First Trust Advisors LP Reduces Stake in Granite Construction Incorporated (GVA)

First Trust Advisors LP cut its stake in shares of Granite Construction Incorporated (NYSE:GVA) by 11.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 120,432 shares of the construction company’s stock after selling 15,779 shares during the period. First Trust Advisors LP owned approximately 0.30% of Granite Construction worth $6,979,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in GVA. JPMorgan Chase & Co. raised its position in shares of Granite Construction by 672.8% during the first quarter. JPMorgan Chase & Co. now owns 6,182 shares of the construction company’s stock worth $310,000 after purchasing an additional 5,382 shares during the period. Teachers Advisors LLC raised its position in shares of Granite Construction by 2.4% during the first quarter. Teachers Advisors LLC now owns 69,334 shares of the construction company’s stock worth $3,480,000 after purchasing an additional 1,655 shares during the period. Legal & General Group Plc raised its position in shares of Granite Construction by 14.9% during the first quarter. Legal & General Group Plc now owns 43,938 shares of the construction company’s stock worth $2,205,000 after purchasing an additional 5,686 shares during the period. Vanguard Group Inc. raised its position in shares of Granite Construction by 6.4% during the first quarter. Vanguard Group Inc. now owns 3,291,375 shares of the construction company’s stock worth $165,194,000 after purchasing an additional 197,958 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Granite Construction by 6.5% during the first quarter. Geode Capital Management LLC now owns 311,017 shares of the construction company’s stock worth $15,609,000 after purchasing an additional 19,025 shares during the period. 97.68% of the stock is currently owned by institutional investors.

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Granite Construction Incorporated (GVA) opened at $64.08 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.79 and a quick ratio of 1.71. Granite Construction Incorporated has a 52 week low of $45.14 and a 52 week high of $67.20. The company has a market capitalization of $2,529.33, a PE ratio of 49.20, a price-to-earnings-growth ratio of 5.57 and a beta of 1.24.

Granite Construction (NYSE:GVA) last issued its earnings results on Friday, October 27th. The construction company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $905.14 million. During the same quarter in the previous year, the company posted $0.92 earnings per share. The business’s quarterly revenue was up 19.1% compared to the same quarter last year. equities research analysts forecast that Granite Construction Incorporated will post 1.63 EPS for the current fiscal year.

A number of brokerages have recently issued reports on GVA. B. Riley reaffirmed a “buy” rating on shares of Granite Construction in a research report on Wednesday, November 1st. FBR & Co reaffirmed a “buy” rating and set a $68.00 target price on shares of Granite Construction in a research report on Tuesday, October 3rd. DA Davidson reissued a “hold” rating and set a $65.00 price target on shares of Granite Construction in a research report on Monday, October 30th. Canaccord Genuity reissued a “buy” rating and set a $70.00 price target on shares of Granite Construction in a research report on Tuesday, August 1st. Finally, Zacks Investment Research raised Granite Construction from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a research report on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $67.00.

In other news, insider James D. Richards sold 4,000 shares of the company’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William Howard Powell sold 3,103 shares of the company’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $63.85, for a total value of $198,126.55. Following the sale, the director now owns 46,771 shares of the company’s stock, valued at approximately $2,986,328.35. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

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.

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

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