November 10, 2019 at 1:39 pm

Daiwa Securities Group Inc. Acquires 25,500 Shares of Granite Construction Inc. (NYSE:GVA)

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Daiwa Securities Group Inc. boosted its holdings in shares of Granite Construction Inc. (NYSE:GVA) by 38.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 91,200 shares of the construction company’s stock after purchasing an additional 25,500 shares during the period. Daiwa Securities Group Inc.’s holdings in Granite Construction were worth $2,930,000 as of its most recent SEC filing.

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A number of other institutional investors and hedge funds have also made changes to their positions in GVA. Investors Research Corp grew its position in shares of Granite Construction by 4.5% in the second quarter. Investors Research Corp now owns 10,098 shares of the construction company’s stock valued at $487,000 after purchasing an additional 432 shares during the period. First National Bank of Omaha grew its position in shares of Granite Construction by 12.1% in the second quarter. First National Bank of Omaha now owns 85,966 shares of the construction company’s stock valued at $4,142,000 after purchasing an additional 9,268 shares during the period. Tributary Capital Management LLC grew its position in shares of Granite Construction by 15.7% in the second quarter. Tributary Capital Management LLC now owns 523,655 shares of the construction company’s stock valued at $25,230,000 after purchasing an additional 70,953 shares during the period. Fagan Associates Inc. grew its position in shares of Granite Construction by 73.8% in the second quarter. Fagan Associates Inc. now owns 8,385 shares of the construction company’s stock valued at $404,000 after purchasing an additional 3,560 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Granite Construction by 4.7% in the second quarter. Oregon Public Employees Retirement Fund now owns 18,881 shares of the construction company’s stock valued at $910,000 after purchasing an additional 839 shares during the period. Hedge funds and other institutional investors own 98.19% of the company’s stock.

In other news, Director Claes Bjork purchased 4,000 shares of the stock in a transaction on Tuesday, November 5th. The stock was purchased at an average price of $27.19 per share, with a total value of $108,760.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kyle T. Larkin purchased 3,500 shares of the stock in a transaction on Friday, September 6th. The shares were purchased at an average cost of $28.54 per share, with a total value of $99,890.00. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 23,456 shares of company stock valued at $609,693. 1.00% of the stock is owned by company insiders.

GVA stock opened at $27.95 on Friday. The stock has a 50-day moving average price of $30.81 and a two-hundred day moving average price of $36.93. Granite Construction Inc. has a 12-month low of $22.55 and a 12-month high of $53.60. The company has a current ratio of 1.76, a quick ratio of 1.65 and a debt-to-equity ratio of 0.31. The company has a market cap of $1.29 billion, a PE ratio of 11.94 and a beta of 1.26.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Friday, October 25th. The construction company reported $0.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.41 by ($0.98). Granite Construction had a negative net margin of 3.11% and a negative return on equity of 4.63%. The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the firm posted $1.43 EPS. Granite Construction’s revenue was up 3.1% on a year-over-year basis. Equities analysts forecast that Granite Construction Inc. will post -1.28 EPS for the current fiscal year.

The company also recently declared a — dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.13 per share. This represents a yield of 1.6%. The ex-dividend date of this dividend was Friday, September 27th. Granite Construction’s dividend payout ratio (DPR) is presently 22.22%.

A number of equities research analysts have recently commented on the company. ValuEngine downgraded Granite Construction from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Goldman Sachs Group downgraded Granite Construction from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $50.00 to $31.00 in a research report on Wednesday, August 7th. Zacks Investment Research downgraded Granite Construction from a “buy” rating to a “strong sell” rating in a research report on Friday, November 1st. TheStreet downgraded Granite Construction from a “c-” rating to a “d+” rating in a research report on Monday, August 26th. Finally, DA Davidson downgraded Granite Construction from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $45.00 to $30.00 in a research report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $40.75.

Granite Construction Profile

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

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Want to see what other hedge funds are holding GVA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Granite Construction Inc. (NYSE:GVA).

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

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