Frontier Capital Management Co. LLC Increases Position in Granite Construction Incorporated (NYSE:GVA)

Frontier Capital Management Co. LLC boosted its holdings in shares of Granite Construction Incorporated (NYSE:GVAFree Report) by 21.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,388,044 shares of the construction company’s stock after purchasing an additional 246,154 shares during the period. Frontier Capital Management Co. LLC’s holdings in Granite Construction were worth $70,596,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Norges Bank acquired a new position in shares of Granite Construction during the 4th quarter worth approximately $13,755,000. Adage Capital Partners GP L.L.C. purchased a new position in Granite Construction in the third quarter valued at approximately $8,554,000. Wasatch Advisors LP acquired a new position in Granite Construction in the fourth quarter valued at $6,462,000. First Trust Advisors LP grew its stake in Granite Construction by 15.4% during the 4th quarter. First Trust Advisors LP now owns 533,324 shares of the construction company’s stock worth $27,125,000 after buying an additional 71,099 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC grew its position in shares of Granite Construction by 926.5% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 61,239 shares of the construction company’s stock worth $3,115,000 after acquiring an additional 55,273 shares during the last quarter.

Insider Activity

In related news, SVP Bradley Jay Williams sold 750 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $61.21, for a total value of $45,907.50. Following the transaction, the senior vice president now owns 7,423 shares in the company, valued at $454,361.83. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.81% of the company’s stock.

Granite Construction Trading Down 0.8 %

Shares of NYSE GVA traded down $0.46 during midday trading on Tuesday, hitting $59.03. The stock had a trading volume of 364,999 shares, compared to its average volume of 398,163. 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 Incorporated has a 1-year low of $33.74 and a 1-year high of $64.33. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of 100.05 and a beta of 1.46. The company has a fifty day moving average price of $58.62 and a 200 day moving average price of $52.82.

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

Granite Construction Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a $0.13 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.52 dividend on an annualized basis and a yield of 0.88%. Granite Construction’s payout ratio is currently 88.14%.

Analysts Set New Price Targets

GVA has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised their target price on Granite Construction from $44.00 to $50.00 and gave the company a “sell” rating in a report on Tuesday, April 16th. DA Davidson boosted their target price on Granite Construction from $60.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday, February 27th.

Check Out Our Latest Research Report on GVA

About Granite Construction

(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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