Intech Investment Management LLC acquired a new position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 16,549 shares of the construction company's stock, valued at approximately $1,312,000.
A number of other institutional investors have also recently bought and sold shares of the company. Millennium Management LLC raised its holdings in Granite Construction by 99.3% during the 2nd quarter. Millennium Management LLC now owns 2,569,319 shares of the construction company's stock worth $159,221,000 after buying an additional 1,280,288 shares during the period. Mizuho Markets Americas LLC increased its holdings in Granite Construction by 2.5% during the 3rd quarter. Mizuho Markets Americas LLC now owns 596,158 shares of the construction company's stock worth $47,263,000 after purchasing an additional 14,716 shares in the last quarter. Hood River Capital Management LLC acquired a new stake in shares of Granite Construction in the 2nd quarter valued at about $29,143,000. Pinnacle Associates Ltd. lifted its holdings in shares of Granite Construction by 3.2% in the third quarter. Pinnacle Associates Ltd. now owns 179,355 shares of the construction company's stock valued at $14,219,000 after purchasing an additional 5,528 shares in the last quarter. Finally, Raymond James & Associates boosted its position in shares of Granite Construction by 16.0% during the second quarter. Raymond James & Associates now owns 128,511 shares of the construction company's stock worth $7,964,000 after buying an additional 17,738 shares during the period.
Granite Construction Stock Down 0.1 %
NYSE:GVA traded down $0.07 on Wednesday, hitting $98.69. 350,140 shares of the company's stock were exchanged, compared to its average volume of 538,403. The firm has a 50-day moving average price of $86.36 and a 200-day moving average price of $73.26. Granite Construction Incorporated has a 52 week low of $43.92 and a 52 week high of $100.57. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46. The company has a market cap of $4.31 billion, a P/E ratio of 45.31 and a beta of 1.39.
Granite Construction (NYSE:GVA - Get Free Report) last released its 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 net margin of 2.80% and a return on equity of 19.04%. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the firm posted $1.69 EPS. Granite Construction's revenue was up 14.2% compared to the same quarter last year. As a group, analysts expect that Granite Construction Incorporated will post 4.98 EPS for the current fiscal year.
Granite Construction Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.53%. Granite Construction's payout ratio is 23.85%.
Analysts Set New Price Targets
Separately, The Goldman Sachs Group lifted 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.
View Our Latest Research Report on Granite Construction
Granite Construction Profile
(
Free Report)
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.
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