UBS Asset Management Americas Inc. lowered its stake in shares of Granite Construction Inc. (NYSE:GVA) by 3.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,466 shares of the company’s stock after selling 1,031 shares during the period. UBS Asset Management Americas Inc. owned approximately 0.07% of Granite Construction worth $1,205,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the stock. Aperio Group LLC raised its position in shares of Granite Construction by 26.9% in the first quarter. Aperio Group LLC now owns 9,882 shares of the company’s stock valued at $472,000 after buying an additional 2,095 shares in the last quarter. Teachers Advisors Inc. raised its position in shares of Granite Construction by 10.4% in the first quarter. Teachers Advisors Inc. now owns 63,026 shares of the company’s stock valued at $3,013,000 after buying an additional 5,929 shares in the last quarter. BlackRock Group LTD raised its position in shares of Granite Construction by 19.3% in the first quarter. BlackRock Group LTD now owns 30,566 shares of the company’s stock valued at $1,461,000 after buying an additional 4,937 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Granite Construction by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,144,233 shares of the company’s stock valued at $54,694,000 after buying an additional 4,359 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Granite Construction by 4.0% in the first quarter. JPMorgan Chase & Co. now owns 30,535 shares of the company’s stock valued at $1,459,000 after buying an additional 1,185 shares in the last quarter. Hedge funds and other institutional investors own 93.18% of the company’s stock.
Granite Construction Inc. (NYSE:GVA) traded down 2.02% during midday trading on Friday, reaching $44.71. 234,409 shares of the company’s stock traded hands. The firm has a market cap of $1.77 billion, a PE ratio of 28.75 and a beta of 1.49. The firm’s 50-day moving average is $47.78 and its 200 day moving average is $46.49. Granite Construction Inc. has a 52-week low of $30.14 and a 52-week high of $51.35.
Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Friday, July 29th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by $0.12. The firm earned $604.60 million during the quarter, compared to the consensus estimate of $632.12 million. Granite Construction had a return on equity of 7.27% and a net margin of 2.57%. Granite Construction’s revenue was up 6.2% on a year-over-year basis. During the same period last year, the business earned $0.24 EPS. Equities research analysts expect that Granite Construction Inc. will post $1.57 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date was Wednesday, September 28th. Granite Construction’s payout ratio is 33.33%.
GVA has been the topic of several research reports. MKM Partners initiated coverage on shares of Granite Construction in a report on Wednesday, June 29th. They set a “buy” rating and a $51.00 price objective on the stock. Seaport Global Securities upgraded shares of Granite Construction from a “neutral” rating to a “buy” rating and upped their price objective for the company from $49.00 to $60.00 in a report on Monday, August 1st. FBR & Co upped their price objective on shares of Granite Construction from $48.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, August 2nd. Janney Montgomery Scott reiterated a “hold” rating and set a $53.00 price objective on shares of Granite Construction in a report on Tuesday, August 16th. Finally, DA Davidson restated a “hold” rating and issued a $53.00 target price on shares of Granite Construction in a report on Tuesday, August 16th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $53.70.
In other news, Director David H. Kelsey sold 1,113 shares of Granite Construction stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $51.09, for a total transaction of $56,863.17. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Hildebrand Roberts sold 6,612 shares of Granite Construction stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $49.18, for a total transaction of $325,178.16. Following the sale, the director now directly owns 51,705 shares in the company, valued at approximately $2,542,851.90. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
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. Its Construction segment performs construction management, as well as various civil construction projects with a portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities and other infrastructure projects.
Want to see what other hedge funds are holding GVA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Granite Construction Inc. (NYSE:GVA).
Receive News & Ratings for Granite Construction Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Construction Inc. and related companies with MarketBeat.com's FREE daily email newsletter.