Algert Global LLC Acquires 24,860 Shares of Granite Construction Incorporated (NYSE:GVA)

Algert Global LLC raised its stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 560.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,292 shares of the construction company's stock after purchasing an additional 24,860 shares during the period. Algert Global LLC owned 0.07% of Granite Construction worth $2,322,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GVA. Rothschild Investment LLC acquired a new position in Granite Construction in the 2nd quarter valued at $33,000. Blue Trust Inc. increased its stake in shares of Granite Construction by 66.4% in the third quarter. Blue Trust Inc. now owns 902 shares of the construction company's stock worth $72,000 after purchasing an additional 360 shares during the period. Headlands Technologies LLC bought a new position in shares of Granite Construction in the second quarter worth about $107,000. GAMMA Investing LLC lifted its position in shares of Granite Construction by 82.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company's stock worth $159,000 after purchasing an additional 907 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new stake in Granite Construction during the 3rd quarter valued at approximately $214,000.

Analyst Ratings Changes

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

Granite Construction Stock Performance

NYSE GVA traded down $0.09 during midday trading on Wednesday, hitting $98.67. The company had a trading volume of 355,907 shares, compared to its average volume of 538,428. The firm has a fifty day simple moving average of $86.36 and a two-hundred day simple moving average of $73.26. Granite Construction Incorporated has a fifty-two week low of $43.92 and a fifty-two week high of $100.57. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.69. The stock has a market cap of $4.31 billion, a price-to-earnings ratio of 45.31 and a beta of 1.39.

Granite Construction (NYSE:GVA - Get Free Report) last issued 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). Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the firm earned $1.69 earnings per share. The company's revenue was up 14.2% on a year-over-year basis. Equities analysts forecast that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal 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 given a $0.13 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.53%. Granite Construction's dividend payout ratio (DPR) is currently 23.85%.

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.