QCI Asset Management Inc. NY raised its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 2.3% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 294,005 shares of the construction company’s stock after buying an additional 6,596 shares during the period. Granite Construction comprises about 1.9% of QCI Asset Management Inc. NY’s portfolio, making the stock its 12th largest holding. QCI Asset Management Inc. NY owned 0.74% of Granite Construction worth $17,038,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Community Trust & Investment Co. raised its stake in shares of Granite Construction by 1.8% during the 3rd quarter. Community Trust & Investment Co. now owns 215,023 shares of the construction company’s stock valued at $12,460,000 after buying an additional 3,864 shares during the last quarter. Boston Partners raised its stake in shares of Granite Construction by 2.6% during the 3rd quarter. Boston Partners now owns 464,613 shares of the construction company’s stock valued at $26,924,000 after buying an additional 11,732 shares during the last quarter. Tygh Capital Management Inc. purchased a new position in shares of Granite Construction during the 3rd quarter valued at about $5,778,000. American Century Companies Inc. raised its stake in shares of Granite Construction by 0.7% during the 3rd quarter. American Century Companies Inc. now owns 160,872 shares of the construction company’s stock valued at $9,323,000 after buying an additional 1,135 shares during the last quarter. Finally, Sapphire Star Partners LP raised its stake in shares of Granite Construction by 47.3% during the 3rd quarter. Sapphire Star Partners LP now owns 8,421 shares of the construction company’s stock valued at $487,000 after buying an additional 2,704 shares during the last quarter. Institutional investors and hedge funds own 97.68% of the company’s stock.

A number of equities analysts have weighed in on the company. B. Riley reiterated a “buy” rating on shares of Granite Construction in a research note on Wednesday, November 1st. Zacks Investment Research upgraded Granite Construction from a “hold” rating to a “buy” rating and set a $71.00 price objective for the company in a research note on Tuesday, October 31st. Canaccord Genuity lifted their price objective on Granite Construction from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, October 30th. DA Davidson reiterated a “hold” rating and set a $65.00 price objective on shares of Granite Construction in a research note on Monday, October 30th. Finally, FBR & Co restated a “buy” rating and issued a $68.00 price target on shares of Granite Construction in a research note on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. Granite Construction has a consensus rating of “Buy” and a consensus target price of $67.00.

Shares of Granite Construction Incorporated (NYSE GVA) traded down $1.11 during trading on Monday, hitting $63.47. The company had a trading volume of 331,900 shares, compared to its average volume of 397,809. The company has a current ratio of 1.79, a quick ratio of 1.71 and a debt-to-equity ratio of 0.24. Granite Construction Incorporated has a 1 year low of $45.14 and a 1 year high of $67.20. The stock has a market cap of $2,550.00, a price-to-earnings ratio of 49.20, a PEG ratio of 5.57 and a beta of 1.24.

Granite Construction (NYSE:GVA) last announced its quarterly earnings results on Friday, October 27th. The construction company reported $1.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.04. Granite Construction had a return on equity of 5.71% and a net margin of 1.84%. The firm had revenue of $957.10 million during the quarter, compared to analyst estimates of $905.14 million. During the same quarter in the previous year, the business earned $0.92 EPS. Granite Construction’s revenue for the quarter was up 19.1% compared to the same quarter last year. sell-side analysts anticipate that Granite Construction Incorporated will post 1.63 earnings per share for the current fiscal year.

In other Granite Construction news, insider James D. Richards sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $55.50, for a total transaction of $222,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by insiders.

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

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