Synovus Financial Corp Invests $264,000 in Granite Construction Inc. (NYSE:GVA)

Synovus Financial Corp bought a new position in shares of Granite Construction Inc. (NYSE:GVA) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 8,261 shares of the construction company’s stock, valued at approximately $264,000.

Other hedge funds have also recently bought and sold shares of the company. Investors Research Corp boosted its stake in shares of Granite Construction by 4.5% during the 2nd quarter. Investors Research Corp now owns 10,098 shares of the construction company’s stock worth $487,000 after acquiring an additional 432 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of Granite Construction by 7.2% during the 2nd quarter. Prudential Financial Inc. now owns 32,305 shares of the construction company’s stock worth $1,556,000 after acquiring an additional 2,170 shares in the last quarter. Bridge City Capital LLC boosted its stake in shares of Granite Construction by 27.8% during the 3rd quarter. Bridge City Capital LLC now owns 41,036 shares of the construction company’s stock worth $1,318,000 after acquiring an additional 8,934 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Granite Construction by 51.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 13,667 shares of the construction company’s stock worth $658,000 after acquiring an additional 4,617 shares in the last quarter. Finally, QCI Asset Management Inc. NY lifted its stake in Granite Construction by 13.8% in the 2nd quarter. QCI Asset Management Inc. NY now owns 371,648 shares of the construction company’s stock valued at $17,906,000 after buying an additional 45,161 shares in the last quarter. 98.19% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages recently weighed in on GVA. B. Riley lowered shares of Granite Construction from a “buy” rating to a “neutral” rating and decreased their price target for the company from $53.00 to $41.00 in a research note on Tuesday, July 30th. Goldman Sachs Group lowered shares of Granite Construction from a “buy” rating to a “neutral” rating and decreased their price target for the company from $50.00 to $31.00 in a research note on Wednesday, August 7th. Zacks Investment Research lowered shares of Granite Construction from a “buy” rating to a “strong sell” rating in a research note on Friday, November 1st. TheStreet lowered shares of Granite Construction from a “c-” rating to a “d+” rating in a research note on Monday, August 26th. Finally, DA Davidson lowered shares of Granite Construction from a “buy” rating to a “neutral” rating and decreased their price target for the company from $45.00 to $30.00 in a research note on Monday, October 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Granite Construction currently has an average rating of “Hold” and an average target price of $40.75.

Granite Construction stock traded down $0.43 during midday trading on Monday, reaching $27.52. The company had a trading volume of 535,342 shares, compared to its average volume of 522,919. The company has a market capitalization of $1.29 billion, a P/E ratio of 11.76 and a beta of 1.26. Granite Construction Inc. has a 12-month low of $22.55 and a 12-month high of $53.21. The firm’s fifty day simple moving average is $30.81 and its 200-day simple moving average is $36.93. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.76 and a quick ratio of 1.65.

Granite Construction (NYSE:GVA) last issued its quarterly earnings results on Friday, October 25th. The construction company reported $0.43 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.41 by ($0.98). The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Granite Construction had a negative net margin of 3.11% and a negative return on equity of 4.63%. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.43 earnings per share. On average, analysts expect that Granite Construction Inc. will post -1.28 EPS for the current fiscal year.

The firm also recently disclosed a — dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.13 dividend. The ex-dividend date was Friday, September 27th. This represents a yield of 1.6%. Granite Construction’s payout ratio is 22.22%.

In other Granite Construction news, Director Claes Bjork acquired 4,000 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was bought at an average price of $27.19 per share, for a total transaction of $108,760.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Kyle T. Larkin acquired 3,500 shares of the business’s stock in a transaction on Friday, September 6th. The stock was acquired at an average price of $28.54 per share, with a total value of $99,890.00. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 17,456 shares of company stock valued at $481,513. 1.00% of the stock is owned by insiders.

About Granite Construction

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through Transportation, Water, Specialty, and Materials segments. The Transportation segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, and marine ports.

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Institutional Ownership by Quarter for Granite Construction (NYSE:GVA)

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