Teachers Advisors LLC Purchases 3,394 Shares of Granite Construction Incorporated (GVA)
Teachers Advisors LLC boosted its position in shares of Granite Construction Incorporated (NYSE:GVA) by 4.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 72,728 shares of the construction company’s stock after purchasing an additional 3,394 shares during the quarter. Teachers Advisors LLC owned about 0.18% of Granite Construction worth $3,508,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Sei Investments Co. bought a new stake in shares of Granite Construction in the 1st quarter valued at about $119,000. Tower Research Capital LLC TRC increased its stake in shares of Granite Construction by 111.1% in the 1st quarter. Tower Research Capital LLC TRC now owns 2,597 shares of the construction company’s stock valued at $130,000 after acquiring an additional 1,367 shares during the last quarter. Riverhead Capital Management LLC increased its stake in shares of Granite Construction by 65.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,630 shares of the construction company’s stock valued at $175,000 after acquiring an additional 1,430 shares during the last quarter. Laurion Capital Management LP bought a new stake in shares of Granite Construction in the 1st quarter valued at about $216,000. Finally, LS Investment Advisors LLC increased its stake in shares of Granite Construction by 14.1% in the 2nd quarter. LS Investment Advisors LLC now owns 4,536 shares of the construction company’s stock valued at $219,000 after acquiring an additional 559 shares during the last quarter. 97.93% of the stock is owned by hedge funds and other institutional investors.
In other news, insider James D. Richards sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $55.50, for a total transaction of $222,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.30% of the company’s stock.
A number of brokerages have recently commented on GVA. FBR & Co upped their price target on Granite Construction from $63.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, August 1st. Cowen and Company reaffirmed a “buy” rating and issued a $70.00 price target on shares of Granite Construction in a research note on Tuesday, September 19th. Canaccord Genuity reissued a “buy” rating and set a $70.00 target price on shares of Granite Construction in a research note on Saturday, August 26th. Seaport Global Securities cut Granite Construction from a “buy” rating to a “neutral” rating and set a $64.00 target price for the company. in a research note on Wednesday, October 11th. Finally, BidaskClub raised Granite Construction from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $63.88.
Granite Construction Incorporated (NYSE:GVA) opened at 58.43 on Monday. The firm has a market cap of $2.33 billion, a P/E ratio of 53.17 and a beta of 1.17. The firm’s 50-day moving average price is $57.05 and its 200-day moving average price is $51.77. Granite Construction Incorporated has a 52-week low of $42.59 and a 52-week high of $62.18.
Granite Construction (NYSE:GVA) last released its quarterly earnings data 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 firm had revenue of $762.90 million for the quarter, compared to the consensus estimate of $684.32 million. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The company’s revenue was up 26.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.35 EPS. Equities research analysts expect that Granite Construction Incorporated will post $1.49 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.52 annualized dividend and a dividend yield of 0.89%. Granite Construction’s dividend payout ratio is 48.60%.
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.
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