BayBridge Capital Group LLC Acquires Shares of 6,953 Granite Construction Incorporated (NYSE:GVA)

BayBridge Capital Group LLC bought a new stake in shares of Granite Construction Incorporated (NYSE:GVA - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 6,953 shares of the construction company's stock, valued at approximately $551,000.

Other hedge funds have also added to or reduced their stakes in the company. Rothschild Investment LLC purchased a new stake in shares of Granite Construction in the 2nd quarter worth $33,000. Wellington Shields & Co. LLC increased its stake in shares of Granite Construction by 30.8% in the 1st quarter. Wellington Shields & Co. LLC now owns 850 shares of the construction company's stock worth $49,000 after purchasing an additional 200 shares in the last quarter. Blue Trust Inc. increased its stake 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 purchasing an additional 360 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Granite Construction in the 2nd quarter worth $107,000. Finally, GAMMA Investing LLC increased its stake in shares of Granite Construction by 82.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the construction company's stock worth $159,000 after purchasing an additional 907 shares in the last quarter.

Insiders Place Their Bets

In other Granite Construction news, SVP Michael G. Tatusko sold 5,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $69.22, for a total value of $346,100.00. Following the completion of the sale, the senior vice president now owns 21,943 shares in the company, valued at approximately $1,518,894.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.81% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

Granite Construction Stock Performance

Shares of NYSE:GVA traded down $1.21 during midday trading on Friday, hitting $81.62. The company had a trading volume of 694,368 shares, compared to its average volume of 595,187. Granite Construction Incorporated has a 12-month low of $33.74 and a 12-month high of $84.10. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.68 and a quick ratio of 1.56. The company has a market cap of $3.57 billion, a price-to-earnings ratio of 46.91 and a beta of 1.38. The company has a fifty day moving average of $77.55 and a two-hundred day moving average of $67.45.

Granite Construction (NYSE:GVA - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $1.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.32 by $0.41. Granite Construction had a return on equity of 17.82% and a net margin of 2.35%. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the business posted $1.03 EPS. Granite Construction's revenue for the quarter was up 20.5% compared to the same quarter last year. On average, equities research analysts expect that Granite Construction Incorporated will post 5.24 EPS for the current fiscal year.

Granite Construction Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.13 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.52 dividend on an annualized basis and a yield of 0.64%. Granite Construction's payout ratio is presently 29.89%.

Granite Construction 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.