Nuveen Asset Management LLC Has $24.52 Million Position in Granite Construction Incorporated (NYSE:GVA)

Nuveen Asset Management LLC lifted its holdings in shares of Granite Construction Incorporated (NYSE:GVA) by 128.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 279,504 shares of the construction company’s stock after purchasing an additional 157,047 shares during the quarter. Nuveen Asset Management LLC owned 0.64% of Granite Construction worth $24,515,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Federated Hermes Inc. acquired a new stake in shares of Granite Construction during the fourth quarter worth about $26,000. Quarry LP raised its position in Granite Construction by 68.4% in the 4th quarter. Quarry LP now owns 325 shares of the construction company’s stock valued at $29,000 after buying an additional 132 shares during the last quarter. Aster Capital Management DIFC Ltd raised its position in Granite Construction by 112.8% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 900 shares of the construction company’s stock valued at $79,000 after buying an additional 477 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in Granite Construction in the 4th quarter valued at approximately $89,000. Finally, Smartleaf Asset Management LLC raised its position in Granite Construction by 193.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the construction company’s stock valued at $119,000 after buying an additional 887 shares during the last quarter.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group lifted their target price on Granite Construction from $69.00 to $76.00 and gave the company a “sell” rating in a research report on Monday, May 5th.

Insiders Place Their Bets

In other Granite Construction news, SVP Brian R. Dowd sold 2,025 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $81.55, for a total transaction of $165,138.75. Following the transaction, the senior vice president now owns 13,880 shares of the company’s stock, valued at $1,131,914. The trade was a 12.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Kyle T. Larkin sold 3,617 shares of the business’s stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $80.38, for a total value of $290,734.46. Following the transaction, the chief executive officer now directly owns 132,366 shares in the company, valued at $10,639,579.08. This trade represents a 2.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,432 shares of company stock valued at $679,129 in the last 90 days. 0.81% of the stock is currently owned by insiders.

Granite Construction Stock Down 0.3%

Shares of Granite Construction stock opened at $86.05 on Friday. The business’s 50 day simple moving average is $79.13 and its 200 day simple moving average is $85.95. Granite Construction Incorporated has a 52-week low of $58.23 and a 52-week high of $105.20. The firm has a market cap of $3.76 billion, a PE ratio of 34.84 and a beta of 1.33. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.56 and a current ratio of 1.66.

Granite Construction (NYSE:GVA) last announced its earnings results on Thursday, May 1st. The construction company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.44. The business had revenue of $699.55 million for the quarter, compared to analyst estimates of $706.15 million. Granite Construction had a return on equity of 20.67% and a net margin of 3.15%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. On average, analysts predict that Granite Construction Incorporated will post 5.49 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.60%. The ex-dividend date of this dividend was Monday, March 31st. Granite Construction’s dividend payout ratio (DPR) is 21.67%.

About Granite Construction

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.