Cornercap Investment Counsel Inc. Invests $518,000 in Granite Construction Incorporated (NYSE:GVA)

Cornercap Investment Counsel Inc. bought a new position in Granite Construction Incorporated (NYSE:GVA) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,182 shares of the construction company’s stock, valued at approximately $518,000.

A number of other institutional investors have also recently modified their holdings of GVA. Louisiana State Employees Retirement System bought a new position in shares of Granite Construction during the fourth quarter valued at $1,119,000. RPG Investment Advisory LLC lifted its holdings in shares of Granite Construction by 1.9% during the fourth quarter. RPG Investment Advisory LLC now owns 295,031 shares of the construction company’s stock valued at $15,005,000 after purchasing an additional 5,412 shares in the last quarter. Toth Financial Advisory Corp lifted its holdings in shares of Granite Construction by 35.1% during the fourth quarter. Toth Financial Advisory Corp now owns 2,500 shares of the construction company’s stock valued at $127,000 after purchasing an additional 650 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of Granite Construction during the fourth quarter valued at $388,000. Finally, International Assets Investment Management LLC bought a new position in shares of Granite Construction during the fourth quarter valued at $556,000.

Granite Construction Stock Down 0.7 %

GVA stock opened at $54.25 on Wednesday. Granite Construction Incorporated has a fifty-two week low of $33.74 and a fifty-two week high of $57.93. The business’s 50-day moving average is $53.07 and its two-hundred day moving average is $47.60. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.49 and a current ratio of 1.60. The company has a market cap of $2.39 billion, a price-to-earnings ratio of 71.38 and a beta of 1.46.

Granite Construction (NYSE:GVA) last posted its earnings results on Thursday, February 22nd. The construction company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). Granite Construction had a net margin of 1.24% and a return on equity of 14.15%. The firm had revenue of $933.70 million during the quarter. During the same quarter last year, the company posted $0.56 earnings per share. As a group, analysts forecast that Granite Construction Incorporated will post 4.29 earnings per share for the current year.

Granite Construction Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend was Wednesday, March 27th. Granite Construction’s dividend payout ratio is 68.42%.

Insider Buying and Selling at Granite Construction

In other news, Director Louis E. Caldera sold 1,263 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $50.00, for a total value of $63,150.00. Following the transaction, the director now owns 8,528 shares of the company’s stock, valued at $426,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.54% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GVA. DA Davidson upped their price target on Granite Construction from $60.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, February 27th. The Goldman Sachs Group upped their price target on Granite Construction from $44.00 to $50.00 and gave the company a “sell” rating in a report on Tuesday.

Granite Construction Profile

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.