Victory Capital Management Inc. Acquires 5,343 Shares of Granite Construction Incorporated $GVA

Victory Capital Management Inc. boosted its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 3.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 165,329 shares of the construction company’s stock after purchasing an additional 5,343 shares during the quarter. Victory Capital Management Inc.’s holdings in Granite Construction were worth $18,128,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. AQR Capital Management LLC boosted its holdings in shares of Granite Construction by 73.2% during the 1st quarter. AQR Capital Management LLC now owns 21,379 shares of the construction company’s stock worth $1,612,000 after buying an additional 9,038 shares during the period. United Services Automobile Association bought a new position in Granite Construction in the 1st quarter valued at about $207,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Granite Construction by 21.1% during the first 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 acquiring an additional 29,428 shares during the last quarter. Envestnet Asset Management Inc. acquired a new stake in Granite Construction during the second quarter worth approximately $226,000. Finally, Atria Investments Inc bought a new stake in shares of Granite Construction during the second quarter worth approximately $301,000.

Wall Street Analyst Weigh In

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

Granite Construction Trading Down 0.8%

GVA opened at $124.48 on Wednesday. The stock has a market capitalization of $5.42 billion, a price-to-earnings ratio of 34.01 and a beta of 1.30. The company has a quick ratio of 1.13, a current ratio of 1.22 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 company has a 50-day simple moving average of $125.82 and a 200 day simple moving average of $114.20.

Granite Construction (NYSE:GVA) last issued its earnings results on Thursday, February 12th. The construction company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.34 by $0.06. Granite Construction had a net margin of 4.36% and a return on equity of 24.10%. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the company earned $1.23 EPS. The business’s revenue for the quarter was up 19.2% compared to the same quarter last year. Analysts predict that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.

Granite Construction Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.4%. The ex-dividend date is Tuesday, March 31st. Granite Construction’s payout ratio is currently 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.