Falcon Point Capital LLC Reduces Stake in Granite Construction Incorporated (NYSE:GVA)
Falcon Point Capital LLC cut its position in Granite Construction Incorporated (NYSE:GVA) by 2.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 205,029 shares of the construction company’s stock after selling 6,188 shares during the period. Falcon Point Capital LLC’s holdings in Granite Construction were worth $9,891,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of GVA. BlackRock Inc. boosted its position in Granite Construction by 19,890.7% in the first quarter. BlackRock Inc. now owns 3,988,954 shares of the construction company’s stock worth $200,206,000 after buying an additional 3,969,000 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Granite Construction by 24.4% in the first quarter. Ameriprise Financial Inc. now owns 1,880,009 shares of the construction company’s stock worth $94,358,000 after buying an additional 368,574 shares during the last quarter. RidgeWorth Capital Management LLC raised its stake in Granite Construction by 345.9% in the first quarter. RidgeWorth Capital Management LLC now owns 466,505 shares of the construction company’s stock worth $23,474,000 after buying an additional 361,881 shares during the period. OppenheimerFunds Inc. raised its stake in Granite Construction by 113.5% in the first quarter. OppenheimerFunds Inc. now owns 649,967 shares of the construction company’s stock worth $32,622,000 after buying an additional 345,592 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Granite Construction by 85.3% in the first quarter. Victory Capital Management Inc. now owns 746,324 shares of the construction company’s stock worth $37,458,000 after buying an additional 343,587 shares during the period. Hedge funds and other institutional investors own 93.96% of the company’s stock.
Shares of Granite Construction Incorporated (GVA) opened at 52.36 on Friday. The stock has a 50 day moving average price of $50.13 and a 200-day moving average price of $50.93. The company has a market cap of $2.09 billion, a price-to-earnings ratio of 47.64 and a beta of 1.20. Granite Construction Incorporated has a 1-year low of $42.59 and a 1-year high of $62.18.
Granite Construction (NYSE:GVA) last released its quarterly earnings results on Tuesday, August 1st. The construction company reported $0.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.25. The company had revenue of $762.90 million during the quarter, compared to analysts’ expectations 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 was up 26.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.35 EPS. Equities research analysts forecast that Granite Construction Incorporated will post $1.53 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were given a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.52 annualized dividend and a yield of 0.99%. Granite Construction’s dividend payout ratio is currently 48.60%.
A number of equities research analysts have recently weighed in on the company. Canaccord Genuity reissued a “buy” rating and issued a $70.00 target price on shares of Granite Construction in a research note on Tuesday, August 1st. FBR & Co lowered their target price on Granite Construction from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Wednesday, May 3rd. Zacks Investment Research lowered Granite Construction from a “hold” rating to a “strong sell” rating in a research note on Friday, April 14th. Finally, BidaskClub raised Granite Construction from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. Granite Construction has an average rating of “Buy” and a consensus target price of $62.14.
In other Granite Construction news, Director William Howard Powell sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $49.60, for a total transaction of $148,800.00. Following the completion of the transaction, the director now owns 49,858 shares in the company, valued at $2,472,956.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Hildebrand Roberts sold 17,442 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $50.34, for a total value of $878,030.28. Following the transaction, the director now owns 54,594 shares of the company’s stock, valued at approximately $2,748,261.96. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
About Granite Construction
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.
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