US Bancorp DE boosted its stake in shares of Granite Construction Inc. (NYSE:GVA) by 5.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 92,639 shares of the construction company’s stock after purchasing an additional 4,458 shares during the quarter. US Bancorp DE’s holdings in Granite Construction were worth $5,876,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Engineers Gate Manager LP purchased a new position in Granite Construction during the 3rd quarter valued at about $1,491,000. GSA Capital Partners LLP purchased a new position in Granite Construction during the 3rd quarter valued at about $289,000. Cortina Asset Management LLC grew its stake in Granite Construction by 1.3% during the 3rd 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 in the last quarter. Wells Fargo & Company MN grew its stake in Granite Construction by 8.1% during the 3rd quarter. Wells Fargo & Company MN now owns 390,367 shares of the construction company’s stock valued at $22,622,000 after acquiring an additional 29,217 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Granite Construction by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 3,354,135 shares of the construction company’s stock valued at $161,802,000 after acquiring an additional 62,760 shares in the last quarter. Hedge funds and other institutional investors own 99.71% of the company’s stock.
GVA has been the topic of several research analyst reports. Zacks Investment Research raised Granite Construction from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a research note on Tuesday, January 9th. B. Riley reaffirmed a “buy” rating on shares of Granite Construction in a research note on Wednesday, November 1st. 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, October 30th. DA Davidson reaffirmed a “hold” rating and set a $65.00 target price on shares of Granite Construction in a research note on Monday, October 30th. Finally, Cowen lifted their target price on Granite Construction from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Thursday, January 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. Granite Construction has a consensus rating of “Buy” and an average target price of $69.00.
Shares of Granite Construction Inc. (NYSE:GVA) opened at $59.98 on Friday. The company has a market capitalization of $2,390.26, a P/E ratio of 46.50, a P/E/G ratio of 2.64 and a beta of 1.21. Granite Construction Inc. has a 12 month low of $45.14 and a 12 month high of $68.58. The company has a quick ratio of 1.71, a current ratio of 1.79 and a debt-to-equity ratio of 0.24.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be paid a $0.13 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $0.52 annualized dividend and a dividend yield of 0.87%. Granite Construction’s payout ratio is 40.31%.
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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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