Granite Construction Inc. (GVA) Position Reduced by Morgan Dempsey Capital Management LLC
Morgan Dempsey Capital Management LLC decreased its stake in shares of Granite Construction Inc. (NYSE:GVA) by 5.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 250,371 shares of the company’s stock after selling 15,823 shares during the period. Granite Construction comprises approximately 3.9% of Morgan Dempsey Capital Management LLC’s holdings, making the stock its 4th largest position. Morgan Dempsey Capital Management LLC owned about 0.63% of Granite Construction worth $11,404,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of GVA. Bank of Montreal Can purchased a new position in shares of Granite Construction during the second quarter valued at about $13,542,000. Norges Bank purchased a new position in shares of Granite Construction during the fourth quarter valued at about $9,532,000. Renaissance Technologies LLC raised its position in shares of Granite Construction by 96.5% in the first quarter. Renaissance Technologies LLC now owns 318,200 shares of the company’s stock valued at $15,210,000 after buying an additional 156,300 shares in the last quarter. Cupps Capital Management LLC purchased a new position in shares of Granite Construction during the first quarter valued at about $4,436,000. Finally, University of Notre Dame DU Lac purchased a new position in shares of Granite Construction during the first quarter valued at about $1,679,000. Hedge funds and other institutional investors own 93.18% of the company’s stock.
Shares of Granite Construction Inc. (NYSE:GVA) traded up 2.03% on Wednesday, hitting $49.15. The stock had a trading volume of 172,072 shares. The firm has a market capitalization of $1.95 billion, a P/E ratio of 31.61 and a beta of 1.49. Granite Construction Inc. has a 12-month low of $30.14 and a 12-month high of $51.35. The company has a 50 day moving average of $48.07 and a 200-day moving average of $46.43.
Granite Construction (NYSE:GVA) last issued its quarterly earnings data on Friday, July 29th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.12. The company had revenue of $604.60 million for the quarter, compared to analyst estimates of $632.12 million. Granite Construction had a return on equity of 7.27% and a net margin of 2.57%. The company’s revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business earned $0.24 earnings per share. Equities analysts predict that Granite Construction Inc. will post $1.57 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a dividend of $0.13 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.52 annualized dividend and a yield of 1.08%. Granite Construction’s dividend payout ratio (DPR) is presently 33.33%.
Several equities analysts recently issued reports on GVA shares. MKM Partners started coverage on Granite Construction in a research note on Wednesday, June 29th. They set a “buy” rating and a $51.00 price target on the stock. Janney Montgomery Scott reiterated a “hold” rating and issued a $53.00 price objective on shares of Granite Construction in a research note on Tuesday, August 16th. Seaport Global Securities upgraded Granite Construction from a “neutral” rating to a “buy” rating and upped their price objective for the company from $49.00 to $60.00 in a research note on Monday, August 1st. FBR & Co upped their price objective on Granite Construction from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, August 2nd. Finally, Zacks Investment Research lowered Granite Construction from a “hold” rating to a “sell” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the stock. Granite Construction currently has a consensus rating of “Buy” and a consensus price target of $53.70.
In other news, Director James Hildebrand Roberts sold 6,612 shares of the firm’s stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $49.18, for a total transaction of $325,178.16. Following the transaction, the director now directly owns 51,705 shares of the company’s stock, valued at $2,542,851.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David H. Kelsey sold 1,113 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $51.09, for a total transaction of $56,863.17. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
About Granite Construction
Granite Construction Incorporated is a heavy civil contractor and construction materials producer in the United States. The Company operates through three segments: Construction, Large Project Construction and Construction Materials. Its Construction segment performs construction management, as well as various civil construction projects with a portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities and other infrastructure projects.
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