Rhumbline Advisers cut its stake in Granite Construction Inc. (NYSE:GVA) by 5.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 77,674 shares of the construction company’s stock after selling 4,408 shares during the quarter. Rhumbline Advisers’ holdings in Granite Construction were worth $4,339,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Wells Fargo & Company MN increased its holdings in Granite Construction by 13.1% in the first quarter. Wells Fargo & Company MN now owns 293,108 shares of the construction company’s stock valued at $16,373,000 after buying an additional 33,927 shares in the last quarter. Hennessy Advisors Inc. purchased a new position in Granite Construction in the first quarter valued at about $278,000. Global X Management Co. LLC increased its holdings in Granite Construction by 195.8% in the first quarter. Global X Management Co. LLC now owns 8,165 shares of the construction company’s stock valued at $456,000 after buying an additional 5,405 shares in the last quarter. Elkfork Partners LLC purchased a new position in Granite Construction in the fourth quarter valued at about $274,000. Finally, Xact Kapitalforvaltning AB purchased a new position in Granite Construction in the fourth quarter valued at about $250,000. 96.16% of the stock is owned by institutional investors.
Shares of Granite Construction opened at $56.68 on Friday, according to MarketBeat. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.92 and a quick ratio of 1.80. Granite Construction Inc. has a 1-year low of $45.94 and a 1-year high of $68.58. The company has a market cap of $2.29 billion, a PE ratio of 27.50, a price-to-earnings-growth ratio of 2.43 and a beta of 1.36.
Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Monday, April 30th. The construction company reported ($0.13) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.37) by $0.24. Granite Construction had a net margin of 2.64% and a return on equity of 8.82%. The business had revenue of $563.40 million during the quarter, compared to analysts’ expectations of $534.77 million. During the same period last year, the company posted ($0.60) EPS. The company’s revenue was up 20.3% on a year-over-year basis. sell-side analysts expect that Granite Construction Inc. will post 3.36 earnings per share for the current fiscal year.
A number of brokerages have issued reports on GVA. MKM Partners dropped their target price on shares of Granite Construction to $74.00 and set a “buy” rating for the company in a report on Friday. ValuEngine raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research note on Tuesday, May 8th. DA Davidson raised their price objective on shares of Granite Construction to $68.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 20th. Finally, Zacks Investment Research cut shares of Granite Construction from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $72.29.
Granite Construction Company Profile
Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various civil construction projects focusing on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities, and other infrastructure projects.
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