Principal Financial Group Inc. increased its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 1.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 216,837 shares of the construction company's stock after purchasing an additional 3,737 shares during the period. Principal Financial Group Inc. owned approximately 0.50% of Granite Construction worth $16,350,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Federated Hermes Inc. acquired a new position in shares of Granite Construction during the 4th quarter worth approximately $26,000. Quarry LP boosted its stake in shares of Granite Construction by 68.4% during the 4th quarter. Quarry LP now owns 325 shares of the construction company's stock worth $29,000 after acquiring an additional 132 shares during the period. Rothschild Investment LLC boosted its stake in shares of Granite Construction by 80.3% during the 1st quarter. Rothschild Investment LLC now owns 640 shares of the construction company's stock worth $48,000 after acquiring an additional 285 shares during the period. Blue Trust Inc. boosted its stake in shares of Granite Construction by 40.5% during the 1st quarter. Blue Trust Inc. now owns 781 shares of the construction company's stock worth $59,000 after acquiring an additional 225 shares during the period. Finally, Versant Capital Management Inc boosted its stake in shares of Granite Construction by 53.0% during the 1st quarter. Versant Capital Management Inc now owns 855 shares of the construction company's stock worth $64,000 after acquiring an additional 296 shares during the period.
Granite Construction Stock Performance
NYSE:GVA traded down $1.03 during trading hours on Tuesday, reaching $92.46. The stock had a trading volume of 440,219 shares, compared to its average volume of 631,587. Granite Construction Incorporated has a 12-month low of $63.37 and a 12-month high of $105.20. The stock has a 50 day simple moving average of $89.24 and a 200 day simple moving average of $84.61. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.44 and a current ratio of 1.57. The stock has a market cap of $4.04 billion, a P/E ratio of 38.53 and a beta of 1.32.
Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The construction company reported $0.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.43) by $0.44. Granite Construction had a return on equity of 21.40% and a net margin of 3.07%. The company had revenue of $699.55 million for the quarter, compared to the consensus estimate of $706.15 million. The business's quarterly revenue was up 4.0% on a year-over-year basis. On average, research analysts forecast that Granite Construction Incorporated will post 5.49 EPS for the current fiscal year.
Granite Construction Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.56%. Granite Construction's dividend payout ratio (DPR) is 21.67%.
Analyst Ratings Changes
Separately, The Goldman Sachs Group boosted their price target on Granite Construction from $69.00 to $76.00 and gave the stock a "sell" rating in a report on Monday, May 5th.
Read Our Latest Analysis on Granite Construction
Insider Buying and Selling at Granite Construction
In related news, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $91.76, for a total value of $185,814.00. Following the sale, the senior vice president directly owned 18,819 shares of the company's stock, valued at $1,726,831.44. This represents a 9.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Kyle T. Larkin sold 3,617 shares of the firm's stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $80.38, for a total transaction of $290,734.46. Following the completion of the sale, the chief executive officer owned 132,366 shares of the company's stock, valued at approximately $10,639,579.08. This trade represents a 2.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,432 shares of company stock valued at $699,804 in the last ninety days. 0.81% of the stock is currently owned by insiders.
Granite Construction Profile
(
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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