Texas Permanent School Fund Corp Has $2.04 Million Stake in Granite Construction Incorporated (NYSE:GVA)

Texas Permanent School Fund Corp reduced its position in shares of Granite Construction Incorporated (NYSE:GVA) by 14.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,882 shares of the construction company’s stock after selling 5,568 shares during the period. Texas Permanent School Fund Corp owned approximately 0.07% of Granite Construction worth $2,038,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Granite Construction during the fourth quarter worth $13,755,000. Dynamic Technology Lab Private Ltd acquired a new stake in Granite Construction in the 4th quarter worth about $413,000. Corient Private Wealth LLC acquired a new position in shares of Granite Construction during the 4th quarter worth approximately $842,000. Trexquant Investment LP acquired a new position in shares of Granite Construction during the 4th quarter worth approximately $2,316,000. Finally, Chesapeake Capital Corp IL bought a new position in shares of Granite Construction during the fourth quarter worth approximately $654,000.

Analyst Ratings Changes

Separately, The Goldman Sachs Group increased their price target on Granite Construction from $55.00 to $61.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd.

Granite Construction Trading Up 0.5 %

GVA opened at $77.66 on Wednesday. The company has a quick ratio of 1.56, a current ratio of 1.68 and a debt-to-equity ratio of 0.75. Granite Construction Incorporated has a twelve month low of $33.74 and a twelve month high of $78.62. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of 131.63 and a beta of 1.39. The company has a 50-day simple moving average of $69.53 and a 200 day simple moving average of $62.27.

Granite Construction (NYSE:GVA) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.41. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.01 billion. Granite Construction had a net margin of 2.35% and a return on equity of 17.82%. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter last year, the business posted $1.03 EPS. Analysts predict that Granite Construction Incorporated will post 5.24 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.52 annualized dividend and a dividend yield of 0.67%. Granite Construction’s payout ratio is 88.14%.

Insider Transactions at Granite Construction

In other Granite Construction news, SVP Michael G. Tatusko sold 5,000 shares of Granite Construction stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total value of $346,100.00. Following the transaction, the senior vice president now owns 21,943 shares in the company, valued at $1,518,894.46. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.81% of the stock is owned by insiders.

Granite Construction 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.