Kennedy Capital Management Inc. increased its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 136.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 265,257 shares of the construction company’s stock after purchasing an additional 153,090 shares during the period. Kennedy Capital Management Inc. owned approximately 0.67% of Granite Construction worth $12,796,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also made changes to their positions in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in 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 valued at $429,000 after buying an additional 3,107 shares during the last quarter. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Granite Construction in the second quarter worth $671,000. Swiss National Bank increased its stake in shares of Granite Construction by 2.6% in the second quarter. Swiss National Bank now owns 66,800 shares of the construction company’s stock worth $3,222,000 after purchasing an additional 1,700 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Granite Construction by 4.7% in the second quarter. Principal Financial Group Inc. now owns 168,202 shares of the construction company’s stock worth $8,114,000 after purchasing an additional 7,520 shares in the last quarter. Finally, Greenwood Capital Associates LLC increased its stake in shares of Granite Construction by 1.9% in the second quarter. Greenwood Capital Associates LLC now owns 4,906 shares of the construction company’s stock worth $237,000 after purchasing an additional 92 shares in the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.
In other Granite Construction news, insider James D. Richards sold 4,000 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $55.50, for a total transaction of $222,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.30% of the company’s stock.
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Granite Construction Incorporated (GVA) traded down 0.89% on Friday, reaching $56.52. 122,311 shares of the company traded hands. The stock has a 50 day moving average of $52.69 and a 200-day moving average of $50.56. Granite Construction Incorporated has a 1-year low of $42.59 and a 1-year high of $62.18. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 51.43 and a beta of 1.17.
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 Zacks’ 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 firm had revenue of $762.90 million during the quarter, compared to the consensus estimate of $684.32 million. During the same quarter last year, the firm posted $0.35 earnings per share. Granite Construction’s revenue was up 26.2% compared to the same quarter last year. On average, equities analysts anticipate that Granite Construction Incorporated will post $1.55 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.52 dividend on an annualized basis and a yield of 0.91%. Granite Construction’s dividend payout ratio (DPR) is presently 48.60%.
A number of equities analysts recently weighed in on the stock. Canaccord Genuity reiterated a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a research report on Tuesday, August 1st. BidaskClub downgraded shares of Granite Construction from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. FBR & Co increased their target price on shares of Granite Construction from $63.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, August 1st. Finally, Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. Granite Construction currently has an average rating of “Buy” and an average price target of $63.67.
Granite Construction Company 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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