Texas Permanent School Fund grew its stake in Granite Construction Inc. (NYSE:GVA) by 3.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,698 shares of the construction company’s stock after acquiring an additional 1,009 shares during the period. Texas Permanent School Fund’s holdings in Granite Construction were worth $1,368,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Janney Montgomery Scott LLC raised its stake in shares of Granite Construction by 5.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 9,312 shares of the construction company’s stock worth $375,000 after buying an additional 516 shares during the last quarter. Tompkins Financial Corp raised its stake in shares of Granite Construction by 47.8% during the first quarter. Tompkins Financial Corp now owns 1,700 shares of the construction company’s stock worth $73,000 after buying an additional 550 shares during the last quarter. Rowland & Co. Investment Counsel ADV raised its stake in shares of Granite Construction by 13.6% during the fourth quarter. Rowland & Co. Investment Counsel ADV now owns 5,020 shares of the construction company’s stock worth $202,000 after buying an additional 600 shares during the last quarter. Teachers Advisors LLC raised its stake in shares of Granite Construction by 0.7% during the third quarter. Teachers Advisors LLC now owns 86,968 shares of the construction company’s stock worth $3,974,000 after buying an additional 605 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Granite Construction by 9.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,482 shares of the construction company’s stock worth $302,000 after buying an additional 669 shares during the last quarter. 99.02% of the stock is owned by institutional investors.
A number of research firms recently weighed in on GVA. ValuEngine downgraded shares of Granite Construction from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. B. Riley reissued a “buy” rating and set a $53.00 price target (down from $66.00) on shares of Granite Construction in a research note on Monday, April 29th. Finally, MKM Partners set a $61.00 price target on shares of Granite Construction and gave the stock a “buy” rating in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $58.50.
Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Friday, April 26th. The construction company reported ($0.57) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.35). The firm had revenue of $619.80 million for the quarter, compared to analyst estimates of $644.46 million. Granite Construction had a net margin of 0.57% and a return on equity of 6.03%. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.13) EPS. As a group, analysts expect that Granite Construction Inc. will post 2.83 EPS for the current year.
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Granite Construction Company 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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