ING Groep NV Takes Position in Granite Construction Incorporated (NYSE:GVA)
ING Groep NV acquired a new position in shares of Granite Construction Incorporated (NYSE:GVA) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 4,843 shares of the construction company’s stock, valued at approximately $234,000.
A number of other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Granite Construction by 19,890.7% in the first quarter. BlackRock Inc. now owns 3,988,954 shares of the construction company’s stock worth $200,206,000 after buying an additional 3,969,000 shares during the period. Ameriprise Financial Inc. increased its stake in Granite Construction by 24.4% in the first quarter. Ameriprise Financial Inc. now owns 1,880,009 shares of the construction company’s stock worth $94,358,000 after buying an additional 368,574 shares during the period. RidgeWorth Capital Management LLC increased its stake in Granite Construction by 345.9% in the first quarter. RidgeWorth Capital Management LLC now owns 466,505 shares of the construction company’s stock worth $23,474,000 after buying an additional 361,881 shares during the period. OppenheimerFunds Inc. increased its stake in Granite Construction by 113.5% in the first quarter. OppenheimerFunds Inc. now owns 649,967 shares of the construction company’s stock worth $32,622,000 after buying an additional 345,592 shares during the period. Finally, Victory Capital Management Inc. increased its stake in Granite Construction by 85.3% in the first quarter. Victory Capital Management Inc. now owns 746,324 shares of the construction company’s stock worth $37,458,000 after buying an additional 343,587 shares during the period. Hedge funds and other institutional investors own 93.96% of the company’s stock.
Granite Construction Incorporated (NYSE GVA) traded up 1.73% on Friday, hitting $52.36. The stock had a trading volume of 311,589 shares. Granite Construction Incorporated has a one year low of $42.59 and a one year high of $62.18. The stock has a 50-day moving average of $50.13 and a 200-day moving average of $50.93. The company has a market cap of $2.09 billion, a PE ratio of 47.64 and a beta of 1.20.
Granite Construction (NYSE:GVA) last released its quarterly earnings results on Tuesday, August 1st. The construction company reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.25. Granite Construction had a return on equity of 4.80% and a net margin of 1.61%. The business had revenue of $762.90 million during the quarter, compared to the consensus estimate of $684.32 million. During the same period in the previous year, the company posted $0.35 EPS. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. Equities analysts expect that Granite Construction Incorporated will post $1.53 earnings per share for the current fiscal year.
The firm 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 recent analyst reports. Zacks Investment Research downgraded Granite Construction from a “hold” rating to a “strong sell” rating in a report on Friday, April 14th. FBR & Co reduced their target price on Granite Construction from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Wednesday, May 3rd. Canaccord Genuity reissued a “buy” rating and issued a $70.00 target price on shares of Granite Construction in a report on Wednesday, May 3rd. Finally, BidaskClub raised Granite Construction from a “strong sell” rating to a “sell” rating in a report on Thursday, July 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. Granite Construction has a consensus rating of “Buy” and an average price target of $62.14.
In other news, Director William Howard Powell sold 3,000 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $49.60, for a total value of $148,800.00. Following the completion of the transaction, the director now owns 49,858 shares of the company’s stock, valued at $2,472,956.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James Hildebrand Roberts sold 17,442 shares of the stock in a transaction on 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 transaction, the director now directly owns 54,594 shares of the company’s stock, valued at approximately $2,748,261.96. 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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