Wellington Shields Capital Management LLC lessened its stake in Granite Construction Inc. (NYSE:GVA) by 80.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,450 shares of the construction company’s stock after selling 42,585 shares during the quarter. Wellington Shields Capital Management LLC’s holdings in Granite Construction were worth $478,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in GVA. BlackRock Inc. lifted its holdings in shares of Granite Construction by 18.0% in the second quarter. BlackRock Inc. now owns 4,908,757 shares of the construction company’s stock worth $273,220,000 after buying an additional 747,059 shares in the last quarter. Wynnefield Capital Inc. purchased a new position in shares of Granite Construction in the second quarter worth $26,057,000. Royce & Associates LP lifted its holdings in shares of Granite Construction by 535.8% in the second quarter. Royce & Associates LP now owns 534,110 shares of the construction company’s stock worth $29,729,000 after buying an additional 450,110 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Granite Construction by 40.1% in the third quarter. Victory Capital Management Inc. now owns 1,292,287 shares of the construction company’s stock worth $59,057,000 after buying an additional 369,850 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Granite Construction by 10.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,526,736 shares of the construction company’s stock worth $140,637,000 after buying an additional 236,137 shares in the last quarter. 96.72% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently commented on GVA. ValuEngine raised shares of Granite Construction from a “strong sell” rating to a “sell” rating in a report on Saturday, October 27th. Zacks Investment Research downgraded shares of Granite Construction from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. TheStreet downgraded shares of Granite Construction from a “b” rating to a “c+” rating in a report on Monday, August 13th. MKM Partners set a $55.00 target price on shares of Granite Construction and gave the stock a “buy” rating in a report on Tuesday, October 30th. Finally, 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. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $66.20.
Granite Construction stock opened at $52.80 on Friday. The firm has a market cap of $2.61 billion, a P/E ratio of 32.59, a price-to-earnings-growth ratio of 2.67 and a beta of 1.07. The company has a current ratio of 1.84, a quick ratio of 1.73 and a debt-to-equity ratio of 0.23. Granite Construction Inc. has a 52-week low of $39.51 and a 52-week high of $68.58.
Granite Construction (NYSE:GVA) last released its quarterly earnings results on Friday, October 26th. The construction company reported $1.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.18. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.14 billion. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. Granite Construction’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.14 earnings per share. On average, equities research analysts predict that Granite Construction Inc. will post 2.99 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Friday, September 28th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date was Thursday, September 27th. Granite Construction’s payout ratio is 32.10%.
In other Granite Construction news, Director Claes Bjork purchased 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 14th. The shares were bought at an average price of $44.25 per share, with a total value of $287,625.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is owned by corporate insiders.
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About Granite Construction
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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