Granite Construction Incorporated (GVA) Position Increased by Capstone Asset Management Co.
Capstone Asset Management Co. increased its position in shares of Granite Construction Incorporated (NYSE:GVA) by 7.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,132 shares of the construction company’s stock after buying an additional 400 shares during the period. Capstone Asset Management Co.’s holdings in Granite Construction were worth $296,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in GVA. BlackRock Inc. increased its stake in shares of Granite Construction by 19,890.7% in the first quarter. BlackRock Inc. now owns 3,988,954 shares of the construction company’s stock worth $200,206,000 after buying an additional 3,969,000 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Granite Construction by 6.4% in the first quarter. Vanguard Group Inc. now owns 3,291,375 shares of the construction company’s stock worth $165,194,000 after buying an additional 197,958 shares in the last quarter. Ameriprise Financial Inc. increased its stake 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 worth $94,358,000 after buying an additional 368,574 shares in the last quarter. State Street Corp increased its stake in shares of Granite Construction by 3.0% in the first quarter. State Street Corp now owns 1,223,728 shares of the construction company’s stock worth $61,420,000 after buying an additional 36,214 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Granite Construction by 25.9% in the first quarter. Goldman Sachs Group Inc. now owns 808,979 shares of the construction company’s stock worth $40,603,000 after buying an additional 166,478 shares in the last quarter. 94.35% of the stock is currently owned by institutional investors and hedge funds.
Granite Construction Incorporated (GVA) traded up 0.65% on Monday, hitting $52.70. 65,640 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $50.13 and a 200-day moving average price of $50.93. Granite Construction Incorporated has a 12 month low of $42.59 and a 12 month high of $62.18. The stock has a market cap of $2.10 billion, a P/E ratio of 47.95 and a beta of 1.20.
Granite Construction (NYSE:GVA) last released its quarterly earnings results on Tuesday, August 1st. The construction company reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.25. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The company had revenue of $762.90 million for the quarter, compared to analysts’ expectations of $684.32 million. During the same quarter in the previous year, the company posted $0.35 EPS. The business’s quarterly revenue was up 26.2% on a year-over-year basis. Equities analysts predict that Granite Construction Incorporated will post $1.53 earnings per share for the current fiscal year.
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A number of equities research analysts recently weighed in on GVA shares. Canaccord Genuity reaffirmed a “buy” rating and issued a $70.00 target price on shares of Granite Construction in a research note on Tuesday, August 1st. BidaskClub downgraded shares of Granite Construction from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. FBR & Co lowered their target price on shares of Granite Construction from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 3rd. Finally, Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Granite Construction presently has an average rating of “Buy” and a consensus target price of $62.14.
In related news, Director William Howard Powell sold 3,000 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $49.60, for a total transaction of $148,800.00. Following the sale, the director now owns 49,858 shares in the company, valued at approximately $2,472,956.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Hildebrand Roberts sold 17,442 shares of the stock in a transaction on Friday, June 9th. The shares were sold at an average price of $50.34, for a total value of $878,030.28. Following the sale, the director now owns 54,594 shares in the company, valued at approximately $2,748,261.96. The disclosure for this sale can be found here. Corporate 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. The Company operates across the nation, serving both public and private sector clients.
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