Canada Pension Plan Investment Board purchased a new stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 39,900 shares of the construction company's stock, valued at approximately $6,307,000. Canada Pension Plan Investment Board owned approximately 0.09% of Granite Construction at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. Millennium Management LLC boosted its stake in Granite Construction by 8.9% during the third quarter. Millennium Management LLC now owns 1,602,382 shares of the construction company's stock valued at $175,701,000 after buying an additional 131,360 shares during the period. First Trust Advisors LP increased its stake in Granite Construction by 52.8% in the 1st quarter. First Trust Advisors LP now owns 1,397,573 shares of the construction company's stock worth $167,541,000 after acquiring an additional 483,080 shares during the last quarter. Hill City Capital LP bought a new position in Granite Construction in the 2nd quarter worth about $175,508,000. Dimensional Fund Advisors LP raised its holdings in shares of Granite Construction by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,067,545 shares of the construction company's stock valued at $127,969,000 after acquiring an additional 4,327 shares in the last quarter. Finally, Wasatch Advisors LP raised its holdings in shares of Granite Construction by 12.4% in the 3rd quarter. Wasatch Advisors LP now owns 861,770 shares of the construction company's stock valued at $94,493,000 after acquiring an additional 94,902 shares in the last quarter.
Insider Buying and Selling at Granite Construction
In other news, SVP Bradley Jay Williams sold 6,734 shares of the company's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $141.00, for a total value of $949,494.00. Following the completion of the sale, the senior vice president owned 7,041 shares of the company's stock, valued at approximately $992,781. This represents a 48.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael G. Tatusko sold 7,500 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $141.00, for a total transaction of $1,057,500.00. Following the transaction, the senior vice president directly owned 29,787 shares in the company, valued at approximately $4,199,967. This represents a 20.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have acquired 1,150 shares of company stock valued at $156,636 over the last ninety days. Insiders own 0.88% of the company's stock.
Wall Street Analyst Weigh In
GVA has been the subject of several recent analyst reports. Oppenheimer boosted their price objective on Granite Construction from $170.00 to $180.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. The Goldman Sachs Group lowered their target price on shares of Granite Construction from $139.00 to $119.00 and set a "sell" rating on the stock in a research note on Friday, July 31st. Zacks Research upgraded shares of Granite Construction to a "hold" rating in a research report on Friday, May 29th. Wall Street Zen cut shares of Granite Construction from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Finally, Stephens assumed coverage on shares of Granite Construction in a report on Friday, June 26th. They issued an "overweight" rating and a $180.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $158.50.
View Our Latest Stock Analysis on Granite Construction
Granite Construction Trading Up 0.2%
Shares of GVA stock opened at $122.71 on Monday. The business has a 50-day moving average price of $130.84 and a two-hundred day moving average price of $130.80. Granite Construction Incorporated has a 12-month low of $97.26 and a 12-month high of $162.08. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.46. The firm has a market cap of $5.37 billion, a P/E ratio of -28.47 and a beta of 1.33.
Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $2.16 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.09). The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.41 billion. Granite Construction had a negative net margin of 3.32% and a positive return on equity of 27.83%. Granite Construction's revenue for the quarter was up 28.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.42 earnings per share. Equities analysts anticipate that Granite Construction Incorporated will post 6.36 EPS for the current fiscal year.
Granite Construction Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Tuesday, June 30th. Granite Construction's dividend payout ratio (DPR) is presently -12.06%.
Granite Construction Company Profile
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Free Report)
Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.
In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.
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