Charles Schwab Investment Management Inc. Sells 7,278 Shares of Granite Construction Incorporated (NYSE:GVA)

Charles Schwab Investment Management Inc. trimmed its position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 1.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 687,981 shares of the construction company's stock after selling 7,278 shares during the period. Charles Schwab Investment Management Inc. owned about 1.57% of Granite Construction worth $54,543,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Intech Investment Management LLC bought a new stake in shares of Granite Construction during the third quarter worth $1,312,000. Advisors Asset Management Inc. increased its stake in Granite Construction by 17.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 91,951 shares of the construction company's stock worth $7,290,000 after buying an additional 13,752 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Granite Construction by 20.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,354 shares of the construction company's stock valued at $1,138,000 after buying an additional 2,433 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Granite Construction in the 3rd quarter valued at about $1,749,000. Finally, Quest Partners LLC grew its stake in Granite Construction by 2,303,900.0% in the 3rd quarter. Quest Partners LLC now owns 23,040 shares of the construction company's stock worth $1,827,000 after acquiring an additional 23,039 shares in the last quarter.

Analyst Upgrades and Downgrades

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

Granite Construction Stock Up 0.7 %

Shares of Granite Construction stock traded up $0.68 during trading on Friday, hitting $99.37. 234,430 shares of the stock traded hands, compared to its average volume of 617,887. The company has a current ratio of 1.56, a quick ratio of 1.46 and a debt-to-equity ratio of 0.69. The stock's fifty day simple moving average is $87.54 and its 200 day simple moving average is $73.94. The firm has a market cap of $4.34 billion, a P/E ratio of 45.58 and a beta of 1.39. Granite Construction Incorporated has a 52-week low of $43.92 and a 52-week high of $100.57.

Granite Construction (NYSE:GVA - Get Free Report) last posted its earnings results on Thursday, October 31st. The construction company reported $2.05 EPS for the quarter, missing analysts' consensus estimates of $2.51 by ($0.46). Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The business had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.29 billion. During the same period last year, the business posted $1.69 EPS. The company's revenue for the quarter was up 14.2% on a year-over-year basis. On average, equities analysts predict that Granite Construction Incorporated will post 4.98 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.52%. Granite Construction's dividend payout ratio (DPR) is presently 23.85%.

Granite Construction 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.