New Mexico Educational Retirement Board purchased a new position in Granite Construction Inc. (NYSE:GVA) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 9,900 shares of the construction company’s stock, valued at approximately $628,000.
A number of other large investors have also modified their holdings of GVA. Royal Bank of Canada boosted its stake in Granite Construction by 56.3% in the 2nd quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock worth $118,000 after buying an additional 879 shares during the last quarter. State Street Corp lifted its stake in shares of Granite Construction by 4.5% in the 2nd quarter. State Street Corp now owns 1,278,930 shares of the construction company’s stock valued at $61,697,000 after purchasing an additional 55,202 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Granite Construction by 0.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 87,919 shares of the construction company’s stock valued at $4,241,000 after purchasing an additional 372 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Granite Construction by 7.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock valued at $158,000 after purchasing an additional 218 shares in the last quarter. Finally, Strs Ohio acquired a new position in shares of Granite Construction in the 3rd quarter valued at about $3,595,000. 96.80% of the stock is currently owned by hedge funds and other institutional investors.
In other Granite Construction news, Director Claes Bjork sold 1,264 shares of Granite Construction stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $63.05, for a total transaction of $79,695.20. Following the sale, the director now directly owns 50,972 shares in the company, valued at approximately $3,213,784.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by insiders.
Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, February 16th. The construction company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.04. Granite Construction had a return on equity of 6.97% and a net margin of 2.31%. The company had revenue of $801.30 million for the quarter, compared to the consensus estimate of $753.83 million. During the same period in the previous year, the business earned $0.40 EPS. Granite Construction’s revenue for the quarter was up 20.2% compared to the same quarter last year. research analysts predict that Granite Construction Inc. will post 3.27 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be issued a dividend of $0.13 per share. The ex-dividend date is Wednesday, March 28th. This represents a $0.52 annualized dividend and a yield of 0.86%. Granite Construction’s dividend payout ratio is presently 30.59%.
Several equities analysts have recently weighed in on the company. B. Riley reaffirmed a “buy” rating on shares of Granite Construction in a research note on Wednesday, November 1st. Zacks Investment Research raised Granite Construction from a “hold” rating to a “buy” rating and set a $71.00 price objective on the stock in a research note on Tuesday, October 31st. Cowen lifted their price objective on Granite Construction from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Thursday, January 18th. Canaccord Genuity lifted their price objective on Granite Construction from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, October 30th. Finally, DA Davidson reaffirmed a “hold” rating and issued a $65.00 price objective on shares of Granite Construction in a research note on Monday, October 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $69.38.
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About Granite Construction
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. The Company operates across the nation, serving both public and private sector clients.
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