Granite Construction Inc. (GVA) Holdings Raised by Victory Capital Management Inc.

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Victory Capital Management Inc. boosted its position in Granite Construction Inc. (NYSE:GVA) by 40.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,292,287 shares of the construction company’s stock after acquiring an additional 369,850 shares during the period. Victory Capital Management Inc. owned 2.76% of Granite Construction worth $59,057,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in Granite Construction in the 2nd quarter worth $245,000. LPL Financial LLC bought a new stake in Granite Construction in the 1st quarter worth $270,000. Carnick & Kubik Group LLC bought a new stake in Granite Construction in the 3rd quarter worth $283,000. Sei Investments Co. grew its holdings in Granite Construction by 40.0% in the 2nd quarter. Sei Investments Co. now owns 5,110 shares of the construction company’s stock worth $284,000 after acquiring an additional 1,460 shares during the last quarter. Finally, Palouse Capital Management Inc. bought a new stake in Granite Construction in the 3rd quarter worth $312,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Claes Bjork bought 6,500 shares of the business’s stock in a transaction dated Tuesday, August 14th. The shares were purchased at an average price of $44.25 per share, with a total value of $287,625.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.00% of the company’s stock.

A number of equities research analysts have recently weighed in on GVA shares. Zacks Investment Research raised shares of Granite Construction from a “hold” rating to a “strong-buy” rating and set a $62.00 target price on the stock in a research note on Wednesday, August 1st. ValuEngine lowered shares of Granite Construction from a “hold” rating to a “sell” rating in a research note on Wednesday, July 25th. MKM Partners set a $59.00 target price on shares of Granite Construction and gave the company a “buy” rating in a research note on Wednesday. Canaccord Genuity reaffirmed a “buy” rating and set a $65.00 target price (down previously from $75.00) on shares of Granite Construction in a research note on Thursday, August 9th. Finally, DA Davidson set a $60.00 target price on shares of Granite Construction and gave the company a “buy” rating in a research note on Monday, October 29th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $66.20.

Shares of GVA opened at $49.64 on Wednesday. The stock has a market cap of $2.27 billion, a PE ratio of 30.64, a P/E/G ratio of 2.48 and a beta of 1.07. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.73 and a current ratio of 1.84. Granite Construction Inc. has a 1-year low of $39.51 and a 1-year high of $68.58.

Granite Construction (NYSE:GVA) last announced its earnings results on Friday, October 26th. The construction company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.18. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.14 billion. Granite Construction had a net margin of 2.13% and a return on equity of 9.37%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.14 EPS. Research analysts expect that Granite Construction Inc. will post 2.99 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Friday, September 28th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date was Thursday, September 27th. Granite Construction’s payout ratio is 32.10%.

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About Granite Construction

Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various civil construction projects focusing on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities, and other infrastructure projects.

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

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