Prudential Financial Inc. Decreases Stake in Granite Construction Inc. (GVA)

Prudential Financial Inc. lessened its stake in shares of Granite Construction Inc. (NYSE:GVA) by 3.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,733 shares of the construction company’s stock after selling 1,210 shares during the quarter. Prudential Financial Inc. owned 0.06% of Granite Construction worth $1,198,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Comerica Bank boosted its position in shares of Granite Construction by 55.1% during the 3rd quarter. Comerica Bank now owns 53,586 shares of the construction company’s stock worth $2,177,000 after purchasing an additional 19,047 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Granite Construction by 19.1% during the 3rd quarter. SG Americas Securities LLC now owns 67,430 shares of the construction company’s stock worth $3,082,000 after purchasing an additional 10,798 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Granite Construction by 6.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 59,076 shares of the construction company’s stock worth $2,700,000 after purchasing an additional 3,454 shares in the last quarter. Keybank National Association OH boosted its position in shares of Granite Construction by 31.0% during the 3rd quarter. Keybank National Association OH now owns 25,854 shares of the construction company’s stock worth $1,182,000 after purchasing an additional 6,125 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Granite Construction by 3.4% during the 3rd quarter. Alliancebernstein L.P. now owns 1,674,516 shares of the construction company’s stock worth $76,525,000 after purchasing an additional 54,971 shares in the last quarter. 96.76% of the stock is owned by institutional investors.

Several research firms have recently issued reports on GVA. ValuEngine downgraded Granite Construction from a “hold” rating to a “sell” rating in a research note on Wednesday, January 2nd. Zacks Investment Research raised Granite Construction from a “sell” rating to a “hold” rating in a research note on Tuesday, January 8th. MKM Partners lifted their price target on Granite Construction from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, February 21st. Finally, TheStreet downgraded Granite Construction from a “b” rating to a “c+” rating in a research note on Thursday, December 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Granite Construction has a consensus rating of “Hold” and an average price target of $59.60.

GVA stock traded up $1.01 during trading on Monday, hitting $45.49. The stock had a trading volume of 423,755 shares, compared to its average volume of 318,254. Granite Construction Inc. has a 1-year low of $38.55 and a 1-year high of $60.11. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 19.44, a PEG ratio of 1.77 and a beta of 1.20. The company has a current ratio of 2.09, a quick ratio of 1.96 and a debt-to-equity ratio of 0.24.

Granite Construction (NYSE:GVA) last announced its earnings results on Wednesday, February 20th. The construction company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.57). Granite Construction had a net margin of 1.28% and a return on equity of 8.19%. The firm had revenue of $892.00 million during the quarter, compared to analyst estimates of $966.85 million. During the same period in the previous year, the firm posted $0.81 EPS. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. As a group, research analysts predict that Granite Construction Inc. will post 3.55 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 29th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.14%. The ex-dividend date is Thursday, March 28th. Granite Construction’s payout ratio is 22.22%.

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About Granite Construction

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

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