Metropolitan Life Insurance Co. NY increased its holdings in shares of Granite Construction Inc. (NYSE:GVA) by 76.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,576 shares of the construction company’s stock after purchasing an additional 11,514 shares during the period. Metropolitan Life Insurance Co. NY owned approximately 0.06% of Granite Construction worth $1,070,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in GVA. Bank of America Corp DE increased its holdings in shares of Granite Construction by 9.4% during the 4th quarter. Bank of America Corp DE now owns 533,879 shares of the construction company’s stock worth $21,504,000 after acquiring an additional 45,928 shares during the last quarter. MUFG Securities EMEA plc acquired a new position in shares of Granite Construction during the 4th quarter worth approximately $6,485,000. American International Group Inc. increased its holdings in shares of Granite Construction by 2.0% during the 4th quarter. American International Group Inc. now owns 123,687 shares of the construction company’s stock worth $4,982,000 after acquiring an additional 2,457 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Granite Construction by 10.9% during the 4th quarter. Geode Capital Management LLC now owns 485,411 shares of the construction company’s stock worth $19,552,000 after acquiring an additional 47,563 shares during the last quarter. Finally, Neuburgh Advisers LLC increased its holdings in shares of Granite Construction by 15.9% during the 4th quarter. Neuburgh Advisers LLC now owns 5,302 shares of the construction company’s stock worth $214,000 after acquiring an additional 726 shares during the last quarter. Institutional investors and hedge funds own 96.76% of the company’s stock.
A number of research analysts recently weighed in on GVA shares. Zacks Investment Research lowered Granite Construction from a “hold” rating to a “sell” rating in a report on Wednesday, January 2nd. ValuEngine lowered Granite Construction from a “hold” rating to a “sell” rating in a report on Wednesday, January 2nd. Finally, MKM Partners boosted their target price on Granite Construction from $60.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, February 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Granite Construction has an average rating of “Hold” and an average price target of $59.60.
Granite Construction (NYSE:GVA) last released its quarterly earnings results on Wednesday, February 20th. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.07 by ($0.57). The firm had revenue of $892.00 million during the quarter, compared to the consensus estimate of $966.85 million. Granite Construction had a net margin of 1.28% and a return on equity of 8.19%. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.81 earnings per share. Equities analysts anticipate that Granite Construction Inc. will post 3.55 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.52 annualized dividend and a yield of 1.12%. Granite Construction’s dividend payout ratio (DPR) is presently 22.22%.
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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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