Allspring Global Investments Holdings LLC Boosts Stock Holdings in Granite Construction Incorporated (NYSE:GVA)

Allspring Global Investments Holdings LLC boosted its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 77.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,708 shares of the construction company’s stock after acquiring an additional 1,620 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Granite Construction were worth $148,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. MetLife Investment Management LLC grew its stake in Granite Construction by 1.9% during the fourth quarter. MetLife Investment Management LLC now owns 23,019 shares of the construction company’s stock valued at $807,000 after acquiring an additional 437 shares in the last quarter. Moors & Cabot Inc. grew its stake in Granite Construction by 7.5% during the first quarter. Moors & Cabot Inc. now owns 7,161 shares of the construction company’s stock valued at $235,000 after acquiring an additional 501 shares in the last quarter. Belpointe Asset Management LLC grew its stake in Granite Construction by 320.6% during the first quarter. Belpointe Asset Management LLC now owns 673 shares of the construction company’s stock valued at $28,000 after acquiring an additional 513 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Granite Construction by 1.4% during the third quarter. Price T Rowe Associates Inc. MD now owns 39,022 shares of the construction company’s stock valued at $991,000 after acquiring an additional 551 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Granite Construction by 0.5% during the second quarter. Legal & General Group Plc now owns 132,360 shares of the construction company’s stock valued at $3,857,000 after purchasing an additional 595 shares during the last quarter.

Granite Construction Stock Performance

Granite Construction stock opened at $44.89 on Tuesday. The company’s 50-day moving average price is $38.90 and its 200-day moving average price is $39.45. Granite Construction Incorporated has a twelve month low of $33.21 and a twelve month high of $46.72. The company has a quick ratio of 1.52, a current ratio of 1.60 and a debt-to-equity ratio of 0.40. The company has a market cap of $1.97 billion, a PE ratio of 67.00 and a beta of 1.45.

Granite Construction Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, September 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.16%. Granite Construction’s dividend payout ratio is presently 77.61%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. TheStreet upgraded shares of Granite Construction from a “c+” rating to a “b-” rating in a report on Tuesday, October 31st. StockNews.com assumed coverage on shares of Granite Construction in a report on Thursday, October 5th. They issued a “hold” rating on the stock.

Granite Construction Profile

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through two segments, Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public.