Mirae Asset Global Investments Co. Ltd. Raises Position in Granite Construction Inc. (GVA)
Mirae Asset Global Investments Co. Ltd. lifted its stake in Granite Construction Inc. (NYSE:GVA) by 18.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,219 shares of the construction company’s stock after purchasing an additional 1,924 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Granite Construction were worth $492,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of GVA. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Granite Construction in the third quarter valued at approximately $64,479,000. Skyline Asset Management LP bought a new position in Granite Construction in the fourth quarter valued at approximately $12,326,000. Franklin Resources Inc. boosted its stake in Granite Construction by 41.9% in the third quarter. Franklin Resources Inc. now owns 732,630 shares of the construction company’s stock valued at $33,481,000 after acquiring an additional 216,214 shares during the last quarter. Macquarie Group Ltd. boosted its stake in Granite Construction by 21.6% in the third quarter. Macquarie Group Ltd. now owns 1,043,855 shares of the construction company’s stock valued at $47,704,000 after acquiring an additional 185,441 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Granite Construction by 19.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,039,514 shares of the construction company’s stock valued at $41,872,000 after acquiring an additional 172,602 shares during the last quarter. 99.80% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have issued reports on GVA. TheStreet raised shares of Granite Construction from a “c+” rating to a “b” rating in a research note on Wednesday, November 21st. MKM Partners raised their price objective on shares of Granite Construction from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, February 21st. ValuEngine raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research note on Friday, February 22nd. Goldman Sachs Group cut shares of Granite Construction from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $58.00 to $50.00 in a research note on Monday, December 10th. Finally, Zacks Investment Research raised shares of Granite Construction from a “sell” rating to a “hold” rating in a research note on Tuesday, January 8th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $59.60.
Granite Construction (NYSE:GVA) last announced its quarterly earnings data on Wednesday, February 20th. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.57). Granite Construction had a net margin of 1.28% and a return on equity of 8.19%. The business had revenue of $892.00 million during the quarter, compared to the consensus estimate of $966.85 million. During the same period in the previous year, the business posted $0.81 earnings per share. Granite Construction’s revenue was up 11.4% compared to the same quarter last year. As a group, equities analysts anticipate that Granite Construction Inc. will post 3.42 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $0.52 dividend on an annualized basis and a yield of 1.13%. Granite Construction’s payout ratio is presently 22.22%.
About Granite Construction
Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The company operates through three segments: Construction, Large Project Construction, and Construction Materials. The Construction segment undertakes various civil construction projects focusing on new construction and improvement of streets, roads, highways, bridges, site work, underground, power-related facilities, water-related facilities, utilities, and other infrastructure projects.
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