Granite Construction Incorporated (NYSE:GVA) has been making waves in the construction and infrastructure sector with its innovative approach to projects of all scopes and sizes. The holding company operates as both an infrastructure contractor and construction materials company in the US, with its construction segment involved in a range of projects including roads, bridges, airports, dams, reservoirs, aqueducts and more.
Investors have taken notice of this industry-leading business, with institutional investor Victory Capital Management Inc. increasing its stake in Granite Construction by 5.1% during the fourth quarter. According to the most recent 13F filing with the Securities and Exchange Commission (SEC), Victory Capital Management now owns 248,329 shares – representing 0.57% of Granite Construction’s total worth at $8,866,000.
Granite Construction’s stock opened at $36.15 on Friday, boasting a market capitalization of $1.59 billion with a PE ratio of 20.54 and a beta of 1.39. The company’s impressive financials are supported by its current ratio of 1.72 and quick ratio of 1.59.
Despite volatility within the construction industry due to economic conditions and worldwide events such as COVID-19 disruptions, Granite Construction has maintained steadfast growth throughout the past year alone; presenting investors like Victory Capital Management with an attractive opportunity for long-term financial gain.
In summary, investors can take confidence in Granite Construction Incorporated’s consistent progress within the infrastructure sector – propelled by its commitment to innovation and quality service delivery – that serves as a testament to its future potential profitability for all stakeholders involved.
Institutional Investors Boost Stake in Granite Construction, Triggering Analyst Interest
Granite Construction, a leading player in the construction industry has been making news recently due to its shares being picked up by various institutional investors. Reports suggest that several investors have added to or reduced their stakes in the company’s stock. Moors & Cabot Inc. for instance, increased its position in Granite Construction by 7.5% during the first quarter, following which it acquired an additional 501 shares valued at $235,000.There has also been an increase in stake by Price T Rowe Associates Inc. MD to 39,022 shares of the construction company’s stock valued at $991,000 after picking up an additional 551 shares in the last quarter.
Ronald Blue Trust Inc., Raymond James & Associates and Legal & General Group Plc are other institutions that made similar investments in Granite Construction.
The reports state that recent developments have triggered some equities research analysts to scrutinize Granite Construction’s stock further. Recently covered by StockNews.com, analysts attributed a ‘hold’ rating on the stocks and further research interest was evoked with BMO Capital Markets issuing an upgrade on its rating of Granite Construction from ‘market perform’ to ‘outperform’. With major players like TheStreet lowering projected ratings on the company at first glance, Goldman Sachs Group came forward with a sell rating but boosted their price objective on shares of Granite Construction from $32.00 to $36.00 as well.
Granite Construction has also announced quarterly dividends recently which were paid out on April 14th to investors of record as of March 31st; they received a payout of $0.13 per share culminating in a yield amounting to 1.44%. The dividend payout ratio (DPR) stands at present at 29.55%.
This recent development confirms the belief held by many analysts about economic growth advancing investment rallies across all sectors of business albeit not without risks given fluctuating regulations surrounding construction businesses arising from the pandemic situation. But with Granite Construction being one of the most relevant players in this sector, we can expect the company’s performance to be impacted positively by these investments and developments over time.
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