PNC Financial Services Group Inc. Decreases Position in Granite Construction Incorporated (NYSE:GVA)

PNC Financial Services Group Inc. trimmed its stake in Granite Construction Incorporated (NYSE:GVA) by 3.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,141 shares of the construction company’s stock after selling 308 shares during the period. PNC Financial Services Group Inc.’s holdings in Granite Construction were worth $714,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GVA. Crossmark Global Holdings Inc. bought a new stake in Granite Construction in the third quarter worth $247,000. CIBC Asset Management Inc bought a new position in Granite Construction during the third quarter valued at $214,000. Natixis Advisors LLC raised its stake in shares of Granite Construction by 6.2% in the third quarter. Natixis Advisors LLC now owns 13,712 shares of the construction company’s stock valued at $1,087,000 after acquiring an additional 806 shares during the period. Chesapeake Capital Corp IL lifted its holdings in shares of Granite Construction by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 5,936 shares of the construction company’s stock worth $470,000 after acquiring an additional 1,295 shares during the last quarter. Finally, Quest Partners LLC boosted its stake in shares of Granite Construction by 2,303,900.0% during the 3rd quarter. Quest Partners LLC now owns 23,040 shares of the construction company’s stock worth $1,827,000 after purchasing an additional 23,039 shares during the period.

Granite Construction Stock Performance

Granite Construction stock opened at $73.65 on Tuesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.66 and a quick ratio of 1.56. The firm has a market capitalization of $3.20 billion, a P/E ratio of 29.82 and a beta of 1.34. Granite Construction Incorporated has a 1-year low of $52.99 and a 1-year high of $105.20. The company’s 50-day moving average is $84.96 and its 200 day moving average is $86.17.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Thursday, February 13th. The construction company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.19). Granite Construction had a return on equity of 20.67% and a net margin of 3.15%. The business had revenue of $977.30 million for the quarter. During the same period in the prior year, the company earned $0.82 earnings per share. Research analysts forecast that Granite Construction Incorporated will post 5.49 EPS for the current year.

Insider Transactions at Granite Construction

In related news, COO James A. Radich sold 2,500 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $87.14, for a total value of $217,850.00. Following the transaction, the chief operating officer now owns 28,256 shares of the company’s stock, valued at $2,462,227.84. This represents a 8.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Brian R. Dowd sold 2,025 shares of Granite Construction stock in a transaction on Friday, February 28th. The shares were sold at an average price of $81.55, for a total value of $165,138.75. Following the sale, the senior vice president now directly owns 13,880 shares of the company’s stock, valued at approximately $1,131,914. This trade represents a 12.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

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.