Public Sector Pension Investment Board Grows Stock Holdings in Granite Construction Incorporated (NYSE:GVA)

Public Sector Pension Investment Board lifted its position in Granite Construction Incorporated (NYSE:GVA) by 7.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 97,157 shares of the construction company’s stock after buying an additional 7,100 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.22% of Granite Construction worth $6,021,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of GVA. EFG Asset Management North America Corp. lifted its position in shares of Granite Construction by 0.5% during the second quarter. EFG Asset Management North America Corp. now owns 38,191 shares of the construction company’s stock worth $2,365,000 after purchasing an additional 180 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Granite Construction by 2.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,379 shares of the construction company’s stock worth $426,000 after buying an additional 187 shares in the last quarter. Wellington Shields & Co. LLC boosted its position in Granite Construction by 30.8% in the 1st quarter. Wellington Shields & Co. LLC now owns 850 shares of the construction company’s stock valued at $49,000 after buying an additional 200 shares during the period. Arizona State Retirement System grew its stake in shares of Granite Construction by 1.9% in the second quarter. Arizona State Retirement System now owns 12,309 shares of the construction company’s stock worth $763,000 after acquiring an additional 235 shares in the last quarter. Finally, Alpha Cubed Investments LLC increased its position in shares of Granite Construction by 7.2% during the second quarter. Alpha Cubed Investments LLC now owns 4,553 shares of the construction company’s stock worth $282,000 after acquiring an additional 305 shares during the period.

Granite Construction Stock Up 0.2 %

Shares of Granite Construction stock opened at $79.74 on Thursday. The company has a quick ratio of 1.56, a current ratio of 1.68 and a debt-to-equity ratio of 0.75. Granite Construction Incorporated has a 52-week low of $33.74 and a 52-week high of $81.38. The company has a market capitalization of $3.52 billion, a P/E ratio of 135.15 and a beta of 1.39. The company has a 50 day moving average of $71.80 and a 200 day moving average of $63.51.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.41. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Granite Construction had a net margin of 2.35% and a return on equity of 17.82%. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 EPS. As a group, research analysts forecast that Granite Construction Incorporated will post 5.24 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.65%. Granite Construction’s payout ratio is currently 88.14%.

Insider Transactions at Granite Construction

In related news, SVP Michael G. Tatusko sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total value of $346,100.00. Following the completion of the transaction, the senior vice president now directly owns 21,943 shares of the company’s stock, valued at $1,518,894.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

Separately, The Goldman Sachs Group lifted their target price on Granite Construction from $55.00 to $61.00 and gave the company a “sell” rating in a report on Friday, August 2nd.

Granite Construction Profile

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.