Voya Investment Management LLC grew its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 3,702.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 614,566 shares of the construction company’s stock after buying an additional 598,404 shares during the quarter. Voya Investment Management LLC owned approximately 1.54% of Granite Construction worth $29,647,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of GVA. BlackRock Inc. lifted its position in Granite Construction by 19,890.7% during 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. Franklin Resources Inc. lifted its position in Granite Construction by 80.4% during the 2nd quarter. Franklin Resources Inc. now owns 1,458,330 shares of the construction company’s stock worth $70,350,000 after buying an additional 649,831 shares in the last quarter. OppenheimerFunds Inc. lifted its position in Granite Construction by 113.5% during the 1st quarter. OppenheimerFunds Inc. now owns 649,967 shares of the construction company’s stock worth $32,622,000 after buying an additional 345,592 shares in the last quarter. Victory Capital Management Inc. lifted its position in Granite Construction by 85.3% during the 1st quarter. Victory Capital Management Inc. now owns 746,324 shares of the construction company’s stock worth $37,458,000 after buying an additional 343,587 shares in the last quarter. Finally, Frontier Capital Management Co. LLC lifted its position in Granite Construction by 72.1% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 708,328 shares of the construction company’s stock worth $34,170,000 after buying an additional 296,681 shares in the last quarter. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

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In other Granite Construction news, insider James D. Richards sold 4,000 shares of Granite Construction stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $55.50, for a total value of $222,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.30% of the company’s stock.

Several brokerages have commented on GVA. FBR & Co boosted their price target on shares of Granite Construction from $63.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 1st. Cowen and Company reissued a “buy” rating and set a $70.00 price target on shares of Granite Construction in a research report on Tuesday, September 19th. Canaccord Genuity reissued a “buy” rating and set a $70.00 price target on shares of Granite Construction in a research report on Saturday, August 26th. BidaskClub raised shares of Granite Construction from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. Finally, Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $63.67.

Granite Construction Incorporated (GVA) opened at 57.95 on Friday. The company has a 50-day moving average of $53.41 and a 200-day moving average of $50.59. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of 52.73 and a beta of 1.17. Granite Construction Incorporated has a 52 week low of $42.59 and a 52 week high of $62.18.

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 analysts’ consensus estimates of $0.60 by ($0.25). The firm had revenue of $762.90 million for the quarter, compared to the consensus estimate of $684.32 million. Granite Construction had a net margin of 1.61% and a return on equity of 4.80%. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.35 earnings per share. Equities research analysts forecast that Granite Construction Incorporated will post $1.49 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.90%. The ex-dividend date is Thursday, September 28th. Granite Construction’s dividend payout ratio is 48.60%.

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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Institutional Ownership by Quarter for Granite Construction (NYSE:GVA)

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