Nationwide Fund Advisors cut its position in Granite Construction Inc. (NYSE:GVA) by 3.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 108,422 shares of the company’s stock after selling 4,395 shares during the period. Nationwide Fund Advisors owned about 0.27% of Granite Construction worth $4,939,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Institutional Trust Company N.A. increased its stake in 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 worth $54,694,000 after buying an additional 4,359 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Granite Construction by 10.8% in the first quarter. Goldman Sachs Group Inc. now owns 197,849 shares of the company’s stock worth $9,457,000 after buying an additional 19,259 shares during the last quarter. Norges Bank purchased a new stake in Granite Construction during the fourth quarter worth about $9,532,000. Emerald Acquisition Ltd. purchased a new stake in Granite Construction during the second quarter worth about $29,053,000. Finally, Chartwell Investment Partners LLC purchased a new stake in Granite Construction during the second quarter worth about $3,305,000. 93.18% of the stock is currently owned by institutional investors and hedge funds.
Granite Construction Inc. (NYSE:GVA) traded up 2.87% during trading on Friday, reaching $49.74. The company had a trading volume of 288,778 shares. Granite Construction Inc. has a 52 week low of $30.13 and a 52 week high of $51.35. The company’s 50-day moving average is $48.15 and its 200 day moving average is $46.32. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of 31.99 and a beta of 1.48.
Granite Construction (NYSE:GVA) last announced its earnings results on Friday, July 29th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by $0.12. Granite Construction had a net margin of 2.57% and a return on equity of 7.27%. The firm had revenue of $604.60 million for the quarter, compared to analyst estimates of $632.12 million. During the same period in the previous year, the company earned $0.24 EPS. Granite Construction’s revenue was up 6.2% compared to the same quarter last year. Equities analysts anticipate that Granite Construction Inc. will post $1.57 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.13 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.05%. Granite Construction’s payout ratio is currently 33.33%.
A number of equities analysts have recently commented on the company. MKM Partners lifted their target price on Granite Construction from $51.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, July 19th. Seaport Global Securities upgraded Granite Construction from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $49.00 to $60.00 in a report on Monday, August 1st. DA Davidson reiterated a “hold” rating and issued a $53.00 target price on shares of Granite Construction in a report on Tuesday, August 16th. Janney Montgomery Scott reiterated a “hold” rating and issued a $53.00 target price on shares of Granite Construction in a report on Tuesday, August 16th. Finally, FBR & Co lifted their target price on Granite Construction from $48.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, August 2nd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $53.70.
In related news, Director David H. Kelsey sold 1,113 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $51.09, for a total value of $56,863.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Hildebrand Roberts sold 6,612 shares of the stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $49.18, for a total value of $325,178.16. Following the completion of the sale, the director now directly owns 51,705 shares of the company’s stock, valued at approximately $2,542,851.90. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
Granite Construction Company Profile
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.