The Manufacturers Life Insurance Company increased its position in shares of Granite Construction Incorporated (NYSE:GVA) by 0.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 87,919 shares of the construction company’s stock after buying an additional 372 shares during the period. The Manufacturers Life Insurance Company owned about 0.22% of Granite Construction worth $4,241,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in GVA. BlackRock Inc. grew 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 valued at $200,206,000 after purchasing an additional 3,969,000 shares during the last quarter. Vanguard Group Inc. grew its stake in Granite Construction by 1.9% in the second quarter. Vanguard Group Inc. now owns 3,354,135 shares of the construction company’s stock valued at $161,802,000 after purchasing an additional 62,760 shares during the last quarter. Franklin Resources Inc. grew its stake in Granite Construction by 80.4% in the second quarter. Franklin Resources Inc. now owns 1,458,330 shares of the construction company’s stock valued at $70,350,000 after purchasing an additional 649,831 shares during the last quarter. State Street Corp grew its stake in Granite Construction by 4.5% in the second quarter. State Street Corp now owns 1,278,930 shares of the construction company’s stock valued at $61,697,000 after purchasing an additional 55,202 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Granite Construction by 6.5% in the second quarter. Northern Trust Corp now owns 1,237,204 shares of the construction company’s stock valued at $59,682,000 after purchasing an additional 75,265 shares during the last quarter. Hedge funds and other institutional investors own 98.85% of the company’s stock.
Several research firms have issued reports on GVA. Zacks Investment Research upgraded Granite Construction from a “hold” rating to a “buy” rating and set a $71.00 target price on the stock in a research note on Tuesday. Canaccord Genuity lifted their target price on Granite Construction from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Monday. DA Davidson reiterated a “hold” rating and issued a $65.00 target price on shares of Granite Construction in a research note on Monday. Seaport Global Securities lowered Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 target price on the stock. in a research note on Wednesday, October 11th. Finally, FBR & Co reiterated a “buy” rating and issued a $68.00 target price on shares of Granite Construction in a research note on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $67.00.
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In other news, insider James D. Richards sold 4,000 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $55.50, for a total value of $222,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.
Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Friday, October 27th. The construction company reported $1.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.04. Granite Construction had a return on equity of 5.71% and a net margin of 1.84%. The company had revenue of $957.10 million for the quarter, compared to the consensus estimate of $905.14 million. During the same quarter in the prior year, the business earned $0.92 EPS. Granite Construction’s revenue was up 19.1% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.82%. Granite Construction’s payout ratio is currently 40.31%.
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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