Deprince Race & Zollo Inc. acquired a new stake in Granite Construction Inc. (NYSE:GVA) in the third quarter, according to its most recent filing with the SEC. The fund acquired 188,610 shares of the construction company’s stock, valued at approximately $8,619,000.
Other institutional investors have also added to or reduced their stakes in the company. Natixis purchased a new position in Granite Construction in the 1st quarter valued at approximately $207,000. Commonwealth Equity Services LLC purchased a new position in Granite Construction in the 1st quarter valued at approximately $240,000. 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 2nd quarter valued at approximately $245,000. LPL Financial LLC purchased a new position in shares of Granite Construction during the 1st quarter valued at $270,000. Finally, Sei Investments Co. grew its position in shares of Granite Construction by 40.0% during the 2nd quarter. Sei Investments Co. now owns 5,110 shares of the construction company’s stock valued at $284,000 after purchasing an additional 1,460 shares in the last quarter. Institutional investors and hedge funds own 95.60% of the company’s stock.
In other news, Director Claes Bjork purchased 6,500 shares of Granite Construction stock in a transaction dated Tuesday, August 14th. The stock was purchased at an average cost of $44.25 per share, for a total transaction of $287,625.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 1.00% of the stock is owned by insiders.
Granite Construction (NYSE:GVA) last released its quarterly earnings results on Wednesday, August 8th. The construction company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($1.01). The firm had revenue of $807.10 million for the quarter, compared to analysts’ expectations of $897.70 million. Granite Construction had a net margin of 1.88% and a return on equity of 8.35%. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 earnings per share. Sell-side analysts forecast that Granite Construction Inc. will post 2.65 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Friday, September 28th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.18%. Granite Construction’s dividend payout ratio (DPR) is currently 32.10%.
A number of research analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Granite Construction from a “hold” rating to a “strong-buy” rating and set a $62.00 price target for the company in a research report on Wednesday, August 1st. ValuEngine lowered shares of Granite Construction from a “hold” rating to a “sell” rating in a research report on Wednesday, July 25th. Canaccord Genuity restated a “buy” rating and set a $65.00 price target (down from $75.00) on shares of Granite Construction in a research report on Thursday, August 9th. Finally, TheStreet lowered shares of Granite Construction from a “b” rating to a “c+” rating in a research report on Monday, August 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. Granite Construction has an average rating of “Buy” and a consensus price target of $70.80.
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.
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