Granite Construction Incorporated (NYSE:GVA) Shares Acquired by Advisors Asset Management Inc.

Advisors Asset Management Inc. lifted its position in shares of Granite Construction Incorporated (NYSE:GVA) by 22.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 70,010 shares of the construction company’s stock after purchasing an additional 12,923 shares during the period. Advisors Asset Management Inc. owned about 0.16% of Granite Construction worth $4,000,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. CANADA LIFE ASSURANCE Co increased its position in Granite Construction by 2.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 37,691 shares of the construction company’s stock valued at $2,153,000 after acquiring an additional 811 shares during the period. UniSuper Management Pty Ltd acquired a new position in Granite Construction in the 1st quarter valued at about $607,000. ProShare Advisors LLC increased its position in Granite Construction by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 8,891 shares of the construction company’s stock valued at $508,000 after acquiring an additional 613 shares during the period. Russell Investments Group Ltd. increased its position in Granite Construction by 51.0% in the 1st quarter. Russell Investments Group Ltd. now owns 152,730 shares of the construction company’s stock valued at $8,725,000 after acquiring an additional 51,597 shares during the period. Finally, Sei Investments Co. increased its position in Granite Construction by 11.8% in the 1st quarter. Sei Investments Co. now owns 14,663 shares of the construction company’s stock valued at $838,000 after acquiring an additional 1,543 shares during the period.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group boosted their price target on Granite Construction from $44.00 to $50.00 and gave the company a “sell” rating in a research report on Tuesday, April 16th.

Granite Construction Stock Performance

GVA traded up $2.45 during trading on Friday, reaching $68.83. The company’s stock had a trading volume of 1,152,620 shares, compared to its average volume of 490,120. Granite Construction Incorporated has a 52-week low of $33.74 and a 52-week high of $68.91. The company’s fifty day moving average price is $62.31 and its 200-day moving average price is $55.94. The company has a market capitalization of $3.04 billion, a price-to-earnings ratio of 114.85 and a beta of 1.41. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.51.

Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Thursday, May 2nd. The construction company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.28. Granite Construction had a return on equity of 14.91% and a net margin of 0.98%. The company had revenue of $672.28 million for the quarter. On average, equities analysts forecast that Granite Construction Incorporated will post 4.76 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.76%. The ex-dividend date of this dividend was Friday, June 28th. Granite Construction’s dividend payout ratio (DPR) is 88.14%.

Insider Transactions at Granite Construction

In other news, SVP Bradley Jay Williams sold 750 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $61.21, for a total transaction of $45,907.50. Following the sale, the senior vice president now owns 7,423 shares of the company’s stock, valued at approximately $454,361.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.81% of the company’s stock.

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.