Trexquant Investment LP Has $432,000 Stake in Granite Construction Incorporated (GVA)
Trexquant Investment LP raised its stake in Granite Construction Incorporated (NYSE:GVA) by 2.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,600 shares of the construction company’s stock after buying an additional 243 shares during the period. Trexquant Investment LP’s holdings in Granite Construction were worth $432,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Ameriprise Financial Inc. boosted its position in shares of Granite Construction by 24.4% in the first quarter. Ameriprise Financial Inc. now owns 1,880,009 shares of the construction company’s stock valued at $94,358,000 after buying an additional 368,574 shares in the last quarter. Falcon Point Capital LLC bought a new stake in Granite Construction during the first quarter valued at approximately $10,601,000. Russell Investments Group Ltd. bought a new stake in Granite Construction during the fourth quarter valued at approximately $11,089,000. Two Sigma Investments LP bought a new stake in Granite Construction during the fourth quarter valued at approximately $9,689,000. Finally, FMR LLC increased its stake in shares of Granite Construction by 68.3% in the fourth quarter. FMR LLC now owns 379,462 shares of the construction company’s stock valued at $20,870,000 after buying an additional 153,970 shares in the last quarter. 93.35% of the stock is owned by institutional investors.
Shares of Granite Construction Incorporated (NYSE:GVA) traded down 1.1480% during midday trading on Friday, reaching $49.4161. The company had a trading volume of 262,568 shares. The company has a 50-day moving average price of $49.04 and a 200 day moving average price of $52.90. The company has a market capitalization of $1.97 billion, a P/E ratio of 45.6711 and a beta of 1.26. Granite Construction Incorporated has a one year low of $41.27 and a one year high of $62.18.
Granite Construction (NYSE:GVA) last posted its earnings results on Tuesday, May 2nd. The construction company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by $0.35. The company had revenue of $468.40 million for the quarter, compared to analysts’ expectations of $458.65 million. Granite Construction had a return on equity of 4.85% and a net margin of 1.71%. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.26) EPS. Equities analysts anticipate that Granite Construction Incorporated will post $1.82 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.52 dividend on an annualized basis and a yield of 1.04%. Granite Construction’s dividend payout ratio is currently 48.60%.
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A number of research firms have recently weighed in on GVA. Zacks Investment Research downgraded Granite Construction from a “hold” rating to a “strong sell” rating in a report on Friday, April 14th. Griffin Securities restated a “buy” rating on shares of Granite Construction in a research report on Friday, March 10th. Goldman Sachs Group, Inc. (The) upgraded Granite Construction from a “neutral” rating to a “buy” rating and lifted their target price for the company from $50.19 to $61.00 in a research report on Monday, April 3rd. MKM Partners reiterated a “buy” rating and issued a $62.00 target price on shares of Granite Construction in a research report on Wednesday, March 15th. Finally, Canaccord Genuity restated a “buy” rating and set a $70.00 price target on shares of Granite Construction in a report on Wednesday, March 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $61.25.
In other news, Director James Hildebrand Roberts sold 17,442 shares of the stock in a transaction on Friday, June 9th. The stock was sold at an average price of $50.34, for a total transaction of $878,030.28. Following the completion of the sale, the director now owns 54,594 shares in the company, valued at approximately $2,748,261.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William Howard Powell sold 3,000 shares of the stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $49.60, for a total value of $148,800.00. Following the sale, the director now owns 49,858 shares of the company’s stock, valued at approximately $2,472,956.80. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.
Granite Construction Company Profile
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. The Company operates across the nation, serving both public and private sector clients.
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