Allianz Asset Management GmbH grew its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 8.6% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 59,431 shares of the construction company's stock after buying an additional 4,696 shares during the period. Allianz Asset Management GmbH owned approximately 0.14% of Granite Construction worth $4,481,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in GVA. Commonwealth Equity Services LLC raised its position in shares of Granite Construction by 3.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 6,055 shares of the construction company's stock valued at $531,000 after buying an additional 223 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Granite Construction in the fourth quarter worth about $764,000. Norges Bank acquired a new position in Granite Construction in the fourth quarter worth about $31,855,000. Pictet Asset Management Holding SA raised its position in Granite Construction by 3.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 5,626 shares of the construction company's stock worth $493,000 after purchasing an additional 183 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Granite Construction by 42.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 148,313 shares of the construction company's stock worth $13,009,000 after purchasing an additional 44,444 shares in the last quarter.
Wall Street Analysts Forecast Growth
Separately, The Goldman Sachs Group increased their price target on shares of Granite Construction from $69.00 to $76.00 and gave the stock a "sell" rating in a research report on Monday, May 5th.
Get Our Latest Stock Analysis on Granite Construction
Insider Buying and Selling at Granite Construction
In other news, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $91.76, for a total transaction of $185,814.00. Following the transaction, the senior vice president directly owned 18,819 shares of the company's stock, valued at $1,726,831.44. This trade represents a 9.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.81% of the stock is currently owned by corporate insiders.
Granite Construction Price Performance
NYSE:GVA traded down $2.10 during mid-day trading on Friday, hitting $92.38. The company's stock had a trading volume of 185,327 shares, compared to its average volume of 608,170. The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of 38.49 and a beta of 1.32. The stock has a fifty day moving average of $91.91 and a 200-day moving average of $85.24. The company has a current ratio of 1.57, a quick ratio of 1.44 and a debt-to-equity ratio of 0.71. Granite Construction Incorporated has a fifty-two week low of $65.13 and a fifty-two week high of $105.20.
Granite Construction (NYSE:GVA - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The construction company reported $0.01 earnings per share for the quarter, beating analysts' consensus estimates of ($0.43) by $0.44. The business had revenue of $699.55 million during the quarter, compared to analyst estimates of $706.15 million. Granite Construction had a net margin of 3.07% and a return on equity of 21.40%. The company's quarterly revenue was up 4.0% on a year-over-year basis. As a group, equities analysts forecast that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.
Granite Construction Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, June 30th. Granite Construction's dividend payout ratio (DPR) is currently 21.67%.
Granite Construction Profile
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Free Report)
Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.
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