Victory Capital Management Inc. Buys 5,343 Shares of Granite Construction Incorporated $GVA

Victory Capital Management Inc. increased its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 3.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 165,329 shares of the construction company’s stock after acquiring an additional 5,343 shares during the period. Victory Capital Management Inc. owned about 0.38% of Granite Construction worth $18,128,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GVA. Root Financial Partners LLC bought a new stake in shares of Granite Construction in the third quarter valued at about $26,000. Salomon & Ludwin LLC acquired a new position in shares of Granite Construction during the third quarter worth about $42,000. Federated Hermes Inc. grew its holdings in shares of Granite Construction by 94.6% during the third quarter. Federated Hermes Inc. now owns 436 shares of the construction company’s stock worth $48,000 after buying an additional 212 shares in the last quarter. Hantz Financial Services Inc. grew its holdings in shares of Granite Construction by 222.8% during the third quarter. Hantz Financial Services Inc. now owns 707 shares of the construction company’s stock worth $78,000 after buying an additional 488 shares in the last quarter. Finally, Blue Trust Inc. raised its position in Granite Construction by 31.5% in the 3rd quarter. Blue Trust Inc. now owns 898 shares of the construction company’s stock valued at $98,000 after buying an additional 215 shares during the last quarter.

Granite Construction Stock Performance

Shares of GVA opened at $124.48 on Wednesday. The company has a market cap of $5.42 billion, a PE ratio of 34.01 and a beta of 1.30. The firm has a 50-day moving average of $125.82 and a 200-day moving average of $114.20. Granite Construction Incorporated has a one year low of $69.08 and a one year high of $137.24. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.22 and a quick ratio of 1.13.

Granite Construction (NYSE:GVA) last issued its earnings results on Thursday, February 12th. The construction company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.06. Granite Construction had a net margin of 4.36% and a return on equity of 24.10%. The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the firm earned $1.23 EPS. Granite Construction’s quarterly revenue was up 19.2% compared to the same quarter last year. As a group, equities analysts forecast that Granite Construction Incorporated will post 5.49 earnings per share for the current year.

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.13 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $0.52 annualized dividend and a yield of 0.4%. Granite Construction’s dividend payout ratio is currently 14.21%.

Analyst Ratings Changes

Several research firms have commented on GVA. The Goldman Sachs Group boosted their target price on Granite Construction from $109.00 to $124.00 and gave the company a “neutral” rating in a research note on Wednesday, January 28th. Wall Street Zen upgraded shares of Granite Construction from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. Weiss Ratings reissued a “buy (b)” rating on shares of Granite Construction in a research report on Monday, December 29th. DA Davidson increased their target price on shares of Granite Construction from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Finally, Zacks Research raised shares of Granite Construction from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $139.50.

Granite Construction Company Profile

Granite Construction Inc is a publicly traded heavy civil contractor and construction materials producer based in Watsonville, California. The company specializes in delivering large-scale infrastructure projects for government and private clients, focusing on the development, rehabilitation and maintenance of transportation, water resource and industrial facilities. Its turnkey solutions span the full project lifecycle, from preconstruction and design-build to construction management and facilities maintenance.

In its construction segment, Granite undertakes highway and bridge building, airport runway and taxiway construction, marine terminal and port improvements, dam and reservoir projects, transit systems and underground utilities.