River & Mercantile Asset Management LLP Makes New Investment in Granite Construction Inc. (NYSE:GVA)

River & Mercantile Asset Management LLP bought a new position in shares of Granite Construction Inc. (NYSE:GVA) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 4,453 shares of the construction company’s stock, valued at approximately $215,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Granite Construction by 4.0% in the 2nd quarter. BlackRock Inc. now owns 5,295,009 shares of the construction company’s stock worth $255,114,000 after acquiring an additional 205,989 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Granite Construction by 5.5% in the 2nd quarter. Victory Capital Management Inc. now owns 1,233,187 shares of the construction company’s stock worth $59,415,000 after acquiring an additional 63,750 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Granite Construction by 11.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,168,972 shares of the construction company’s stock worth $56,320,000 after acquiring an additional 123,933 shares in the last quarter. Amundi Pioneer Asset Management Inc. raised its position in shares of Granite Construction by 25.8% in the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 909,229 shares of the construction company’s stock worth $271,760,000 after acquiring an additional 186,324 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Granite Construction by 1.1% in the 2nd quarter. Northern Trust Corp now owns 736,929 shares of the construction company’s stock worth $35,506,000 after acquiring an additional 7,864 shares in the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Granite Construction stock opened at $32.67 on Friday. Granite Construction Inc. has a one year low of $26.57 and a one year high of $58.93. The business has a 50-day simple moving average of $30.65 and a 200 day simple moving average of $38.95. The company has a quick ratio of 1.61, a current ratio of 1.73 and a debt-to-equity ratio of 0.29.

Granite Construction (NYSE:GVA) last issued its earnings results on Friday, August 2nd. The construction company reported ($1.83) EPS for the quarter, beating analysts’ consensus estimates of ($2.04) by $0.21. Granite Construction had a negative return on equity of 1.57% and a negative net margin of 2.09%. The business had revenue of $789.54 million during the quarter, compared to analyst estimates of $789.73 million. During the same period in the previous year, the company posted $0.44 EPS. The firm’s revenue was down 2.2% compared to the same quarter last year. Research analysts anticipate that Granite Construction Inc. will post -0.25 EPS for the current year.

The company also recently announced a — dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.13 dividend. This represents a yield of 1.6%. The ex-dividend date of this dividend is Friday, September 27th. Granite Construction’s payout ratio is 22.22%.

Several research analysts have recently weighed in on GVA shares. TheStreet lowered Granite Construction from a “c-” rating to a “d+” rating in a research report on Monday, August 26th. ValuEngine raised Granite Construction from a “hold” rating to a “buy” rating in a research report on Wednesday, September 11th. Zacks Investment Research raised Granite Construction from a “strong sell” rating to a “hold” rating in a research report on Wednesday. Goldman Sachs Group lowered Granite Construction from a “buy” rating to a “neutral” rating and decreased their target price for the company from $50.00 to $31.00 in a research report on Wednesday, August 7th. Finally, B. Riley lowered Granite Construction from a “buy” rating to a “neutral” rating and decreased their target price for the company from $53.00 to $41.00 in a research report on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Granite Construction presently has a consensus rating of “Buy” and an average price target of $48.25.

In other news, SVP Kyle T. Larkin bought 3,500 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average cost of $28.54 per share, with a total value of $99,890.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David H. Kelsey bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average cost of $30.21 per share, with a total value of $151,050.00. The disclosure for this purchase can be found here. Insiders purchased a total of 22,456 shares of company stock valued at $597,443 over the last ninety days. 1.00% of the stock is currently owned by corporate insiders.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

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

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