Zurcher Kantonalbank Zurich Cantonalbank Acquires 225 Shares of Granite Construction Incorporated (NYSE:GVA)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Granite Construction Incorporated (NYSE:GVA) by 1.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,948 shares of the construction company’s stock after acquiring an additional 225 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Granite Construction were worth $901,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of GVA. Millennium Management LLC grew its holdings in shares of Granite Construction by 11.0% during the fourth quarter. Millennium Management LLC now owns 2,651,676 shares of the construction company’s stock worth $232,579,000 after purchasing an additional 263,302 shares in the last quarter. First Trust Advisors LP lifted its position in Granite Construction by 35.1% during the fourth quarter. First Trust Advisors LP now owns 1,131,419 shares of the construction company’s stock valued at $99,237,000 after purchasing an additional 294,200 shares during the last quarter. Invesco Ltd. grew its stake in Granite Construction by 22.2% in the 4th quarter. Invesco Ltd. now owns 580,584 shares of the construction company’s stock worth $50,923,000 after buying an additional 105,420 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Granite Construction by 17.9% in the 4th quarter. Northern Trust Corp now owns 579,384 shares of the construction company’s stock worth $50,818,000 after buying an additional 87,783 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Granite Construction by 10.6% during the 4th quarter. Ameriprise Financial Inc. now owns 535,318 shares of the construction company’s stock valued at $46,959,000 after buying an additional 51,520 shares in the last quarter.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group upped their target price on shares of Granite Construction from $69.00 to $76.00 and gave the stock a “sell” rating in a research report on Monday, May 5th.

Insiders Place Their Bets

In other news, SVP Brian R. Dowd sold 2,025 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $91.76, for a total transaction of $185,814.00. Following the completion of the sale, the senior vice president owned 18,819 shares of the company’s stock, valued at approximately $1,726,831.44. This represents a 9.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.81% of the stock is owned by corporate insiders.

Granite Construction Stock Up 1.8%

Shares of GVA opened at $94.50 on Wednesday. The firm has a market cap of $4.13 billion, a P/E ratio of 39.38 and a beta of 1.39. Granite Construction Incorporated has a 1 year low of $66.99 and a 1 year high of $105.20. The stock has a 50 day simple moving average of $92.15 and a two-hundred day simple moving average of $85.23. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.57 and a quick ratio of 1.44.

Granite Construction Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $0.13 per share. The ex-dividend date was Monday, June 30th. This represents a $0.52 annualized dividend and a yield of 0.6%. Granite Construction’s dividend payout ratio is currently 21.67%.

Granite Construction Company 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.