223,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its position in shares of Granite Construction by 73.2% during the first quarter. AQR Capital Management LLC now owns 21,379 shares of the construction company’s stock worth $1,612,000 after purchasing an additional 9,038 shares in the last quarter. United Services Automobile Association bought a new position in Granite Construction in the 1st quarter worth approximately $207,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Granite Construction by 21.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,859 shares of the construction company’s stock worth $12,732,000 after purchasing an additional 29,428 shares during the last quarter. Marshall Wace LLP lifted its holdings in Granite Construction by 2,423.4% during the 2nd quarter. Marshall Wace LLP now owns 89,882 shares of the construction company’s stock worth $8,405,000 after buying an additional 86,320 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new position in Granite Construction in the 2nd quarter valued at $229,000.

Granite Construction Trading Down 2.4%

NYSE:GVA traded down $3.60 during trading hours on Tuesday, hitting $144.81. The stock had a trading volume of 34,119 shares, compared to its average volume of 703,961. The business’s 50 day moving average is $140.60 and its 200-day moving average is $129.62. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.97 and a current ratio of 1.09. The company has a market cap of $6.34 billion, a price-to-earnings ratio of 41.79 and a beta of 1.29. Granite Construction Incorporated has a one year low of $89.80 and a one year high of $162.08.

Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Thursday, April 30th. The construction company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.77) by $1.03. Granite Construction had a net margin of 3.99% and a return on equity of 24.90%. The company had revenue of $912.47 million for the quarter, compared to analysts’ expectations of $782.26 million. During the same period last year, the firm posted $0.01 earnings per share. The business’s quarterly revenue was up 30.4% compared to the same quarter last year. Sell-side analysts anticipate that Granite Construction Incorporated will post 6.14 EPS for the current fiscal year.

Granite Construction Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.13 per share. The ex-dividend date is Tuesday, June 30th. This represents a $0.52 annualized dividend and a yield of 0.4%. Granite Construction’s payout ratio is currently 14.99%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GVA. Weiss Ratings downgraded Granite Construction from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 18th. Oppenheimer started coverage on Granite Construction in a report on Thursday, May 28th. They issued an “outperform” rating and a $170.00 price target on the stock. Wall Street Zen upgraded Granite Construction from a “hold” rating to a “buy” rating in a research report on Saturday, June 27th. Zacks Research raised Granite Construction to a “hold” rating in a report on Friday, May 29th. Finally, Stephens began coverage on shares of Granite Construction in a research report on Friday, June 26th. They set an “overweight” rating and a $180.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Granite Construction currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.25.

Insiders Place Their Bets

In other news, SVP Bradley Jay Williams sold 6,734 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $141.00, for a total transaction of $949,494.00. Following the sale, the senior vice president owned 7,041 shares of the company’s stock, valued at $992,781. This trade represents a 48.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John Timothy Romer purchased 375 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were acquired at an average cost of $143.65 per share, for a total transaction of $53,868.75. Following the transaction, the director owned 2,801 shares of the company’s stock, valued at $402,363.65. This trade represents a 15.46% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 0.88% of the company’s stock.

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.