Granite Construction Incorporated (NYSE:GVA) Shares Acquired by HighTower Advisors LLC

HighTower Advisors LLC raised its holdings in Granite Construction Incorporated (NYSE:GVA - Free Report) by 176.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,092 shares of the construction company's stock after purchasing an additional 9,631 shares during the quarter. HighTower Advisors LLC's holdings in Granite Construction were worth $1,199,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of GVA. EFG Asset Management North America Corp. raised its holdings in Granite Construction by 0.5% in the 2nd quarter. EFG Asset Management North America Corp. now owns 38,191 shares of the construction company's stock valued at $2,365,000 after buying an additional 180 shares during the period. Arizona State Retirement System raised its stake in shares of Granite Construction by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 12,309 shares of the construction company's stock valued at $763,000 after acquiring an additional 235 shares during the period. Blue Trust Inc. lifted 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 worth $72,000 after acquiring an additional 360 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of Granite Construction by 1.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 22,200 shares of the construction company's stock worth $1,376,000 after acquiring an additional 400 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Granite Construction by 4.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,919 shares of the construction company's stock worth $615,000 after purchasing an additional 458 shares during the period.

Granite Construction Trading Down 1.5 %

NYSE:GVA traded down $1.43 on Tuesday, reaching $91.83. 641,696 shares of the company's stock were exchanged, compared to its average volume of 542,033. The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of 42.10 and a beta of 1.41. Granite Construction Incorporated has a 52-week low of $43.92 and a 52-week high of $105.20. 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 business has a fifty day moving average of $91.32 and a 200-day moving average of $76.72.

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 for the quarter, missing the consensus estimate 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 period in the previous year, the company earned $1.69 earnings per share. Granite Construction's quarterly revenue was up 14.2% on a year-over-year basis. As a group, analysts expect that Granite Construction Incorporated will post 4.98 earnings per share for the current year.

Granite Construction Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.52 annualized dividend and a yield of 0.57%. Granite Construction's dividend payout ratio (DPR) is 23.85%.

Wall Street Analyst Weigh In

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

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.