Bank of New York Mellon Corp reduced its stake in Granite Construction Incorporated (NYSE:GVA) by 1.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,119,299 shares of the construction company’s stock after selling 17,173 shares during the period. Bank of New York Mellon Corp owned about 2.81% of Granite Construction worth $53,993,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of GVA. SG Americas Securities LLC raised its position in Granite Construction by 103.3% in the second quarter. SG Americas Securities LLC now owns 12,120 shares of the construction company’s stock valued at $585,000 after buying an additional 6,157 shares during the period. Advisors Asset Management Inc. raised its position in Granite Construction by 10.9% in the second quarter. Advisors Asset Management Inc. now owns 60,155 shares of the construction company’s stock valued at $2,902,000 after buying an additional 5,936 shares during the period. Arizona State Retirement System raised its position in Granite Construction by 1.8% in the second quarter. Arizona State Retirement System now owns 16,800 shares of the construction company’s stock valued at $810,000 after buying an additional 300 shares during the period. Foundry Partners LLC raised its position in Granite Construction by 61.3% in the second quarter. Foundry Partners LLC now owns 12,220 shares of the construction company’s stock valued at $589,000 after buying an additional 4,645 shares during the period. Finally, Boston Partners raised its position in Granite Construction by 2.3% in the second quarter. Boston Partners now owns 452,881 shares of the construction company’s stock valued at $21,847,000 after buying an additional 10,193 shares during the period. Hedge funds and other institutional investors own 99.00% of the company’s stock.

Granite Construction Incorporated (GVA) opened at 55.07 on Friday. Granite Construction Incorporated has a 52-week low of $42.59 and a 52-week high of $62.18. The stock has a market capitalization of $2.19 billion, a PE ratio of 50.11 and a beta of 1.16. The firm’s 50-day moving average is $51.09 and its 200 day moving average is $50.46.

Granite Construction (NYSE:GVA) last posted its earnings results on Tuesday, August 1st. The construction company reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.25. The firm had revenue of $762.90 million during the quarter, compared to analyst estimates of $684.32 million. Granite Construction had a return on equity of 4.80% and a net margin of 1.61%. The company’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter last year, the business posted $0.35 earnings per share. On average, equities analysts forecast that Granite Construction Incorporated will post $1.55 earnings per share for the current year.

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Several research firms have weighed in on GVA. Canaccord Genuity reiterated a “buy” rating and set a $70.00 price objective on shares of Granite Construction in a research report on Saturday, August 26th. FBR & Co lifted their price objective on shares of Granite Construction from $63.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 1st. BidaskClub cut shares of Granite Construction from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Finally, Zacks Investment Research upgraded shares of Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. Granite Construction has a consensus rating of “Buy” and an average target price of $63.67.

In other Granite Construction news, Director William Howard Powell sold 3,000 shares of the stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $49.60, for a total value of $148,800.00. Following the sale, the director now directly owns 49,858 shares in the company, valued at $2,472,956.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James D. Richards sold 4,000 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $55.50, for a total transaction of $222,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,442 shares of company stock worth $1,248,830. Company insiders own 1.30% of the company’s stock.

Granite Construction Company Profile

Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. The Company operates across the nation, serving both public and private sector clients.

Institutional Ownership by Quarter for Granite Construction (NYSE:GVA)

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