Century Capital Management LLC lowered its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 30.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,964 shares of the construction company’s stock after selling 19,042 shares during the quarter. Century Capital Management LLC owned 0.11% of Granite Construction worth $2,121,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Alliancebernstein L.P. raised its position in shares of Granite Construction by 0.7% during the second quarter. Alliancebernstein L.P. now owns 63,403 shares of the construction company’s stock worth $3,059,000 after purchasing an additional 454 shares during the period. Systematic Financial Management LP raised its position in shares of Granite Construction by 0.7% during the second quarter. Systematic Financial Management LP now owns 227,823 shares of the construction company’s stock worth $10,990,000 after purchasing an additional 1,610 shares during the period. Franklin Resources Inc. raised its position in shares of Granite Construction by 80.4% during the second quarter. Franklin Resources Inc. now owns 1,458,330 shares of the construction company’s stock worth $70,350,000 after purchasing an additional 649,831 shares during the period. Kennedy Capital Management Inc. raised its position in shares of Granite Construction by 136.5% during the second quarter. Kennedy Capital Management Inc. now owns 265,257 shares of the construction company’s stock worth $12,796,000 after purchasing an additional 153,090 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Granite Construction by 53.7% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,895 shares of the construction company’s stock worth $429,000 after purchasing an additional 3,107 shares during the period. 99.00% of the stock is currently owned by institutional investors.

Granite Construction Incorporated (NYSE:GVA) traded up 0.38% on Friday, hitting $55.72. The company had a trading volume of 271,855 shares. The company has a market capitalization of $2.22 billion, a P/E ratio of 50.70 and a beta of 1.17. Granite Construction Incorporated has a one year low of $42.59 and a one year high of $62.18. The stock’s 50-day moving average price is $51.84 and its 200 day moving average price is $50.49.

Granite Construction (NYSE:GVA) last announced its earnings results on Tuesday, August 1st. The construction company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.60 by $0.25. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The business had revenue of $762.90 million for the quarter, compared to the consensus estimate of $684.32 million. During the same quarter in the previous year, the company earned $0.35 EPS. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, analysts expect that Granite Construction Incorporated will post $1.55 EPS for the current fiscal year.

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In related news, Director William Howard Powell sold 3,000 shares of the company’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $49.60, for a total transaction of $148,800.00. Following the sale, the director now owns 49,858 shares in the company, valued at approximately $2,472,956.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James D. Richards sold 4,000 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $55.50, for a total value of $222,000.00. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

GVA has been the topic of a number of research analyst reports. Zacks Investment Research raised Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub raised Granite Construction from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. FBR & Co raised their price target 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, Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 price target on shares of Granite Construction in a research report on Saturday, August 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $63.67.

Granite Construction Profile

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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Institutional Ownership by Quarter for Granite Construction (NYSE:GVA)

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