PNC Financial Services Group Inc. Increases Stake in Granite Construction Incorporated (NYSE:GVA)

PNC Financial Services Group Inc. grew its position in Granite Construction Incorporated (NYSE:GVA) by 2.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 8,379 shares of the construction company’s stock after buying an additional 187 shares during the period. PNC Financial Services Group Inc.’s holdings in Granite Construction were worth $426,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GVA. GAMMA Investing LLC purchased a new position in Granite Construction in the 4th quarter worth approximately $43,000. Toth Financial Advisory Corp raised its stake in shares of Granite Construction by 35.1% in the fourth quarter. Toth Financial Advisory Corp now owns 2,500 shares of the construction company’s stock worth $127,000 after purchasing an additional 650 shares during the last quarter. Connable Office Inc. bought a new position in shares of Granite Construction during the fourth quarter valued at $221,000. Caxton Associates LP purchased a new stake in shares of Granite Construction during the third quarter valued at $241,000. Finally, Teton Advisors Inc. bought a new stake in Granite Construction in the 4th quarter worth about $254,000.

Granite Construction Price Performance

NYSE GVA opened at $61.94 on Friday. The stock has a market capitalization of $2.73 billion, a price-to-earnings ratio of 104.98 and a beta of 1.46. Granite Construction Incorporated has a 1-year low of $33.74 and a 1-year high of $65.08. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.51 and a quick ratio of 1.39. The business’s fifty day moving average price is $60.52 and its 200-day moving average price is $54.23.

Granite Construction (NYSE:GVA) last posted its earnings results 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. The company had revenue of $672.28 million for the quarter. Granite Construction had a return on equity of 14.91% and a net margin of 0.98%. On average, equities analysts predict that Granite Construction Incorporated will post 4.76 earnings per share for the current year.

Granite Construction Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.52 annualized dividend and a yield of 0.84%. Granite Construction’s dividend payout ratio (DPR) is 88.14%.

Insider Buying and Selling at Granite Construction

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

Wall Street Analysts Forecast Growth

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

Granite Construction Company Profile

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.