Teacher Retirement System of Texas bought a new position in Granite Construction Inc. (NYSE:GVA) in the 4th quarter, HoldingsChannel reports. The fund bought 13,557 shares of the construction company’s stock, valued at approximately $860,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Ameriprise Financial Inc. grew its position in Granite Construction by 1.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,695,658 shares of the construction company’s stock worth $98,260,000 after purchasing an additional 17,486 shares during the last quarter. Bank of New York Mellon Corp grew its position in Granite Construction by 3.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,156,020 shares of the construction company’s stock worth $66,992,000 after purchasing an additional 36,721 shares during the last quarter. Macquarie Group Ltd. grew its position in Granite Construction by 7.3% in the 3rd quarter. Macquarie Group Ltd. now owns 1,040,001 shares of the construction company’s stock worth $60,268,000 after purchasing an additional 71,061 shares during the last quarter. Victory Capital Management Inc. grew its position in Granite Construction by 2.4% in the 4th quarter. Victory Capital Management Inc. now owns 859,962 shares of the construction company’s stock worth $54,547,000 after purchasing an additional 19,775 shares during the last quarter. Finally, Cortina Asset Management LLC grew its position in Granite Construction by 1.3% in the 3rd quarter. Cortina Asset Management LLC now owns 638,475 shares of the construction company’s stock worth $37,000,000 after purchasing an additional 8,253 shares during the last quarter. Hedge funds and other institutional investors own 95.59% of the company’s stock.
Granite Construction Inc. (NYSE:GVA) opened at $59.43 on Wednesday. The company has a quick ratio of 1.78, a current ratio of 1.88 and a debt-to-equity ratio of 0.18. The stock has a market cap of $2,363.10, a P/E ratio of 36.79, a PEG ratio of 2.64 and a beta of 1.30. Granite Construction Inc. has a 1-year low of $45.14 and a 1-year high of $68.58.
Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, February 16th. The construction company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.04. The business had revenue of $801.30 million during the quarter, compared to analysts’ expectations of $753.83 million. Granite Construction had a net margin of 2.31% and a return on equity of 6.97%. The business’s revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm posted $0.40 earnings per share. analysts anticipate that Granite Construction Inc. will post 3.2 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Friday, March 30th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.87%. The ex-dividend date is Wednesday, March 28th. Granite Construction’s dividend payout ratio (DPR) is presently 30.59%.
Several research firms have commented on GVA. Zacks Investment Research cut shares of Granite Construction from a “buy” rating to a “hold” rating in a research report on Tuesday. DA Davidson upped their target price on shares of Granite Construction to $68.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 20th. Finally, Cowen upped their target price on shares of Granite Construction from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, January 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $69.38.
In other news, Director Claes Bjork sold 1,264 shares of the stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $63.05, for a total value of $79,695.20. Following the completion of the transaction, the director now directly owns 50,972 shares in the company, valued at $3,213,784.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company 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. The Company operates across the nation, serving both public and private sector clients.
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