Granite Construction Incorporated (NYSE:GVA) Shares Bought by Systematic Financial Management LP

Systematic Financial Management LP grew its stake in Granite Construction Incorporated (NYSE:GVA - Free Report) by 3.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 604,950 shares of the construction company's stock after purchasing an additional 18,586 shares during the period. Granite Construction makes up about 1.2% of Systematic Financial Management LP's holdings, making the stock its 11th largest holding. Systematic Financial Management LP owned approximately 1.38% of Granite Construction worth $47,960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Rothschild Investment LLC acquired a new position in shares of Granite Construction during the 2nd quarter valued at about $33,000. Blue Trust Inc. raised its position in shares of Granite Construction by 66.4% during the 3rd quarter. Blue Trust Inc. now owns 902 shares of the construction company's stock valued at $72,000 after buying an additional 360 shares during the period. Headlands Technologies LLC acquired a new position in Granite Construction in the second quarter valued at approximately $107,000. GAMMA Investing LLC grew its position in Granite Construction by 82.5% in the third quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company's stock worth $159,000 after acquiring an additional 907 shares during the period. Finally, Point72 DIFC Ltd acquired a new stake in Granite Construction during the third quarter worth $203,000.

Granite Construction Trading Down 1.3 %

NYSE GVA traded down $1.35 on Thursday, reaching $98.85. The stock had a trading volume of 396,980 shares, compared to its average volume of 534,493. Granite Construction Incorporated has a 12-month low of $43.92 and a 12-month high of $105.20. The stock has a fifty day moving average price of $88.73 and a two-hundred day moving average price of $74.72. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of 45.91 and a beta of 1.41. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.69.

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 analysts' consensus estimates of $2.51 by ($0.46). Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. The business had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.29 billion. During the same quarter last year, the company earned $1.69 earnings per share. The firm's revenue for the quarter was up 14.2% on a year-over-year basis. As a group, sell-side analysts forecast that Granite Construction Incorporated will post 4.98 EPS for the current fiscal year.

Granite Construction Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend was Monday, September 30th. Granite Construction's dividend payout ratio is currently 23.85%.

Analysts Set New Price Targets

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

About Granite Construction

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.