Granite Construction Incorporated (NYSE:GVA) is RPG Investment Advisory LLC's 9th Largest Position

RPG Investment Advisory LLC lessened its position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 20.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 230,633 shares of the construction company's stock after selling 60,136 shares during the period. Granite Construction accounts for 2.6% of RPG Investment Advisory LLC's investment portfolio, making the stock its 9th largest position. RPG Investment Advisory LLC owned about 0.53% of Granite Construction worth $18,285,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Rothschild Investment LLC purchased a new stake in Granite Construction during the 2nd quarter worth about $33,000. Blue Trust Inc. increased its stake in Granite Construction by 66.4% in the 3rd quarter. Blue Trust Inc. now owns 902 shares of the construction company's stock worth $72,000 after acquiring an additional 360 shares during the last quarter. Headlands Technologies LLC bought a new position in Granite Construction in the 2nd quarter worth about $107,000. GAMMA Investing LLC increased 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 valued at $159,000 after purchasing an additional 907 shares during the last quarter. Finally, Bard Financial Services Inc. purchased a new stake in Granite Construction in the 2nd quarter worth approximately $215,000.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group raised their price objective 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 Price Performance

GVA traded down $0.55 during trading hours on Wednesday, hitting $96.68. The company's stock had a trading volume of 95,497 shares, compared to its average volume of 541,061. The business's 50-day moving average price is $81.63 and its 200-day moving average price is $70.54. Granite Construction Incorporated has a 12 month low of $43.92 and a 12 month high of $99.32. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of 44.49 and a beta of 1.39. The company has a current ratio of 1.56, a quick ratio of 1.46 and a debt-to-equity ratio of 0.69.

Granite Construction (NYSE:GVA - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported $2.05 earnings per share 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.69 EPS. Sell-side analysts expect that Granite Construction Incorporated will post 5.55 earnings per share for the current fiscal year.

Granite Construction Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.54%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction's payout ratio is 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.