Peregrine Asset Advisers Inc. Makes New $4.62 Million Investment in Granite Construction Incorporated (NYSE:GVA)

Peregrine Asset Advisers Inc. acquired a new stake in Granite Construction Incorporated (NYSE:GVA - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 58,219 shares of the construction company's stock, valued at approximately $4,616,000. Granite Construction makes up 1.6% of Peregrine Asset Advisers Inc.'s portfolio, making the stock its 19th biggest position. Peregrine Asset Advisers Inc. owned about 0.13% of Granite Construction at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Millennium Management LLC grew its holdings in shares of Granite Construction by 99.3% during the second quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company's stock worth $159,221,000 after buying an additional 1,280,288 shares in the last quarter. Hood River Capital Management LLC purchased a new position in shares of Granite Construction during the 2nd quarter worth $29,143,000. Highbridge Capital Management LLC acquired a new stake in shares of Granite Construction during the second quarter worth $4,513,000. Aristeia Capital L.L.C. purchased a new stake in shares of Granite Construction in the second quarter valued at $4,513,000. Finally, Comerica Bank increased its stake in Granite Construction by 177.6% in the first quarter. Comerica Bank now owns 113,514 shares of the construction company's stock valued at $6,485,000 after purchasing an additional 72,621 shares during the last quarter.

Granite Construction Stock Performance

Shares of GVA traded up $0.70 during mid-day trading on Monday, reaching $98.64. 148,971 shares of the company's stock traded hands, compared to its average volume of 541,941. Granite Construction Incorporated has a 12 month low of $43.92 and a 12 month high of $99.11. The stock has a market capitalization of $4.31 billion, a P/E ratio of 44.89 and a beta of 1.39. The business's 50-day moving average price is $80.68 and its 200-day moving average price is $69.94. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56.

Granite Construction (NYSE:GVA - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.46). The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.29 billion. Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The company's revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.69 EPS. Equities analysts predict that Granite Construction Incorporated will post 5.55 earnings per share for the current year.

Granite Construction Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.13 per share. The ex-dividend date was Monday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.53%. Granite Construction's payout ratio is 23.85%.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group lifted their price target on Granite Construction from $61.00 to $70.00 and gave the company a "sell" rating in a report on Wednesday, October 9th.

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.