Jane Street Group LLC Trims Position in Granite Construction Incorporated (NYSE:GVA)

Jane Street Group LLC lowered its position in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) by 40.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,367 shares of the construction company's stock after selling 47,614 shares during the period. Jane Street Group LLC owned 0.16% of Granite Construction worth $5,499,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Highbridge Capital Management LLC purchased a new stake in Granite Construction in the second quarter valued at $4,513,000. Aristeia Capital L.L.C. purchased a new stake in Granite Construction in the second quarter valued at $4,513,000. Raymond James & Associates lifted its position in Granite Construction by 16.0% in the second quarter. Raymond James & Associates now owns 128,511 shares of the construction company's stock valued at $7,964,000 after acquiring an additional 17,738 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new stake in shares of Granite Construction in the third quarter valued at about $4,163,000. Finally, Caxton Associates LP purchased a new stake in shares of Granite Construction in the second quarter valued at about $503,000.

Granite Construction Price Performance

GVA traded down $1.43 on Tuesday, hitting $91.83. 641,696 shares of the company were exchanged, compared to its average volume of 542,033. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56. The business's fifty day moving average is $91.32 and its 200 day moving average is $76.72. Granite Construction Incorporated has a fifty-two week low of $43.92 and a fifty-two week high of $105.20. The firm has a market capitalization of $4.01 billion, a P/E ratio of 42.10 and a beta of 1.41.

Granite Construction (NYSE:GVA - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $2.05 EPS 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 analyst estimates of $1.29 billion. Granite Construction had a net margin of 2.80% and a return on equity of 19.04%. The firm's revenue for the quarter was up 14.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.69 earnings per share. As a group, sell-side analysts anticipate that Granite Construction Incorporated will post 4.98 EPS for the current year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.13 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.52 annualized dividend and a dividend yield of 0.57%. Granite Construction's dividend payout ratio is presently 23.85%.

Analyst Ratings Changes

Separately, The Goldman Sachs Group upped their target price on shares of Granite Construction from $61.00 to $70.00 and gave the company 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.