RPg Family Wealth Advisory LLC lessened its position in shares of Granite Construction Incorporated (NYSE:GVA – Free Report) by 13.7% in the fourth quarter, HoldingsChannel reports. The fund owned 50,314 shares of the construction company’s stock after selling 8,000 shares during the period. RPg Family Wealth Advisory LLC’s holdings in Granite Construction were worth $5,810,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Millennium Management LLC increased its stake in shares of Granite Construction by 8.9% during the third quarter. Millennium Management LLC now owns 1,602,382 shares of the construction company’s stock worth $175,701,000 after purchasing an additional 131,360 shares during the period. Mizuho Markets Cayman LP boosted its stake in Granite Construction by 569.9% in the 3rd quarter. Mizuho Markets Cayman LP now owns 1,339,818 shares of the construction company’s stock valued at $151,064,000 after purchasing an additional 1,139,818 shares during the period. Wasatch Advisors LP grew its holdings in Granite Construction by 12.4% in the 3rd quarter. Wasatch Advisors LP now owns 861,770 shares of the construction company’s stock valued at $94,493,000 after buying an additional 94,902 shares in the last quarter. Nuveen LLC grew its holdings in Granite Construction by 9.4% in the 4th quarter. Nuveen LLC now owns 662,832 shares of the construction company’s stock valued at $76,458,000 after buying an additional 57,072 shares in the last quarter. Finally, UBS Group AG increased its position in Granite Construction by 262.8% during the 4th quarter. UBS Group AG now owns 647,589 shares of the construction company’s stock worth $74,699,000 after buying an additional 469,079 shares during the period.
Insider Activity at Granite Construction
In other news, CFO Staci M. Woolsey sold 1,523 shares of the stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $119.84, for a total value of $182,516.32. Following the completion of the transaction, the chief financial officer owned 18,954 shares of the company’s stock, valued at approximately $2,271,447.36. This represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael G. Tatusko sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $141.00, for a total value of $1,057,500.00. Following the completion of the transaction, the senior vice president directly owned 29,787 shares of the company’s stock, valued at $4,199,967. This represents a 20.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 49,722 shares of company stock worth $6,214,036 over the last three months. 0.88% of the stock is owned by insiders.
Granite Construction Stock Up 1.2%
Granite Construction (NYSE:GVA – Get Free Report) last posted its earnings results on Thursday, April 30th. The construction company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $1.03. The firm had revenue of $912.47 million during the quarter, compared to analysts’ expectations of $782.26 million. Granite Construction had a net margin of 3.99% and a return on equity of 24.90%. The business’s revenue for the quarter was up 30.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.01 earnings per share. As a group, equities research analysts anticipate that Granite Construction Incorporated will post 5.13 EPS for the current fiscal year.
Granite Construction Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.4%. Granite Construction’s dividend payout ratio is 14.99%.
Wall Street Analyst Weigh In
GVA has been the subject of a number of research reports. DA Davidson lifted their target price on Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Zacks Research raised shares of Granite Construction to a “hold” rating in a research report on Friday, May 29th. Oppenheimer assumed coverage on shares of Granite Construction in a research report on Thursday, May 28th. They issued an “outperform” rating and a $170.00 target price for the company. Weiss Ratings cut shares of Granite Construction from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen cut shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Saturday, May 30th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $149.67.
About Granite Construction
Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.
In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.
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