New York State Common Retirement Fund lowered its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 17.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,870 shares of the construction company’s stock after selling 6,798 shares during the period. New York State Common Retirement Fund owned 0.07% of Granite Construction worth $1,300,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Granite Construction by 1.4% during the second quarter. Vanguard Group Inc. now owns 4,988,594 shares of the construction company’s stock worth $207,176,000 after buying an additional 69,525 shares during the period. State Street Corp lifted its position in Granite Construction by 1.3% during the second quarter. State Street Corp now owns 1,562,273 shares of the construction company’s stock worth $65,083,000 after buying an additional 20,430 shares during the period. Bank of New York Mellon Corp lifted its position in Granite Construction by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 1,327,256 shares of the construction company’s stock worth $55,120,000 after buying an additional 44,897 shares during the period. Amundi purchased a new position in shares of Granite Construction in the 2nd quarter worth about $40,734,000. Finally, Geode Capital Management LLC raised its holdings in shares of Granite Construction by 2.7% in the 2nd quarter. Geode Capital Management LLC now owns 761,738 shares of the construction company’s stock worth $31,634,000 after purchasing an additional 20,252 shares during the period. 94.63% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:GVA opened at $38.16 on Friday. The company has a market cap of $1.75 billion, a P/E ratio of 64.68 and a beta of 1.39. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.44 and a current ratio of 1.51. Granite Construction Incorporated has a one year low of $29.11 and a one year high of $44.31. The business’s 50-day simple moving average is $39.59 and its 200 day simple moving average is $39.57.
The business also recently announced a quarterly dividend, which was paid on Friday, January 14th. Investors of record on Friday, December 31st were issued a dividend of $0.13 per share. The ex-dividend date was Thursday, December 30th. This represents a $0.52 annualized dividend and a dividend yield of 1.36%. Granite Construction’s payout ratio is currently 88.14%.
A number of equities analysts have recently commented on the company. Zacks Investment Research downgraded Granite Construction from a “buy” rating to a “hold” rating in a report on Thursday, November 4th. Sidoti assumed coverage on Granite Construction in a report on Thursday, December 30th. They issued a “buy” rating and a $50.00 price objective on the stock.
Granite Construction Profile
Granite Construction, Inc is a holding company, which engages in the provision of infrastructure solutions for public and private clients. It operates through the following segments: Transportation, Water, Specialty and Materials. The Transportation segment focuses on construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports and marine ports.
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