Granite Construction Incorporated (GVA) Position Boosted by BNP Paribas Arbitrage SA
BNP Paribas Arbitrage SA increased its holdings in Granite Construction Incorporated (NYSE:GVA) by 65.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,240 shares of the construction company’s stock after buying an additional 8,810 shares during the quarter. BNP Paribas Arbitrage SA owned about 0.06% of Granite Construction worth $1,073,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Suntrust Banks Inc. grew its holdings in Granite Construction by 178.1% in the 1st quarter. Suntrust Banks Inc. now owns 34,353 shares of the construction company’s stock worth $1,724,000 after buying an additional 22,000 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Granite Construction by 7.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 244,743 shares of the construction company’s stock worth $12,284,000 after buying an additional 17,803 shares in the last quarter. American Century Companies Inc. grew its holdings in Granite Construction by 0.4% in the 1st quarter. American Century Companies Inc. now owns 160,944 shares of the construction company’s stock worth $8,078,000 after buying an additional 600 shares in the last quarter. BlackRock Inc. grew its holdings in Granite Construction by 19,890.7% in the 1st 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. Finally, Wellington Management Group LLP grew its holdings in Granite Construction by 676.4% in the 1st quarter. Wellington Management Group LLP now owns 194,498 shares of the construction company’s stock worth $9,761,000 after buying an additional 169,448 shares in the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.
In related news, Director William Howard Powell sold 3,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 49,858 shares of the company’s stock, valued at $2,472,956.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider James D. Richards sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $55.50, for a total transaction of $222,000.00. The disclosure for this sale can be found here. Insiders sold 24,442 shares of company stock valued at $1,248,830 in the last quarter. 1.30% of the stock is currently owned by corporate insiders.
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Granite Construction Incorporated (GVA) opened at 56.01 on Thursday. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 50.96 and a beta of 1.17. Granite Construction Incorporated has a one year low of $42.59 and a one year high of $62.18. The company has a 50-day moving average price of $51.47 and a 200-day moving average price of $50.42.
Granite Construction (NYSE:GVA) last posted its earnings results on Tuesday, August 1st. The construction company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by $0.25. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The firm had revenue of $762.90 million during the quarter, compared to the consensus estimate of $684.32 million. During the same quarter last year, the firm posted $0.35 EPS. The business’s revenue was up 26.2% on a year-over-year basis. Equities research analysts anticipate that Granite Construction Incorporated will post $1.55 EPS for the current year.
GVA has been the subject of a number of recent analyst reports. Canaccord Genuity reissued a “buy” rating and issued a $70.00 price objective on shares of Granite Construction in a report on Saturday, August 26th. Zacks Investment Research raised Granite Construction from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. FBR & Co increased their price objective on Granite Construction from $63.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, August 1st. Finally, BidaskClub raised Granite Construction from a “strong sell” rating to a “sell” rating in a report on Thursday, July 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $63.67.
Granite Construction 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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