BlackRock Inc. Boosts Stake in Granite Construction Incorporated (GVA)

BlackRock Inc. boosted its position in Granite Construction Incorporated (NYSE:GVA) by 19,890.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 3,988,954 shares of the construction company’s stock after buying an additional 3,969,000 shares during the period. BlackRock Inc. owned approximately 0.10% of Granite Construction worth $200,206,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of GVA. Capstone Asset Management Co. boosted its position in shares of Granite Construction by 9.3% in the first quarter. Capstone Asset Management Co. now owns 5,732 shares of the construction company’s stock worth $288,000 after buying an additional 490 shares during the last quarter. First National Bank of Omaha boosted its position in shares of Granite Construction by 48.3% in the first quarter. First National Bank of Omaha now owns 29,948 shares of the construction company’s stock worth $1,503,000 after buying an additional 9,760 shares during the last quarter. Gradient Investments LLC purchased a new position in shares of Granite Construction during the first quarter worth about $290,000. Peregrine Capital Management LLC boosted its position in shares of Granite Construction by 7.3% in the first quarter. Peregrine Capital Management LLC now owns 513,037 shares of the construction company’s stock worth $25,000,000 after buying an additional 35,065 shares during the last quarter. Finally, Foundry Partners LLC boosted its position in shares of Granite Construction by 24.9% in the first quarter. Foundry Partners LLC now owns 7,575 shares of the construction company’s stock worth $380,000 after buying an additional 1,510 shares during the last quarter. 93.20% of the stock is owned by institutional investors and hedge funds.

Shares of Granite Construction Incorporated (NYSE GVA) opened at 49.04 on Wednesday. The firm has a market cap of $1.95 billion, a PE ratio of 45.32 and a beta of 1.20. The stock has a 50 day moving average price of $48.74 and a 200 day moving average price of $51.34. Granite Construction Incorporated has a 52 week low of $42.59 and a 52 week high of $62.18.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Tuesday, May 2nd. The construction company reported ($0.60) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by $0.35. Granite Construction had a return on equity of 4.85% and a net margin of 1.71%. The firm had revenue of $468.40 million for the quarter, compared to the consensus estimate of $458.65 million. During the same period last year, the firm earned ($0.26) EPS. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. Equities analysts expect that Granite Construction Incorporated will post $1.81 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend was Wednesday, June 28th. Granite Construction’s dividend payout ratio (DPR) is currently 48.60%.

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A number of equities analysts have issued reports on the company. FBR & Co lowered 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 reaffirmed a “buy” rating and issued a $70.00 target price on shares of Granite Construction in a report on Wednesday, May 3rd. Zacks Investment Research cut Granite Construction from a “hold” rating to a “strong sell” rating in a report on Friday, April 14th. Cowen and Company reaffirmed an “outperform” rating and issued a $70.00 target price on shares of Granite Construction in a report on Thursday, March 30th. Finally, Goldman Sachs Group, Inc. (The) raised Granite Construction from a “neutral” rating to a “buy” rating and upped their target price for the stock from $50.19 to $61.00 in a report on Monday, April 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $61.25.

In other Granite Construction news, Director James Hildebrand Roberts sold 17,442 shares of Granite Construction stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $50.34, for a total transaction 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 filing with the SEC, which is available at the SEC website. Also, Director William Howard Powell sold 3,000 shares of Granite Construction stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $49.60, for a total value of $148,800.00. Following 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. 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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