Connor Clark & Lunn Investment Management Ltd. Acquires New Shares in Granite Construction Incorporated (NYSE:GVA)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 52,681 shares of the construction company's stock, valued at approximately $3,972,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.12% of Granite Construction at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of GVA. Federated Hermes Inc. bought a new position in Granite Construction in the 4th quarter valued at about $26,000. Quarry LP raised its holdings in Granite Construction by 68.4% in the 4th quarter. Quarry LP now owns 325 shares of the construction company's stock valued at $29,000 after acquiring an additional 132 shares during the period. Larson Financial Group LLC raised its holdings in Granite Construction by 214.2% in the 1st quarter. Larson Financial Group LLC now owns 377 shares of the construction company's stock valued at $28,000 after acquiring an additional 257 shares during the period. Rothschild Investment LLC raised its holdings in Granite Construction by 80.3% in the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock valued at $48,000 after acquiring an additional 285 shares during the period. Finally, CWM LLC raised its holdings in Granite Construction by 26.5% in the 1st quarter. CWM LLC now owns 674 shares of the construction company's stock valued at $51,000 after acquiring an additional 141 shares during the period.

Granite Construction Stock Performance

Shares of GVA traded down $1.38 during mid-day trading on Friday, hitting $109.42. 459,169 shares of the company's stock were exchanged, compared to its average volume of 712,456. Granite Construction Incorporated has a 52 week low of $69.08 and a 52 week high of $111.43. The stock's 50-day simple moving average is $94.70 and its 200-day simple moving average is $86.08. The firm has a market cap of $4.79 billion, a price-to-earnings ratio of 35.76 and a beta of 1.39. The company has a quick ratio of 1.45, a current ratio of 1.57 and a debt-to-equity ratio of 0.66.

Granite Construction (NYSE:GVA - Get Free Report) last announced its earnings results on Thursday, August 7th. The construction company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.77 by $0.16. The company had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.16 billion. Granite Construction had a net margin of 3.89% and a return on equity of 21.64%. The business's revenue for the quarter was up 4.4% on a year-over-year basis. During the same period last year, the firm earned $1.73 earnings per share. On average, equities research analysts expect that Granite Construction Incorporated will post 5.49 EPS for the current year.

Granite Construction Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Monday, June 30th. Granite Construction's dividend payout ratio (DPR) is 16.99%.

Insider Transactions at Granite Construction

In related news, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $91.76, for a total value 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 legal filing with the SEC, which is available through this link. 1.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on GVA shares. The Goldman Sachs Group increased their price target on shares of Granite Construction from $69.00 to $76.00 and gave the company a "sell" rating in a report on Monday, May 5th. Wall Street Zen raised shares of Granite Construction from a "hold" rating to a "buy" rating in a report on Saturday, August 9th.

About Granite Construction

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.