RPG Investment Advisory LLC increased its position in shares of Granite Construction Inc. (NYSE:GVA) by 7.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 193,162 shares of the construction company’s stock after buying an additional 13,568 shares during the period. Granite Construction comprises approximately 1.9% of RPG Investment Advisory LLC’s holdings, making the stock its 10th biggest holding. RPG Investment Advisory LLC’s holdings in Granite Construction were worth $8,827,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in GVA. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in shares of Granite Construction during the 2nd quarter valued at about $245,000. LPL Financial LLC bought a new stake in shares of Granite Construction during the 1st quarter valued at about $270,000. Carnick & Kubik Group LLC bought a new stake in shares of Granite Construction during the 3rd quarter valued at about $283,000. Sei Investments Co. grew its position in shares of Granite Construction by 40.0% during the 2nd quarter. Sei Investments Co. now owns 5,110 shares of the construction company’s stock valued at $284,000 after buying an additional 1,460 shares during the last quarter. Finally, Palouse Capital Management Inc. bought a new stake in shares of Granite Construction during the 3rd quarter valued at about $312,000. 96.72% of the stock is owned by institutional investors.
In other news, Director Claes Bjork purchased 6,500 shares of the business’s stock in a transaction dated Tuesday, August 14th. The shares were acquired at an average price of $44.25 per share, for a total transaction of $287,625.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by insiders.
Shares of NYSE GVA traded up $5.25 during midday trading on Wednesday, reaching $54.89. The company’s stock had a trading volume of 440,265 shares, compared to its average volume of 619,793. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.84 and a quick ratio of 1.73. Granite Construction Inc. has a one year low of $39.51 and a one year high of $68.58. The company has a market capitalization of $2.27 billion, a P/E ratio of 33.88, a PEG ratio of 2.48 and a beta of 1.07.
Granite Construction (NYSE:GVA) last released its earnings results on Friday, October 26th. The construction company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.18. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the firm earned $1.14 EPS. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, analysts anticipate that Granite Construction Inc. will post 2.99 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Friday, September 28th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.95%. Granite Construction’s payout ratio is currently 32.10%.
A number of equities research analysts recently weighed in on the stock. MKM Partners set a $59.00 price objective on shares of Granite Construction and gave the company a “buy” rating in a research report on Wednesday. Zacks Investment Research upgraded shares of Granite Construction from a “hold” rating to a “strong-buy” rating and set a $62.00 target price on the stock in a report on Wednesday, August 1st. ValuEngine downgraded shares of Granite Construction from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 8th. DA Davidson set a $60.00 target price on shares of Granite Construction and gave the stock a “buy” rating in a report on Monday, October 29th. They noted that the move was a valuation call. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $65.00 target price (down from $75.00) on shares of Granite Construction in a report on Thursday, August 9th. Two equities research analysts have rated the stock with a sell rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $66.20.
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Granite Construction Company Profile
Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various civil construction projects focusing on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities, and other infrastructure projects.
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