Advisors Asset Management Inc. Acquires 13,752 Shares of Granite Construction Incorporated (NYSE:GVA)

Advisors Asset Management Inc. increased its holdings in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 17.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 91,951 shares of the construction company's stock after buying an additional 13,752 shares during the quarter. Advisors Asset Management Inc. owned 0.21% of Granite Construction worth $7,290,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GVA. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Granite Construction by 20.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,354 shares of the construction company's stock worth $1,138,000 after acquiring an additional 2,433 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Granite Construction in the third quarter valued at approximately $1,749,000. Quest Partners LLC raised its position in shares of Granite Construction by 2,303,900.0% in the third quarter. Quest Partners LLC now owns 23,040 shares of the construction company's stock valued at $1,827,000 after buying an additional 23,039 shares in the last quarter. Chesapeake Capital Corp IL raised its position in shares of Granite Construction by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 5,936 shares of the construction company's stock valued at $470,000 after buying an additional 1,295 shares in the last quarter. Finally, Natixis Advisors LLC raised its position in shares of Granite Construction by 6.2% in the third quarter. Natixis Advisors LLC now owns 13,712 shares of the construction company's stock valued at $1,087,000 after buying an additional 806 shares in the last quarter.

Granite Construction Trading Up 1.2 %

Shares of Granite Construction stock traded up $1.17 during trading on Thursday, hitting $98.42. The company's stock had a trading volume of 33,333 shares, compared to its average volume of 537,651. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46. Granite Construction Incorporated has a 52 week low of $43.92 and a 52 week high of $99.32. The stock has a market cap of $4.30 billion, a price-to-earnings ratio of 44.61 and a beta of 1.39. The stock has a 50-day moving average price of $84.56 and a two-hundred day moving average price of $72.12.

Granite Construction (NYSE:GVA - Get Free Report) last issued its quarterly earnings data 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 business's revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.69 EPS. Equities research analysts anticipate that Granite Construction Incorporated will post 4.98 EPS for the current fiscal year.

Granite Construction Dividend Announcement

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

Wall Street Analyst Weigh In

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 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.