Fiduciary Financial Group LLC Buys New Shares in Granite Construction Incorporated (NYSE:GVA)

Fiduciary Financial Group LLC purchased a new stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 6,245 shares of the construction company's stock, valued at approximately $545,000.

Other large investors have also recently modified their holdings of the company. Blue Trust Inc. raised its holdings in shares of Granite Construction by 66.4% in the 3rd quarter. Blue Trust Inc. now owns 902 shares of the construction company's stock valued at $72,000 after purchasing an additional 360 shares in the last quarter. GAMMA Investing LLC increased its holdings in Granite Construction by 82.5% during the third quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company's stock valued at $159,000 after buying an additional 907 shares during the period. Point72 DIFC Ltd bought a new position in Granite Construction in the third quarter worth approximately $203,000. CIBC Asset Management Inc purchased a new stake in Granite Construction during the third quarter worth $214,000. Finally, US Bancorp DE boosted its position in Granite Construction by 77.5% during the 3rd quarter. US Bancorp DE now owns 2,730 shares of the construction company's stock valued at $216,000 after acquiring an additional 1,192 shares in the last quarter.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group boosted 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 Up 1.2 %

Shares of GVA traded up $1.04 during midday trading on Wednesday, hitting $91.19. 141,855 shares of the company's stock traded hands, compared to its average volume of 399,282. 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 has a market capitalization of $3.99 billion, a price-to-earnings ratio of 41.83 and a beta of 1.43. Granite Construction Incorporated has a 1 year low of $43.92 and a 1 year high of $105.20. The firm's fifty day moving average is $93.96 and its 200-day moving average is $80.82.

Granite Construction (NYSE:GVA - Get Free Report) last announced its 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 for the quarter, compared to analyst estimates of $1.29 billion. Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The company's quarterly revenue was up 14.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.69 earnings per share. As a group, sell-side analysts anticipate that Granite Construction Incorporated will post 4.98 earnings per share for the current year.

Granite Construction Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date is Tuesday, December 31st. Granite Construction's dividend payout ratio (DPR) is presently 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.