Mirae Asset Global Investments Co. Ltd. Has $19.10 Million Stake in Granite Construction Incorporated (NYSE:GVA)

Mirae Asset Global Investments Co. Ltd. cut its stake in Granite Construction Incorporated (NYSE:GVAFree Report) by 14.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 334,369 shares of the construction company’s stock after selling 55,141 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.76% of Granite Construction worth $19,103,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC bought a new stake in Granite Construction in the fourth quarter valued at approximately $43,000. Riverview Trust Co acquired a new position in shares of Granite Construction in the 1st quarter valued at $107,000. Toth Financial Advisory Corp increased its position in shares of Granite Construction by 35.1% in the 4th quarter. Toth Financial Advisory Corp now owns 2,500 shares of the construction company’s stock valued at $127,000 after buying an additional 650 shares in the last quarter. Westend Capital Management LLC acquired a new stake in Granite Construction during the 1st quarter worth $217,000. Finally, Connable Office Inc. bought a new position in Granite Construction during the fourth quarter worth about $221,000.

Granite Construction Stock Down 0.2 %

Shares of GVA stock opened at $61.59 on Friday. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 104.39 and a beta of 1.41. Granite Construction Incorporated has a 12-month low of $33.74 and a 12-month high of $65.08. The firm has a fifty day moving average of $61.17 and a 200-day moving average of $54.67. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.51.

Granite Construction (NYSE:GVAGet Free Report) last released its earnings results on Thursday, May 2nd. The construction company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.28. The firm had revenue of $672.28 million during the quarter. Granite Construction had a return on equity of 14.91% and a net margin of 0.98%. As a group, equities research analysts predict that Granite Construction Incorporated will post 4.76 earnings per share for the current fiscal year.

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date is Friday, June 28th. Granite Construction’s dividend payout ratio is presently 88.14%.

Insider Buying and Selling at Granite Construction

In other news, SVP Bradley Jay Williams sold 750 shares of Granite Construction stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $61.21, for a total value of $45,907.50. Following the sale, the senior vice president now directly owns 7,423 shares in the company, valued at $454,361.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.81% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group increased their price target on Granite Construction from $44.00 to $50.00 and gave the stock a “sell” rating in a report on Tuesday, April 16th.

View Our Latest Analysis on GVA

Granite Construction Company Profile

(Free Report)

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It 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 and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.

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Institutional Ownership by Quarter for Granite Construction (NYSE:GVA)

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