Pacer Advisors Inc. Lowers Stake in Granite Construction Inc. (NYSE:GVA)

Pacer Advisors Inc. lowered its position in shares of Granite Construction Inc. (NYSE:GVA) by 7.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,250 shares of the construction company’s stock after selling 1,326 shares during the quarter. Pacer Advisors Inc.’s holdings in Granite Construction were worth $554,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the business. State Board of Administration of Florida Retirement System lifted its holdings in Granite Construction by 2.0% during the second quarter. State Board of Administration of Florida Retirement System now owns 18,805 shares of the construction company’s stock valued at $906,000 after purchasing an additional 360 shares in the last quarter. Investors Research Corp lifted its holdings in shares of Granite Construction by 4.5% in the second quarter. Investors Research Corp now owns 10,098 shares of the construction company’s stock worth $487,000 after buying an additional 432 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Granite Construction by 1.4% in the second quarter. Arizona State Retirement System now owns 33,978 shares of the construction company’s stock worth $1,637,000 after buying an additional 455 shares in the last quarter. Zeke Capital Advisors LLC lifted its holdings in shares of Granite Construction by 2.3% in the second quarter. Zeke Capital Advisors LLC now owns 21,569 shares of the construction company’s stock worth $1,039,000 after buying an additional 484 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of Granite Construction by 4.7% in the second quarter. Oregon Public Employees Retirement Fund now owns 18,881 shares of the construction company’s stock worth $910,000 after buying an additional 839 shares in the last quarter. 98.55% of the stock is currently owned by institutional investors and hedge funds.

GVA stock opened at $36.31 on Tuesday. The company has a quick ratio of 1.61, a current ratio of 1.73 and a debt-to-equity ratio of 0.29. Granite Construction Inc. has a twelve month low of $26.57 and a twelve month high of $58.93. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 15.52 and a beta of 1.34. The firm’s fifty day simple moving average is $31.94 and its two-hundred day simple moving average is $38.48.

Granite Construction (NYSE:GVA) last posted its quarterly earnings data on Friday, August 2nd. The construction company reported ($1.83) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($2.04) by $0.21. Granite Construction had a negative net margin of 2.09% and a negative return on equity of 1.57%. The business had revenue of $789.54 million for the quarter, compared to analysts’ expectations of $789.73 million. During the same quarter in the previous year, the business posted $0.44 earnings per share. The business’s revenue was down 2.2% compared to the same quarter last year. As a group, equities research analysts expect that Granite Construction Inc. will post -0.25 EPS for the current year.

The company also recently disclosed a — dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.13 per share. This represents a yield of 1.6%. The ex-dividend date was Friday, September 27th. Granite Construction’s dividend payout ratio (DPR) is 22.22%.

In related news, insider Desai Jigisha purchased 1,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $28.33 per share, for a total transaction of $28,330.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kyle T. Larkin purchased 3,500 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was bought at an average price of $28.54 per share, for a total transaction of $99,890.00. The disclosure for this purchase can be found here. Insiders have acquired 22,456 shares of company stock worth $597,443 in the last quarter. Company insiders own 0.68% of the company’s stock.

Several equities analysts have recently commented on the stock. B. Riley downgraded shares of Granite Construction from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $53.00 to $41.00 in a report on Tuesday, July 30th. Zacks Investment Research raised shares of Granite Construction from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 9th. Goldman Sachs Group downgraded shares of Granite Construction from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $50.00 to $31.00 in a report on Wednesday, August 7th. TheStreet downgraded shares of Granite Construction from a “c-” rating to a “d+” rating in a research note on Monday, August 26th. Finally, ValuEngine raised shares of Granite Construction from a “hold” rating to a “buy” rating in a research note on Wednesday, September 11th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Granite Construction presently has a consensus rating of “Buy” and an average target price of $48.25.

About Granite Construction

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

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

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