Personal Capital Advisors Corp Raises Position in Granite Construction Inc. (GVA)

Personal Capital Advisors Corp boosted its holdings in Granite Construction Inc. (NYSE:GVA) by 18.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,976 shares of the construction company’s stock after acquiring an additional 6,020 shares during the period. Personal Capital Advisors Corp owned 0.08% of Granite Construction worth $1,570,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Oregon Public Employees Retirement Fund lifted its holdings in shares of Granite Construction by 17.0% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 18,042 shares of the construction company’s stock worth $825,000 after acquiring an additional 2,624 shares during the period. Comerica Bank raised its holdings in Granite Construction by 55.1% in the third quarter. Comerica Bank now owns 53,586 shares of the construction company’s stock valued at $2,177,000 after buying an additional 19,047 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in Granite Construction in the second quarter valued at approximately $245,000. State of New Jersey Common Pension Fund D raised its holdings in Granite Construction by 47.2% in the third quarter. State of New Jersey Common Pension Fund D now owns 390,000 shares of the construction company’s stock valued at $17,823,000 after buying an additional 125,000 shares during the period. Finally, Riverhead Capital Management LLC raised its holdings in Granite Construction by 30.2% in the third quarter. Riverhead Capital Management LLC now owns 6,902 shares of the construction company’s stock valued at $315,000 after buying an additional 1,600 shares during the period. 96.00% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts recently commented on GVA shares. DA Davidson set a $60.00 price target on shares of Granite Construction and gave the company a “buy” rating in a report on Monday, October 29th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Granite Construction from a “hold” rating to a “sell” rating in a research report on Wednesday, January 2nd. TheStreet downgraded shares of Granite Construction from a “b” rating to a “c+” rating in a research report on Thursday, December 20th. ValuEngine raised shares of Granite Construction from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 27th. Finally, MKM Partners set a $55.00 price objective on shares of Granite Construction and gave the company a “buy” rating in a research report on Tuesday, October 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $63.50.

GVA stock opened at $43.14 on Friday. Granite Construction Inc. has a twelve month low of $38.55 and a twelve month high of $68.58. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.84 and a quick ratio of 1.73. The company has a market cap of $2.00 billion, a PE ratio of 26.63, a P/E/G ratio of 1.65 and a beta of 1.26.

Granite Construction (NYSE:GVA) last released its quarterly earnings results on Friday, October 26th. The construction company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.18. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the company earned $1.14 earnings per share. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, analysts anticipate that Granite Construction Inc. will post 2.99 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend was Friday, December 28th. Granite Construction’s dividend payout ratio is presently 32.10%.

In other Granite Construction news, Director James Hildebrand Roberts sold 2,200 shares of Granite Construction stock in a transaction on Monday, November 26th. The shares were sold at an average price of $53.08, for a total value of $116,776.00. Following the completion of the transaction, the director now owns 61,394 shares of the company’s stock, valued at $3,258,793.52. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.

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About Granite Construction

Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various civil construction projects focusing on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities, and other infrastructure projects.

See Also: Understanding Price to Earnings Ratio (PE)

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Institutional Ownership by Quarter for Granite Construction (NYSE:GVA)

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