Granite Construction Incorporated (NYSE:GVA) Shares Acquired by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board has significantly increased its stake in **Granite Construction** by **99.9%**, now owning approximately **0.50%** of the company valued at **$16.4 million**.

Public Sector Pension Investment Board grew its holdings in Granite Construction Incorporated (NYSE:GVA - Free Report) by 99.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 217,698 shares of the construction company's stock after purchasing an additional 108,806 shares during the period. Public Sector Pension Investment Board owned approximately 0.50% of Granite Construction worth $16,414,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of GVA. Federated Hermes Inc. acquired a new position in shares of Granite Construction in the 4th quarter valued at $26,000. Larson Financial Group LLC lifted its stake in shares of 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 purchasing an additional 257 shares during the last quarter. Quarry LP lifted its stake in shares of 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 purchasing an additional 132 shares during the last quarter. Rothschild Investment LLC lifted its stake in shares of 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 purchasing an additional 285 shares during the last quarter. Finally, CWM LLC lifted its stake in shares of 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 purchasing an additional 141 shares during the last quarter.

Insider Transactions at Granite Construction

In other news, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total value of $185,814.00. Following the transaction, the senior vice president owned 18,819 shares in the company, valued at approximately $1,726,831.44. This represents a 9.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

Granite Construction Stock Down 1.2%

GVA stock traded down $1.38 during mid-day trading on Friday, reaching $109.42. The company had a trading volume of 459,169 shares, compared to its average volume of 712,456. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.45 and a current ratio of 1.57. The company has a market capitalization of $4.79 billion, a price-to-earnings ratio of 35.76 and a beta of 1.39. The firm has a fifty day simple moving average of $94.70 and a 200 day simple moving average of $86.09. Granite Construction Incorporated has a fifty-two week low of $69.08 and a fifty-two week high of $111.43.

Granite Construction (NYSE:GVA - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The construction company reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.16. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.16 billion. Granite Construction had a return on equity of 21.64% and a net margin of 3.89%. Granite Construction's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.73 EPS. Analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

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

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.