Zurcher Kantonalbank Zurich Cantonalbank cut its position in shares of Granite Construction Inc. (NYSE:GVA) by 77.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,275 shares of the construction company’s stock after selling 14,372 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Granite Construction were worth $271,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Fieldpoint Private Securities LLC acquired a new position in shares of Granite Construction in the third quarter worth $106,000. Advisor Group Inc. raised its holdings in shares of Granite Construction by 169.1% in the third quarter. Advisor Group Inc. now owns 1,862 shares of the construction company’s stock worth $108,000 after acquiring an additional 1,170 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Granite Construction by 56.3% in the second quarter. Royal Bank of Canada now owns 2,441 shares of the construction company’s stock worth $118,000 after acquiring an additional 879 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Granite Construction by 7.1% in the second quarter. Public Employees Retirement System of Ohio now owns 3,282 shares of the construction company’s stock worth $158,000 after acquiring an additional 218 shares during the last quarter. Finally, Auxier Asset Management acquired a new position in shares of Granite Construction in the third quarter worth $214,000. 96.05% of the stock is owned by hedge funds and other institutional investors.
Shares of Granite Construction Inc. (NYSE:GVA) traded down $0.29 during trading hours on Wednesday, hitting $61.42. The stock had a trading volume of 436,413 shares, compared to its average volume of 299,424. The stock has a market capitalization of $2,480.00, a P/E ratio of 38.43, a P/E/G ratio of 2.77 and a beta of 1.30. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.78 and a current ratio of 1.88. Granite Construction Inc. has a twelve month low of $45.14 and a twelve month high of $68.58.
Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Friday, February 16th. The construction company reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.04. Granite Construction had a return on equity of 6.97% and a net margin of 2.31%. The business had revenue of $801.30 million during the quarter, compared to the consensus estimate of $753.83 million. During the same quarter in the previous year, the business earned $0.40 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. research analysts forecast that Granite Construction Inc. will post 3.2 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend is Wednesday, March 28th. Granite Construction’s dividend payout ratio (DPR) is presently 32.30%.
GVA has been the subject of a number of analyst reports. Zacks Investment Research raised Granite Construction from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a report on Tuesday, January 9th. DA Davidson lifted their price objective on Granite Construction to $68.00 and gave the company a “neutral” rating in a research report on Tuesday, February 20th. Finally, Cowen lifted their price objective on Granite Construction from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, January 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. Granite Construction has a consensus rating of “Buy” and an average price target of $69.38.
Granite Construction Company Profile
Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. The Company operates across the nation, serving both public and private sector clients.
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