Granite Construction Incorporated (GVA) Position Held by Public Employees Retirement System of Ohio
Public Employees Retirement System of Ohio maintained its stake in shares of Granite Construction Incorporated (NYSE:GVA) during the first quarter, Holdings Channel reports. The fund owned 3,064 shares of the construction company’s stock at the end of the first quarter. Public Employees Retirement System of Ohio’s holdings in Granite Construction were worth $154,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the company. Sei Investments Co. purchased a new stake in shares of Granite Construction during the first quarter worth approximately $119,000. Tower Research Capital LLC TRC raised its stake in shares of Granite Construction by 111.1% in the first quarter. Tower Research Capital LLC TRC now owns 2,597 shares of the construction company’s stock worth $130,000 after buying an additional 1,367 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of Granite Construction by 44.0% in the first quarter. LS Investment Advisors LLC now owns 3,977 shares of the construction company’s stock worth $200,000 after buying an additional 1,215 shares during the last quarter. Laurion Capital Management LP purchased a new stake in shares of Granite Construction during the first quarter worth approximately $216,000. Finally, Greenwood Capital Associates LLC raised its stake in shares of Granite Construction by 22.6% in the first quarter. Greenwood Capital Associates LLC now owns 4,814 shares of the construction company’s stock worth $242,000 after buying an additional 888 shares during the last quarter. Hedge funds and other institutional investors own 93.96% of the company’s stock.
Shares of Granite Construction Incorporated (NYSE GVA) traded up 1.73% during trading on Friday, reaching $52.36. The company’s stock had a trading volume of 311,589 shares. The firm has a market cap of $2.09 billion, a PE ratio of 47.64 and a beta of 1.20. Granite Construction Incorporated has a 12 month low of $42.59 and a 12 month high of $62.18. The company’s 50 day moving average price is $50.13 and its 200 day moving average price is $50.93.
Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Tuesday, August 1st. The construction company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.60 by $0.25. The company had revenue of $762.90 million during the quarter, compared to analyst estimates of $684.32 million. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The company’s quarterly revenue was up 26.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.35 EPS. On average, equities analysts predict that Granite Construction Incorporated will post $1.53 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were paid a $0.13 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.52 annualized dividend and a dividend yield of 0.99%. Granite Construction’s payout ratio is 48.60%.
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GVA has been the subject of a number of research reports. Canaccord Genuity reiterated a “buy” rating and issued a $70.00 price objective on shares of Granite Construction in a research report on Tuesday, August 1st. Zacks Investment Research upgraded Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. FBR & Co lifted their price objective on Granite Construction from $63.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 1st. Finally, BidaskClub upgraded Granite Construction from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $62.14.
In other news, Director James Hildebrand Roberts sold 17,442 shares of the stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $50.34, for a total value of $878,030.28. Following the completion of the sale, the director now owns 54,594 shares of the company’s stock, valued at $2,748,261.96. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William Howard Powell sold 3,000 shares of the stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $49.60, for a total value of $148,800.00. Following the completion of the sale, the director now directly owns 49,858 shares of the company’s stock, valued at approximately $2,472,956.80. The disclosure for this sale can be found here. Corporate 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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