Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Granite Construction Inc. (NYSE:GVA) by 63.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,647 shares of the construction company’s stock after purchasing an additional 7,249 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Granite Construction were worth $1,081,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Yorktown Management & Research Co Inc acquired a new position in Granite Construction in the third quarter valued at approximately $509,000. Cortina Asset Management LLC lifted its holdings in Granite Construction by 1.3% in the third quarter. Cortina Asset Management LLC now owns 638,475 shares of the construction company’s stock valued at $37,000,000 after acquiring an additional 8,253 shares during the period. Macquarie Group Ltd. lifted its holdings in Granite Construction by 7.3% in the third quarter. Macquarie Group Ltd. now owns 1,040,001 shares of the construction company’s stock valued at $60,268,000 after acquiring an additional 71,061 shares during the period. Ameriprise Financial Inc. lifted its holdings in Granite Construction by 1.0% in the third quarter. Ameriprise Financial Inc. now owns 1,695,658 shares of the construction company’s stock valued at $98,260,000 after acquiring an additional 17,486 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in Granite Construction by 8.1% in the third quarter. Advisors Asset Management Inc. now owns 65,028 shares of the construction company’s stock valued at $3,768,000 after acquiring an additional 4,873 shares during the period. 98.59% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on GVA. B. Riley reissued a “buy” rating on shares of Granite Construction in a report on Wednesday, November 1st. Zacks Investment Research raised Granite Construction from a “hold” rating to a “buy” rating and set a $71.00 price target for the company in a report on Tuesday, October 31st. Canaccord Genuity boosted their price target on Granite Construction from $70.00 to $75.00 and gave the company a “buy” rating in a report on Monday, October 30th. DA Davidson reissued a “hold” rating and issued a $65.00 price target on shares of Granite Construction in a report on Monday, October 30th. Finally, Cowen restated a “buy” rating and issued a $70.00 price objective on shares of Granite Construction in a research report on Tuesday, September 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $67.00.
Granite Construction Inc. (NYSE GVA) traded down $0.74 during trading on Monday, hitting $65.63. The stock had a trading volume of 186,000 shares, compared to its average volume of 386,290. The stock has a market capitalization of $2,615.41, a PE ratio of 50.88, a PEG ratio of 5.76 and a beta of 1.24. Granite Construction Inc. has a 1-year low of $45.14 and a 1-year high of $67.20. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.79 and a quick ratio of 1.71.
Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, October 27th. The construction company reported $1.14 EPS for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.04. The business had revenue of $957.10 million during the quarter, compared to analysts’ expectations of $905.14 million. Granite Construction had a return on equity of 5.71% and a net margin of 1.84%. The business’s revenue was up 19.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.92 earnings per share. equities analysts forecast that Granite Construction Inc. will post 1.63 EPS for the current fiscal year.
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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